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Achieve Loans: 2024 Home Equity Review

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At a glance

Bankrate Score
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3.0
Rating: 3.0 stars out of 5
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Bankrate Score

Customer Rating
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5.0
Rating: 5 stars out of 5

1 ratings

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Loan amount

$15,000 - $150,000

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Min. credit score required

640

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Repayment terms

10 and 15-year terms

Funds available in

Funds available in as little as 15 days

Benefits

  • An interesting hybrid of a product: It carries a fixed interest rate like a home equity loan, but lets you borrow money, pay it back, then borrow again like a traditional home equity line of credit.
  • You can close and receive funds in as little as 15 days — much faster than the industry average.

Drawbacks

  • There’s no low introductory rate. The fixed HELOC APRs range from 10.25 percent to 16.5 percent — much higher than Bankrate’s national averages for both HELOCs and home equity loans.
  • The HELOC offers no interest-only payment period; repayments of principal start immediately.
  • Achieve is only licensed to lend in 28 states, excluding such populous states as New York, Florida and Massachusetts.

Home equity loan products offered

Achieve Loans offers a fixed-rate home equity line of credit (HELOC) with a 10 or 15-year term. Its main use is to consolidate high-interest debt. Credit limits vary from $15,000 to $150,000. There’s a draw period for the first five years of the loan where you can borrow and pay it back as you need to. You incur interest only on the actual amount you’ve withdrawn (not your entire credit line). After the draw period, you’ll enter a repayment period for the remainder of the HELOC term. 

Achieve doesn’t publish their required debt-to-income (DTI) and loan-to-value (LTV) ratios, but these ratios factor into how large a credit limit you’ll receive. For debt consolidation, you’ll need a minimum credit score of 640. If you want to tap equity for other purposes, you’ll need to have a credit score of 670 or higher. 

Types of fees charged

Achieve’s HELOC closing costs range from $750 to $6,685, depending on how much you’re borrowing and the state in which your home is located. These costs typically include a 2.5 percent origination fee and a $725 underwriting fee.

How to qualify for a HELOC with Achieve Loans

You’ll need a minimum credit score of 640 for debt consolidation and 670 to tap your equity for any other reason. You must occupy the property you’re using as collateral. Your combined loan-to-value ratio, including the HELOC sum you’re applying for and any outstanding mortgage, may not exceed 80 percent.

How to apply with Achieve Loans

You can start the process for an Achieve Loans HELOC through their site or by calling 1-833-418-3231. You can also submit questions by filling out an online form and a representative will contact you. 

How Bankrate scored Achieve Loans

Affordability 3.2/10
Availability 6.8/10
Borrower experience 8.0/10

Achieve Loans customer ratings and reviews

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5.0

Rating: 5 stars out of 5

1 ratings

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This lender has 1 recent reviews.

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100% of customers would recommend this lender.

of 1 reviews

The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.

In addition to collecting reviews on-site, Bankrate collaborated with third-party Slice MR to survey 450 users nationwide in July 2024. Bankrate and Slice MR collected, averaged and presented responses to nine questions. Users received an incentive for their feedback. Responses are based on individual experiences, and therefore cannot be verified for accuracy. User ratings are unedited and have not been reviewed or approved by lenders, nor do these ratings reflect Bankrate’s own reviews of these lenders.

To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.

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