2023 Achieve Personal Loan Review
NMLS#1136
Achieve (formerly FreedomPlus) is an online lender that offers personal loans ranging from $5,000 to $50,000. You may qualify with this lender even if your credit could use a bit of work.
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- Quick credit approval: You can find out whether you qualify for an Achieve personal loan the same day you apply. Achieve will then fund your loan within one to three days.
- Competitive APRs: Achieve’s maximum annual percentage rate (APR) is 35.99% — lower than the traditional 36% cap that many personal loan lenders charge.
- Allows co-borrowers: If your credit isn’t quite up to par with Achieve’s eligibility criteria, you can apply with a co-borrower to increase your chances of approval.
- Offers multiple discounts: Achieve offers a co-borrower discount, a retirement asset discount and a direct deposit discount to customers. If you qualify for one of those conditions, you may receive a reduced interest rate.
- Charges origination fees: Achieve personal loans come with origination fees — one-time administrative fees — that range from 1.99% - 6.99% of the total loan amount.
- Best for interest rate discounts: While an autopay discount is offered by many lenders, it’s not often you see a lender offer three distinct opportunities for interest rate discounts.
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Achieve pros and cons
Like all lenders, Achieve personal loans may be a good fit for some consumers while others may need to look elsewhere. Here are the benefits and drawbacks to consider.
| Pros | Cons |
|---|---|
Offers interest rate discounts Allows co-borrowers Low maximum APR (35.99%) | Funding can take up to three days Charges origination fees (1.99% - 6.99%) High minimum loan amount ($5,000) |
Between interest rate discounts and a maximum APR of 35.99%, you may save money on your overall cost of borrowing with an Achieve personal loan — particularly if you have fair credit. If your credit score isn’t high enough to qualify on your own, you can apply with a co-borrower, which could also grant you one of Achieve’s rate discounts.
While Achieve does offer same-day credit approval, it can take anywhere from one to three business days to receive your money. You’ll also have to pay an origination fee, whereas some lenders don’t charge any fees. Since Achieve’s minimum loan amount is $5,000, this lender may not be a good fit if you’re looking for a small personal loan.
Achieve requirements
Other than its minimum credit score requirement, Achieve doesn’t offer a lot of insight into its specific borrower criteria.
| Minimum credit score | 620 |
| Required documents |
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If Achieve’s loan options won’t work for your borrowing needs, be sure to shop around for a lender that helps you meet your financial goals and can offer you the best-fitting rates, terms and amounts.
Best personal loan options for:
How to get a loan with Achieve
Achieve’s online personal loan application process is straightforward and simple. You can find out whether you’re approved for a loan the same day you apply.
Check whether you prequalify
Achieve allows applicants to prequalify for a loan. Achieve will run a soft credit check on your credit reports when you fill out an application, which will have no impact on your credit score.
During the application process, you’ll need to provide your personal information and specify how you plan to use the loan.
Verify your information
After you submit your application and pass the soft credit check, Achieve will require that you confirm the information you provided. Specifically, the lender may want to verify your identity, income and employment status. This may require you to submit a copy of your ID as well as recent pay stubs and W-2s.
After Achieve confirms your information, they will run a hard credit inquiry on your credit background. Unlike a soft inquiry, this can cause your credit score to drop by a few points — however, the effect is temporary.
Close on your loan
If Achieve approves your application, you’ll need to sign your loan agreement to finalize the process. Once all the paperwork is signed, your loan funds will be disbursed within one to three business days.
On the other hand, if Achieve does not approve you for a loan, you may have to work on boosting your approval odds. In particular, it’s important to focus on paying all your bills on time and pay down any debt you have, since these are the largest factors that impact your FICO Score.
How Achieve compares to other personal loan companies
Even if you believe Achieve aligns with what you’re looking for in a personal loan, it never hurts to shop around and compare other lenders. Here’s how Achieve stacks up against similar personal loan lenders.
| Lender | Achieve | LendingPoint | Upgrade |
|---|---|---|---|
| LendingTree’s rating | 4.2/5 | 4.5/5 | 4.6/5 |
| Minimum credit score | 620 | 620 | 580 |
| APRs | 7.99% to 35.99% | 7.99% to 35.99% | 8.49% to 35.99% |
| Loan amount | $5,000 to $50,000 | $2,000 to $36,500 | $1,000 to $50,000 |
| Repayment term | 24 to 60 months | 24 to 72 months | 24 to 84 months |
| Origination fee | 1.99% - 6.99% | 0.00% - 8.00% | 1.85% - 9.99% |
| Funding timeline | Receive funds within one to three business days | Receive funds as soon as one business day | Receive funds as soon as one business day |
| Bottom line | Achieve offers consumers competitive APRs and flexibility in loan amounts and terms. However, it does charge an origination fee and may not be a good fit for those looking for small loan sizes. | LendingPoint has a lot of similarities to Achieve, though it has more options for repayment terms and a lower minimum loan amount. However, it has a much lower maximum loan amount and a higher maximum APR. | Of the three, Upgrade offers the most flexibility in amounts and has a low credit score threshold. This lender also offers long repayment terms, but has a high maximum origination fee and a higher minimum APR. |
How we rated Achieve
To come up with our star rating for personal loan companies, LendingTree considered 22 data points across three categories:
- Accessibility: We paid attention to whether lenders offered loans to nontraditional borrowers, as well as those without excellent credit scores. We also checked if lenders offered soft credit pulls, and whether they were transparent about eligibility criteria other than credit scores.
- Rates and terms: We wanted to know if lender rates, terms, amounts and fees were not only transparent, but also competitive.
- Repayment experience: We based this category on lenders’ reputations, customer support availability and unique benefits.
The data points reflect every step of the process to shop and apply for, borrow and repay personal loans. A five-star lender, for instance, has flexible eligibility requirements, offers you the chance to prequalify without commitment and supports you in zeroing your balance.
The 22 data points, culled from the lenders themselves, determine the overall rating. We score lenders consistently, sometimes awarding partial points, so that you can make apples-to-apples comparisons when shopping around.
LendingTree isn’t paid for conducting these reviews, and lenders don’t have control over their content. With our reviews and ratings, we aim to give our users the objective and exhaustive information they need to make the best possible decisions.
Frequently asked questions
Achieve customers may find out whether they’re approved for a personal loan the same day they apply. After you’re approved, it can take one to three business days before you receive your loan funds from Achieve.
You’ll need a credit score of at least 620 to get an Achieve personal loan. Keep in mind that the lowest APRs go to borrowers with high credit scores, so you’ll need to have at least a good credit score to qualify for those competitive rates.
While Achieve does allow you to prequalify for a loan with just a soft credit check, you’ll eventually have to submit to a hard credit pull if you decide to follow through with the application process. This can cause your score to go down by a few points and can stay on your credit report for up to two years.