Achieve Personal Loans 2024 Review
Published March 20, 2024 at 1:35 pm
Achieve is a solid choice of lender for borrowers with fair credit scores who live in one of the states where it operates or Washington, D.C. It stands out for its multiple interest rate discounts, as well as its offer to pay off creditors directly for debt consolidation.
Our Methodology Newsweek Vault’s loan experts evaluated multiple data points to help our readers make sense of their borrowing options across student loans and personal loans. To narrow down the best available offers, we weigh the product pros and cons across five core categories, including:
•Application process
•Eligibility requirements
•Interest rates
•Loan amounts (minimum and maximum)
•Repayment flexibility
Achieve’s personal loans range from $5,000 to $50,000 and come with multiple opportunities for an interest rate discount.
Achieve Personal Loans
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Expert Take
Achieve is an online lender that offers a personal touch with its personal loans. While applying solo is an option, you can also work with a dedicated loan consultant throughout the borrowing process. You may also qualify for interest rate discounts if you use your loan to consolidate debt or meet another requirement.
Achieve’s personal loans are in reach even if you don’t have perfect credit, as this lender accepts fair scores starting at 620. Watch out for loan origination fees, though, which range from 1.99% to 6.99% of the total loan amount. If you have strong credit, you might explore other lenders that don’t charge origination fees on their personal loans.
Pros
- Accepts fair credit: Achieve accepts scores starting at 620, making it an accessible option for borrowers with fair credit.
- Offers interest rate discounts: Achieve offers several ways to get a discount on your interest rate, which could save you money on your loan.
- Pays off creditors directly: If you’re using an Achieve personal loan to consolidate debt, Achieve can simplify the process by paying off your creditors for you.
- Allow co-borrowers: Achieve offers joint loans if you wish to apply with a co-borrower.
- Has personalized support: While the consultation is optional, your dedicated loan consultant can walk you through the process, answer any questions you have and customize a loan to fit your finances.
Cons
- Charges origination fees: Achieve charges origination fees on its personal loans that total 1.99% to 6.99% of your loan amount.
- Has a high maximum interest rate: Interest rates on an Achieve personal loan can go as high as 35.99%.
- Funding may take a while: Funding may take one to three business days or longer. If you ask Achieve to pay your creditors directly, this process may span 17 to 25 business days.
- Requires that you borrow at least $5,000: Achieve requires a minimum loan amount of $5,000 (or higher in some states), which may not work for you if you want a smaller loan.
- Loans not available in every state: You’ll need to live in one of the 40 states that Achieve lends in (or Washington, D.C.) to take out a loan with this lender.
Vault’s Viewpoint on Achieve Personal Loans
You can use an Achieve personal loan for a variety of purposes, including home improvement, major purchases, medical bills and moving expenses. You may also appreciate the option to apply with a co-borrower, whose qualifications may help you get approved or access better interest rates.
Alternatively, Achieve may not be a top choice if you have good or excellent credit. Creditworthy borrowers may find better rates, lower fees and higher loan amounts from a different lender. For instance, some other lenders don’t charge origination fees, which could save you hundreds or thousands of dollars on your loan.
About Achieve Personal Loans
Achieve is an online lender that provides personal loans from $5,000 to $50,000 through Cross River Bank and Pathward, NA. Its loans come with rates from 8.99% to 35.99% APR and are available in 40 states and Washington, D.C.
If you borrow a personal loan from Achieve, you can select repayment terms of two, three, four or five years. You’ll also have to pay an origination fee from 1.99% to 6.99% of your loan amount.
Borrowers who have stronger credit or apply with a creditworthy co-borrower may qualify for better rates and lower origination fees. Achieve offers the option of prequalifying on its website, which lets you check your potential rates and fees without harming your credit score.
If you choose to move forward with a loan offer, you can apply online or over the phone with a dedicated loan consultant. Achieve may be able to issue a loan in as little as 24 hours after approval.
| Loan amount | $5,000 – $50,000 |
| Fees | Origination fees: 1.99% – 6.99% |
| Minimum credit score | 620 |
| Repayment schedule | 2, 3, 4 or 5 years |
| Funding speed | 24 – 72 business days for loans that deposit into your bank account20 business days for cash loans 17 – 25 business days for loans sent to creditors |
| APR | 8.99% – 35.99% |
| Loan availability | 40 states and Washington, D.C. Achieve personal loans are not available in Colorado, Connecticut, Hawaii, Iowa, Kansas, Maine, North Dakota, Vermont, West Virginia and Wyoming |
Who Are Achieve Personal Loans Best For?
An Achieve personal loan may be a good fit if you:
- Have fair credit: Achieve has a relatively low credit score requirement of 620, making it accessible to borrowers with fair credit. Plus, the lender says it takes a holistic approach when looking at your debt, income and borrowing needs.
- Want to consolidate debt: Achieve can directly pay off your creditors with your loan proceeds, saving you from that step. It also offers a rate discount if you use at least 85% of your loan to pay off debt.
