Are you in need of a personal loan to finance a major purchase, consolidate debt, or pay for unexpected expenses? Achieve, formerly FreedomPlus, may be a solution for you. Achieve is a digital personal finance company affiliated with Freedom Financial Network that provides fixed-rate personal loans ranging from $1,000 to $100,000 with repayment terms from two to five years. In this blog post, we will explore the features, drawbacks, and eligibility criteria of Achieve personal loans to help you make an informed decision.
Achieve is a digital personal finance company affiliated with Freedom Financial Network that offers unsecured personal loans originated by New Jersey-based Cross River Bank. Borrowers can get same-day decisions and quick disbursal for fixed-rate personal loans from $1,000 to $100,000.
BBB Rating and Reputation
Achieve has an A+ rating with the Better Business Bureau and TrustPilot rates Achieve 5 out of 5 stars from over 4,000 reviews. The Consumer Financial Protection Bureau received 22 complaints in 2022 about personal loans from Freedom Financial Network, and the financial services company provided a timely response to all complaints. The complaints mainly had to do with problems getting the loan and struggling to pay the loan.
- Access personal loans of up to $100,000: Achieve provides borrowers with the flexibility to borrow anywhere from $1,000 to $100,000. This makes it a good option for those who need a larger sum of money than what’s typically offered by other lenders.
- Prepay loans without fees: Achieve allows borrowers to pay off their loans early without any prepayment penalties. This can help you save money on interest and pay off your loan faster.
- Receive loan funds in as little as 72 hours: With same-day decisions and quick disbursal, Achieve is a great option for those who need funds fast.
- The smallest loan amount is $1,000: If you need a smaller loan, Achieve may not be the best option for you. Other lenders offer personal loans starting as low as $500.
- The borrower could pay an APR as high as 29.99%: The interest rate on Achieve’s personal loans can be high, especially for those with poor credit. It’s important to shop around and compare rates from multiple lenders to find the best deal.
- The lender charges an origination fee of up to 6.99%: The origination fee is a one-time fee that’s charged when you take out a loan. While Achieve’s fee is on par with other lenders, it can add up if you’re borrowing a large sum of money.
What Can Achieve Personal Loans Be Used For?
Achieve’s personal loans are unsecured, meaning you don’t need to put up collateral to borrow money. You can use the funds for a variety of purposes, including:
- Home improvements
- Major purchases
- Travel and vacations
- Car repairs
- Medical expenses
- Moving costs
If you’re looking to consolidate debt, Achieve’s personal loans can also be used to pay off credit card debt, medical bills, and other high-interest debt.
How Do Achieve Personal Loans Work?
To apply for an Achieve personal loan, start by clicking “get started” on the lender’s website. You’ll be asked to provide some basic information, including your name, address, and income.
Achieve will then perform a soft credit check to see if you prequalify for a loan. This won’t impact your credit score.
If you prequalify and want to move forward with the application, you’ll be asked to provide additional information, such as your Social Security number and employment information. You’ll also need to select the loan amount and term you want.
Once you’ve submitted your application, Achieve will perform a hard credit check to determine your eligibility for a loan. If you’re approved, you’ll receive your loan funds in as little as 72 hours.
What Are Achieve’s Terms, Fees and Conditions?
Achieve provides fixed-rate personal loans ranging from $1,000 to $100,000 with repayment terms from two to five years. Loans are not available to residents of all states, and limitations may apply. An origination fee of 1.99% to 6.99% of the loan amount applies, but borrowers do not pay application fees or prepayment penalties. APRs are 7.99% to 29.99%, but Achieve offers qualified applicants rate discounts for:
- Adding a co-borrower. A rate reduction may be available by applying for the personal loan with a co-borrower who has sufficient income.
- Paying off debt. Using at least 85% of loan proceeds to pay off qualifying debt could help borrowers reduce rates.
- Having retirement savings. Applicants could qualify for the lowest available rate with proof of sufficient retirement funds.
- Opting into direct pay: If you let Achieve directly pay your creditors when consolidating debt, you could get a discount.
How to Apply for an Achieve Personal Loan
To apply for an Achieve personal loan, you can start by clicking the “get started” button on the lender’s website. You can check your odds of approval without hurting your credit.
If you qualify and like your terms, you can complete the online application with the help of a loan consultant. You can apply on your own or with a co-borrower.
Once you have submitted your application, Achieve says that it can approve it on the same day and fund the loan within 24 to 72 hours.
Credit Score Required
To qualify for an Achieve personal loan, you need a minimum credit score of 620, which falls in FICO’s fair range. You can apply online and then speak with a loan consultant about your eligibility.
Although Achieve doesn’t allow co-signers, it does permit co-borrowers and offers rate discounts for adding them to loan applications.
Where Does Achieve Operate?
Although Achieve is headquartered in San Mateo, California, it serves states across the country.
Is Achieve Reputable?
Achieve has an A+ rating with the Better Business Bureau. TrustPilot rates Achieve 5 out of 5 stars from over 4,000 reviews.
The Consumer Financial Protection Bureau received 22 complaints in 2022 about personal loans from Freedom Financial Network, and the financial services company provided a timely response to all complaints. The complaints mainly had to do with problems getting the loan and struggling to pay the loan.
Achieve’s Customer Service
If you have any questions or concerns, you can call Achieve at 800-368-0061. Achieve is an online lender with an online application process supported by loan consultants available by phone. The lender also preapproves borrowers online using soft inquiries, which do not harm credit scores, to check their chances of approval.
Borrowers are encouraged to make payments and manage account information online.
Who are Achieve Personal Loans Best For?
Achieve personal loans are an excellent choice for borrowers who want personal loans of at least $1,000, co-borrowers who can take advantage of the lender’s rate discount, and consumers who need to consolidate debt. Achieve’s fast funding and quick decision-making process make it an attractive option for those who need cash quickly.
In conclusion, Achieve offers fixed-rate personal loans ranging from $1,000 to $100,000 with repayment terms from two to five years. The lender provides same-day decisions and quick disbursal for personal loans. Achieve also offers rate discounts for qualified applicants. While Achieve has some drawbacks, such as an origination fee and a high APR for some borrowers, it can be an excellent choice for those who need personal loans quickly and want to consolidate their debt.