Whether you have excellent credit or less-than-perfect credit, Achieve and Upgrade are two online lenders worth considering if you’re on the hunt for a personal loan.

Formerly known as FreedomPlus, Achieve offers home equity loans and personal loans, in addition to debt management plans. Founded in 2016, Upgrade offers a suite of financial products, including credit cards and checking accounts, in addition to personal loans.

Both lenders are good contenders when it comes to personal loans. That said, their loan products are designed to fit different consumer needs.

Achieve vs. Upgrade at a glance

Achieve Upgrade
Bankrate Score 4.7 4.7
Better for Debt consolidation Emergency expenses
Loan amounts $5,000-$50,000 $1,000-$50,000
APRs 8.99%-35.99% 8.49%-35.99%
Loan term lengths 24-60 months 24-84 months
Fees Origination fee: 1.99%-6.99%
  • Origination fee: 1.85%-9.99%
  • Late fee: up to $10
  • Failed payment: $10
Minimum credit score 620 600
Time to funding 24-72 hours after approval Next day after approval

Achieve personal loans

Achieve personal loans

Rating: 4.7 stars out of 5
4.7
Learn more
  • Green circle with a checkmark inside

    Pros

    • Same-day decision.
    • Low minimum credit score.
    • Multiple rate discounts.
    Red circle with an X inside

    Cons

    • Origination fee.
    • High minimum loan amount.
    • High APR cap.

  • Achieve offers personal loans for those with fair credit or better, with a low starting APR and four repayment terms to choose from. 

    In addition to a low starting APR, Achieve offers borrowers three rate discounts to choose from. These include one for adding a qualified co-borrower to your application, choosing to let the lender to pay directly to your creditors and showing proof of retirement assets. Discounts, coupled with the option to add a co-borrower, can make Achieve loans affordable even if you have less-than-perfect credit.

Upgrade personal loans

Upgrade personal loans

Rating: 4.7 stars out of 5
4.7
Learn more
  • Green circle with a checkmark inside

    Pros

    • Quick funding.
    • Joint applications allowed.
    • Small loans available.
    Red circle with an X inside

    Cons

    • Many fees.
    • High maximum APR.
    • Origination fee.

  • Upgrade’s personal loans can be used for a variety of purposes, including debt consolidation, emergency repairs, home improvement projects or to finance a big purchase. It also has one of the lowest credit score requirements in the industry, making its loans ideal for consumers with varying credit backgrounds.

    What’s more, while many lenders offer repayment terms of up to 60 months, Upgrade goes the extra mile offering a maximum repayment term of up to 84 months. Although you’ll pay more interest if you choose a longer term, your monthly payment could be much more affordable.

How to choose between Achieve and Upgrade

Achieve and Upgrade offer loans with similar APR ranges, loan caps and credit score requirements. That said, they differ in other areas, such as fees, funding times, maximum repayment terms and discounts.

Both lenders offer prequalification in addition to joint applications. If you’re on the fence as to which one to choose, prequalify with both to see which can give you the best offer for your intended purpose. Also, keep in mind that despite their similarities, Achieve is more ideal for consolidating debt while Upgrade gives you access to much smaller loans.

Achieve offers loans specifically for debt consolidation

Achieve has a debt resolution program designed to help consumers get out of high-interest unsecured debt, such as medical bills, credit cards and store cards in under 48 months.

The program costs between 15 percent and 25 percent of the total of debt enrolled. Achieve also offers a money back guarantee in which you’ll get a refund of up to 100 percent of the fees collected if the total cost of the program exceeds the amount of debt you enroll. However, Upgrade does not extend debt management plans to consumers.

It’s still possible to consolidate debt with Upgrade’s loans, but the lender charges a higher origination fee and doesn’t offer a discount for paying creditors directly. This combination of factors could make Upgrade’s loans less attractive when it comes to consolidating high-interest debt, as the savings could be fewer than those offered by Achieve.

Upgrade allows borrowers to take out smaller loan amounts

If you need to borrow money to pay for an unexpected expense, such as an emergency car repair, a loan from Upgrade may be a better fit than one from Achieve.

Upgrade allows you to take out loans as small as $1,000, while Achieve’s minimum loan amount is $5,000. Additionally, Upgrade offers next-day funding, while Achieve’s loans could take up to 72 hours to fund. This alone makes Upgrade’s loans a better option when you’re in a pinch and need fast cash to cover a financial emergency.

Compare more lenders before applying

Achieve and Upgrade offer similar loan products that cater to similar credit profiles. But if you have better credit, Upgrade may be a better choice due to its slightly lower minimum APR. Keep in mind that Achieve has the lower maximum origination fee, so you’ll want to evaluate what the lender offers before moving forward.

Upgrade is also an excellent option to consider if you need a loan under $5,000. It may also be a better fit if you want an extended term and more affordable monthly payment, as terms go up to 84 months.

Regardless of what your loan purpose is, it’s always best to compare rates from multiple lenders to ensure you get the best loan for your budget and financial needs. Get prequalified and assess the loan offers to make an informed decision.