If you’ve got fair or good credit, you could use Achieve personal loans for debt consolidation. You might even get a discount on the interest rates!
Achieve Personal Loan Features
- Discounts on interest rates.
- Debt consolidation loans with direct monthly payments to creditors.
- Soft credit check on prequalification stage.
- Opportunity to get joint loans.
- Origination fee from 1.99% to 6.99%.
- High minimum loan amount.
- No mobile app for Android or iOS.
Short Review of Achieve Personal Loans
Achieve, once called FreedomPlus, gives personal loans that work well to combine lots of credit card or other not-secured debt together. This lender offers personal loans for borrowers with fair and good credit ratings (from 620 to 719). On average, its borrowers have good credit and high income.
Achieve lets you apply online, but unlike other online lenders, you finish the process by email or phone call. With loans starting at $5,000, Achieve may not be best for small costs or combining a couple thousand dollars of debt. But they charge an origination fee from 1.99% to 6.99%.
What is a Personal Loan from Achieve?
Imagine Achieve as a bank that provides personal loans. A personal loan from Achieve is like a financial tool you can use for different personal needs. It’s handy for barring debts, managing sudden costs, or backing a unique project. With Achieve, you typically loan a set sum and pay it back in steady monthly payments over an agreed period.
What’s great about a personal loan from Achieve is its versatility. You can use the cash for nearly everything you want, and applying is usually straightforward. Achieve often checks things like your credit report, earnings, and other financial facts when figuring out if you’re eligible and what the loan terms are.
It’s wise to thoroughly examine the rules, interest rates, and any other charges before applying for a personal loan with Achieve or any other bank. It helps you fully grasp the conditions and enables you to make well-informed financial choices.
The Main Advantages of Achieve Personal Loans
There are different paths to reduce rates with Achieve. It provides three options for suitable borrowers to receive discounts:
- Joint loan offer: When adding a co-borrower in your application, Achieve offers a chance to knock off up to 6 percentage points on your rate. Both co-borrowers need to fulfill Achieve’s essential loan conditions.
- Savings for retirement offer: Those Achieve loaners showing enough funds saved for their retirement may cut their interest rate by up to 5 percentage points. Proof of savings in a 401(k), an individual retirement account (IRA), a Roth IRA, or a thrift savings plan is required. Secure this loan without dipping into your retirement savings.
- Direct pay offer: If you’re using an Achieve loan to consolidate debt, you can shrink your rate by up to 4 percentage points. It applies when the loan money goes directly to your creditors. For full discount eligibility, at least 85% of the Achieve funds should go to another lender.
- Swift approval and fast funds transfer: A loan decision is usually ready the same day for most of Achieve’s clients. Approved borrowers can have their funds delivered within three days.
- Soft credit pull for pre-qualification: Achieve enables a soft credit pull for pre-qualifying borrowers. It allows them to review foreseeable loan terms and payments before deciding. Your credit score remains unaffected by this pre-qualification.
How to Qualify for an Achieve personal loan?
If you want to apply for an Achieve personal loan, certain conditions must be met. These include basic requirements like place of residence – Achieve only lends in specific states. Below are Achieve’s minimum criteria for a loan. While satisfying these might not guarantee approval, they are crucial nevertheless:
- You need a credit score of at least 620.
- Your debt-to-income ratio must be less than 45% (excluding mortgage).
- There’s no minimum income requirement.
- Your credit history should be of 3 years with at least two accounts.
- You shouldn’t have any high-interest debt in default.
- Bankruptcy is not allowed in the previous 24 months.
How to Apply for an Achieve Personal Loan?
Usually, personal loan lenders, such as Achieve, create a simple application process that helps borrowers request loan funds. So, here are the steps that you should follow to apply for a loan amount from Achieve:
- Go to Achieve’s website to pre-qualify. You’ll need to enter how much you need to borrow, why you need it, and if you own a house. Next, provide your details, like your name, birthday, phone number, and e-mail. You’ll also provide info on your job and income.
- View your loan offers and pick one that works for you. After the online form, you’ll work with an Achieve loan consultant via email or phone. More documents might be needed now, like pay stubs and bank statements. The loan consultant will help you pick a loan, find discounts, and set payment dates. Beware, a formal application does a hard credit check. It could make your credit score drop a bit.
- Keep up with your payments. Achieve will report your payments to all three big credit bureaus (Experian, Equifax, and TransUnion). On-time payments for Achieve personal loans help increase your credit score, but missed ones will drop it. Use auto payments and keep an eye on your budget to manage your loan successfully.
Achieve Compared to Other Lenders
Think about putting Achieve beside various other lenders to see if it’s the proper fit for your personal loan needs. It’s essential to consider all your choices. Let’s compare this company with other lenders:
|Minimum credit score
|8.99 – 35.99%
|11.72% – 35.99%
|8.99% – 25.81%
|160.00 – 179.00%
|$5,000 – $50,000
|$5,000 – $40,000
|$5,000 – $100,000
|$500 – $4,000
|24 – 60 months
|24 – 60 months
|24 – 84 months
|9 – 18 months
|1.99% – 6.99%
|up to 5%
|1% – 6%
|1 – 3 days
|3 – 6 days
|1 – 3 days
|Achieve, which used to be called FreedomPlus, gives personal loans that work well for combining a lot of credit card or other debt without collateral. This lender offers personal loans for people with average and good credit scores (from 630 to 719). Its typical borrowers have good credit and high income in their home.
|Happy Money is big on credit card consolidation and helps borrowers understand their financial health. They offer things like personality evaluations and a no-cost update on your credit score every month.
|SoFi loans can pay off bills like credit cards or help with adopting kids or IVF treatments, travel, and weddings. While there are no required fees, SoFi may offer the option to pay an origination fee of up to 6% of the loan amount in exchange for a lower interest rate.
|Every major credit bureau receives a credit report of your payments from OppFi. Thus, paying on time could boost your credit score. Conversely, missed payments may harm it. You’ll find some high-interest lenders report payments to one or two bureaus.
BadCredify looks at personal loans from more than 35 companies. We collect over 45 details from each lender. We also talk to people who work there. We compare each lender to others with similar loans. BadCredify writers and editors thoroughly check the facts each year. We also update whenever needed.
We give lenders stars for good things like soft credit checks that don’t hurt your score. We look at low interest rates without fees. We want lenders to be open about costs and rules. Flexible payments and quick money are also reasonable. Good help from lenders anytime you need it matters. Reporting payments to credit bureaus helps build credit history. We also see if government groups like the Consumer Financial Protection Bureau said a lender did something wrong. We think about what helps people the most and affects them the greatest when they get a loan.
Frequently Asked Questions
Achieve’s minimum credit score requirement is 620, but the average Achieve borrower has 700 as a credit score.
Achieve grants you the chance to get an early idea of your loan future via a soft credit check. But note the next stage: a hard credit check if you proceed with the application. It may reduce your score, just by a few points, and remain on your report for around two years.
Achieve gives immediate approval on the same day for fitting applicants. It is for those who have filled an online form and spoken to an Achieve loan consultant. Your money can land in your account in one to three days.