Achieve Personal Loans Review: What You Need To Know

Achieve is best for borrowers with a credit score in the 620-to-640 range or higher who want a personal loan for debt consolidation at a competitive rate. Achieve offers personal loans from $5,000 to $50,000 with APRs from 6.25% to 35.99% and multiple ways to lower your rate, plus a dedicated loan consultant and flexible repayment terms. Just factor in the origination fee, which is deducted from your loan proceeds before you commit.

Key Takeaways

• Achieve offers personal loans from $5,000 to $50,000 with APRs from 6.25% to 35.99% and terms from 24 to 60 months. You can qualify with fair-to-good credit, and funding typically lands in your account within 24 to 72 hours.

• Rate discounts can lower your cost if you add a co-borrower, direct at least 85% of proceeds to pay off existing debt, or show sufficient retirement savings. Just factor in the origination fee, roughly 1.99% to 6.99% per Achieve's current disclosures, though some reviewers cite figures as high as 8.99% to 9.99%, which comes out of your loan proceeds upfront.

• Loans of $35,000 or more require a higher minimum credit score of 660, compared to Achieve's standard minimum, which different reviewer sources place somewhere between 620 and 640 for smaller loans.

• Choose Achieve if debt consolidation is your main goal and you want a dedicated loan consultant plus direct creditor payments. Look elsewhere if you need less than $5,000, have excellent credit, or want to skip origination fees entirely.

MoneyLion

When does refinancing usually not make sense?

Your credit improvesTerms stay similarFees outweigh the interest savingsRates drop slightlyIncome increases

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Achieve Personal Loans at a Glance

Achieve Personal Loans Pros and Cons

What Are Achieve's Rates, Fees and Loan Terms?

Here are the rates, fees and terms Achieve offers:

• Rate: 6.25% to 35.99% APR. Achieve's lowest advertised rate tier (8.99% APR) generally requires excellent credit, a loan amount under $12,000 and a 24-month repayment term.

• Fees: Origination fees deducted from loan proceeds, roughly 1.99% to 6.99% per Achieve's current disclosed example, though some reviewer sources cite figures up to 8.99% or 9.99%. No prepayment penalties. Late fees may apply.

• Amount: $5,000 to $50,000.

• Repayment terms: 24 to 60 months.

MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $100,000 from our top providers. You can compare rates, terms and fees from different lenders and choose the best offer for you.

How Much Will an Achieve Loan Cost?

Here's what an Achieve loan might cost you. Keep in mind Achieve charges an origination fee that's deducted from your loan proceeds before you receive your funds.

The $20,000 example reflects a current disclosed scenario from Achieve: a four-year loan with a 6.99% origination fee and a 15.49% note rate, resulting in a 19.54% APR. Because the fee is baked into the disclosed APR, it's worth comparing the total cost, not just the headline rate, across lenders.

Who Qualifies for an Achieve Personal Loan?

Reviewer sources differ somewhat on Achieve's minimum credit score, citing figures as low as 620 and as high as 640, and loans of $35,000 or more require a higher minimum score of 660. Achieve's website indicates it also considers other factors in determining eligibility, including income, existing debt and the purpose of the loan.

For reference, here are the standard FICO tiers:

If your score falls short on your own, applying with a co-borrower can improve your approval odds and potentially help you qualify for a lower rate.

Where Is Achieve Available?

Achieve loans are available in roughly 38 states plus Washington, D.C. Achieve is commonly reported as not available in states including Colorado, Connecticut, Hawaii, Iowa, Kansas, Maine, North Dakota, Vermont, Washington, West Virginia, Wisconsin and Wyoming, though the exact list varies slightly by source and can change over time.

State availability can change, so confirm your eligibility directly on Achieve's website before applying.

Is Achieve a Legit Lender?

Achieve traces back to Freedom Financial Network, founded in 2002 and co-founded by Andrew Housser and Brad Stroh in San Mateo, California. The FreedomPlus personal loan brand, a product of Freedom Financial Asset Management, LLC, launched under that broader network and was rebranded to Achieve Personal Loans in December 2022, according to Achieve's own announcement. Achieve personal loans are currently originated by Cross River Bank, a New Jersey state-chartered commercial bank, or Pathward, N.A., both FDIC member institutions, which means deposits held at those banks are federally insured, though this doesn't extend to the loan itself.

Achieve primarily targets borrowers looking to consolidate high-interest credit card debt or other unsecured debt into a single, more manageable monthly payment. The company has funded billions of dollars in loans since its founding and serves hundreds of thousands of borrowers.

Achieve maintains an A+ rating with the Better Business Bureau and a strongly positive rating on Trustpilot based on thousands of reviews. Funding speeds can vary, and some borrowers report not receiving funds exactly when promised, so it's worth following up directly with a loan consultant if your timeline is tight.

