Achieve, previously known as FreedomPlus, is a personal loan platform that provides fast funding and competitive rates, particularly if you’re taking out a loan to pay off other debts. Achieve offers personal loans for many loan purposes, but its loans can be useful for debt consolidation, especially if you need a cosigner.
Best personal loans with a cosigner
Adding a cosigner, letting Achieve pay your creditors directly, or showing proof of retirement savings could help you get a better rate. Fair-credit applicants may be eligible, but if you need a personal loan for bad credit, consider OneMain Financial, Universal Credit, or Upstart.
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Pros and cons
Pros
- Fast funding
- No prepayment penalty
- Accepts cosigners
Cons
- High minimum loan amount
- Origination fee
Learn More: How Personal Loans Affect Your Credit Score
How to qualify
To qualify for a personal loan with Achieve, you’ll need proof of income and a verified bank account. After you’ve filled out the company’s online application, you’ll talk to a loan consultant whose stated aim is to “go beyond your credit report to qualify you for a loan.”
You can expect to get a decision on your loan application the same day you apply, and you can receive your funds in as soon as two business days after uploading documents and signing your loan contract.
You’ll need to be a U.S. citizen or legal resident and at least 18 years old in most states to qualify (19 is the minimum age if you live in Alabama or Nebraska). Achieve loans aren't available in Nevada.
Also, while Achieve doesn't offer loans of less than $10,000 in most of the U.S., the minimum can be higher or lower in some states:
- Arizona: $10,500
- Ohio: $5,500
- Georgia: $3,500
Learn More: How Personal Loans Work
Repayment
Achieve offers repayment terms ranging from two to five years. The shorter the repayment term, the lower the interest rate you’ll typically qualify for. Paying your loan off faster also means you'll pay less overall interest.
A longer loan term will mean a lower monthly payment since you’re spreading your payments out over a longer period of time, but you’ll pay more interest over the life of the loan.
Here’s an example of how much interest you’d pay for a $10,000 loan with an 8% interest rate over two years and five years:
- Two-year loan: Your monthly payment would be $452 and you’d pay a total of $855 in interest.
- Five-year loan: Your monthly payment would be much lower, at $203, but you’d also pay much more interest — $2,166.
How Achieve compares to other lenders
Here’s how Achieve compares to two other similar Credible partner lenders:
How to take out a personal loan with Achieve
Achieve can be a good choice if you don't need to borrow more than $40,000 — particularly if you’re consolidating credit card debt. You can apply for an Achieve personal loan on the lender’s website, and you can also apply on Credible.
To apply, you'll need:
- A valid ID
- Verified income and bank account information
- An electronic signature
You can receive a loan decision the same day you apply, and you’ll be able to talk to a loan consultant who can help you qualify.