- Prefer to apply with a co-borrower: Not all lenders issue joint personal loans, so Achieve is worth exploring if you want to apply with a co-borrower and share responsibility for the loan.
- Are eligible for a rate discount: Achieve offers unique opportunities for interest rate discounts, which could lower your costs of borrowing. Applying with a qualified co-borrower, showing proof of sufficient funds in a retirement account or using at least half of your loan to consolidate debt could score you a discount on your rate.
- Live in an eligible state: You’ll need to live in one of the 40 states where Achieve operates or Washington, D.C. to borrow a personal loan from Achieve.
Who Should Consider an Alternative to Achieve Personal Loans?
Achieve may not be your best choice of lender if you:
- Have good or excellent credit: Strong-credit borrowers may qualify with a lender that offers better rates, lower fees and more repayment term options. For instance, some lenders offer repayment terms of seven years or longer.
- Want to avoid origination fees: Some lenders don’t charge origination fees, but Achieve charges up to 6.99% of your loan amount to process your loan.
- Need a small-amount loan: If you want to borrow less than $5,000, you’ll need to explore other options.
- Need a large-amount loan: Along similar lines, you may look for an alternative lender if you want to borrow more than $50,000. Some lenders let you take out personal loans up to $100,000, and at least one online lender offers up to $200,000.
- Don’t live within the lender’s footprint: Achieve wouldn’t be available if you live in Colorado, Connecticut, Hawaii, Iowa, Kansas, Maine, North Dakota, Vermont, West Virginia or Wyoming.
How Do Achieve Personal Loans Stack Up to Competitors?
Before borrowing a personal loan from Achieve, it’s worth comparing options from other lenders. Many lenders let you prequalify for personal loans online, making it easy to shop around without impacting your credit. Here’s how Achieve stacks up to some other personal loan providers.
Achieve Personal Loans vs. Upgrade
Upgrade has an even lower minimum credit score than Achieve for its personal loans, requiring a score of just 560. However, its origination fees can go higher—up to 9.99%, whereas Achieve’s maxes out at 6.99%.
Upgrade charges similar rates to Achieve—8.49% to 35.99%—but offers a wider range of repayment terms—two to seven years, while Achieve’s longest repayment term is five years. Upgrade also offers smaller loan amounts than Achieve, funding personal loans from $1,000 to $50,000.
Similar to Achieve, Upgrade accepts joint applications and offers various interest rate discounts. For instance, you may qualify for a rate cut through Upgrade if you use autopay, put your loan toward debt consolidation or secure a loan with your car as collateral.
Achieve Personal Loans vs. SoFi
While Achieve accepts fair-credit borrowers, SoFi is geared toward consumers with good credit scores of 680 or higher. SoFi offers personal loans from $5,000 to $100,000 in all 50 states and Washington, D.C.
SoFi’s personal loans don’t come with any fees, including an origination fee or late fees. However, you can choose to pay an optional origination fee up to 7% to secure a better rate on your loan.
Rates on a SoFi personal loan range from 8.99% to 29.49%, and repayment terms are available from two to seven years. You may receive your funds as soon as the same day your loan is approved.
Similar to Achieve, SoFi can pay your creditors directly if you’re using the loan to pay off debt. SoFi also offers a reassuring unemployment protection benefit and can modify your loan payments if you lose your job.
Achieve Personal Loans vs. Best Egg
Best Egg has a slightly higher credit score requirement than Achieve—640 as opposed to 620. Its loans have the same range of APRs—8.99% to 35.99%—but don’t come with any rate discounts. You can borrow between $2,000 and $35,000 from Best Egg and choose repayment terms of three or five years.
Like Achieve, Best Egg can send the loan proceeds to your creditors directly to help with debt consolidation. Unlike Achieve, however, which only offers unsecured personal loans, Best Egg offers both unsecured and secured loan options.
The collateral for your Best Egg secured loan could be your car or, if you’re a homeowner, fixtures in your home.
Frequently Asked Questions
Is Achieve a Reputable Lender?
Achieve is a reputable online lender that provides personal loans through Cross River Bank and Pathward, N.A. It has funded over $5 billion in loans for more than 400,000 members since 2008. Achieve also has an A+ rating on the Better Business Bureau (BBB), as well as excellent customer reviews on the BBB and TrustPilot.
What Credit Score Do You Need for an Achieve Loan?
You need a minimum credit score of 620 to qualify for an Achieve personal loan. This score is considered “fair” on the FICO scoring model, as it falls below the average score of U.S. consumers. According to Achieve, it knows that you’re “more than your credit score” and will take a holistic approach when evaluating your application for a loan, as well as your loan amount, rate and monthly payments.
Do Achieve Personal Loans Have an Origination Fee?
Achieve personal loans come with an origination fee between 1.99% and 6.99% of your loan amount. Origination fees cover the costs that go into processing and disbursing a loan. Achieve may charge creditworthy borrowers a fee on the lower end of this range, while borrowers with weaker credit may face a fee on the higher end.
Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. We may earn a commission from partner links on Newsweek, but commissions do not affect our editors’ opinions or evaluations.