How Do You Apply for an Achieve Personal Loan?

1. Check your rate: Visit Achieve's website and complete a brief prequalification form. This involves a soft credit check that won't impact your credit score.

2. Review your offers: If prequalified, you'll see potential loan amounts, rates and terms. Compare your options to find the best fit.

3. Complete your application: Select your preferred offer and submit additional documentation, which may include proof of income and identity verification.

4. Undergo verification: Achieve will perform a hard credit inquiry and verify your information. This step may require additional documents.

5. Receive your funds: Once approved, funds are typically deposited within 24 to 72 hours. For debt consolidation loans, Achieve pays your creditors directly.

How Does Achieve Compare to Other Lenders?

Considering other options? Here's what to compare when selecting a loan, and how Achieve stacks up against two alternatives:

When SoFi might be better: If you have good-to-excellent credit and want to avoid origination fees, prepayment penalties and late fees entirely. SoFi also offers larger loan amounts, up to $100,000.

When Upgrade might be better: If you need a smaller loan, as low as $1,000, or want the option for a secured loan. Upgrade also accepts co-signers and offers a wider variety of repayment terms.

Who Should Choose Achieve?

Achieve personal loans are ideal for:

• Borrowers with fair-to-good credit looking for debt consolidation options.

• Those who want to apply with a co-borrower to improve approval odds or get a lower rate.

• People who can qualify for rate discounts through a co-borrower, direct-pay consolidation or retirement savings.

• Those who need $5,000 to $50,000 for debt consolidation, home improvements or major purchases.

Consider looking elsewhere if:

• You need to borrow less than $5,000.

• You want to avoid origination fees entirely.

• Your credit score doesn't meet Achieve's current minimum.

• You live in a state where Achieve doesn't offer loans.

Considering Your Loan Options?

Before committing to any lender, it's worth comparing personal loan offers side by side so you can see rates, terms and fees together and choose the option that actually costs less over time.

Bottom Line

Achieve is a solid choice if debt consolidation is your primary goal, with competitive rates for fair-to-good credit borrowers, stackable discounts and the convenience of direct creditor payments that can make the consolidation process smoother. Just be mindful of the origination fee, which is deducted from your loan amount upfront, and the fact that Achieve requires a hard credit pull and isn't available in every state.

If you're not focused on debt consolidation or have excellent credit, shopping around with lenders like SoFi or Upgrade might land you a better deal.

Key Terms

• Origination fee: A one-time upfront charge, in Achieve's case roughly 1.99% to 6.99% of the loan amount per current disclosures, deducted from loan proceeds before you receive your funds.

• Co-borrower: A person who applies for a loan jointly with the primary applicant and shares equal responsibility for repayment. Adding one can improve approval odds and potentially lower your rate.

• Debt consolidation loan: A loan used to combine multiple debts, often high-interest credit cards, into a single fixed monthly payment.

• Direct-pay discount: A rate reduction offered when a borrower directs a set percentage of loan proceeds, in Achieve's case at least 85%, toward paying off existing creditors directly.

• Hard credit inquiry: A credit check that can temporarily and slightly lower your credit score, typically triggered once you formally apply for a loan.

• Soft credit pull: A credit check used for prequalification that doesn't affect your credit score.

• FICO score: A credit score ranging from 300 to 850, split into poor, fair, good, very good and exceptional tiers.

Summary generated by AI, verified by MoneyLion editors

Sources

• Better Business Bureau: Achieve Business Profile

• Trustpilot: Achieve Reviews

• Achieve: FreedomPlus Announces Rebrand as Achieve Personal Loans

• Consumer Financial Protection Bureau: What Is a Personal Loan?

• myFICO: What's in My FICO Scores?

Summary generated by AI, verified by MoneyLion editors

FAQ

Here are quick answers to common questions about Achieve personal loans:

Does Achieve do a hard credit check when I apply? Checking your rate is a soft pull and won't impact your credit. However, if you move forward and formally apply for the loan, Achieve will run a hard credit check.

What credit score do I need for an Achieve personal loan? Reviewer sources place Achieve's minimum credit score somewhere between 620 and 640, and loans of $35,000 or more require a minimum score of 660.

How long does it take to get money from Achieve? Funding typically arrives within 24 to 72 hours of approval, though exact timing can vary depending on your bank and how quickly you submit required documentation.

Can I use an Achieve loan to pay off credit card debt? Yes, you can use an Achieve loan to consolidate credit card debt, and Achieve can pay your creditors directly as part of its debt consolidation option.

Is Achieve available in my state? Achieve is available in roughly 38 states plus Washington, D.C. It's commonly reported as unavailable in states including Colorado, Connecticut, Hawaii, Iowa, Kansas, Maine, North Dakota, Vermont, Washington, West Virginia, Wisconsin and Wyoming, though availability can change over time, so confirm directly with Achieve.