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Achieve (Formerly known as FreedomPlus) Personal Loans: 2022 Review

Updated on Jan. 1, 2022
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At a glance

4.6
Rating: 4.6 stars out of 5
Bankrate Score
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Availability
Rating: 4.4 stars out of 5
4.4
Affordability
Rating: 4.3 stars out of 5
4.3
Customer Experience
Rating: 5 stars out of 5
5.0

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Whether you need money to consolidate credit card debt, make some home improvements, start a business or make a large purchase, an Achieve (formerly known as FreedomPlus) personal loan can help you do it.

Moneybag
Loan amount $5,000 to $50,000
Rates
APR from 7.99% to 29.99%
Clock Wait
Term lengths 24 to 60 months
This lender is best for borrowers with fair credit who want to consolidate debt.
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Achieve features

Here's a breakdown of some of the benefits and drawbacks of Achieve personal loans.

PROS

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    Quick funding

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    Pay off your loan early

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    Joint loans

CONS

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    High minimum loan amount

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    Origination fee

The lender offers loans of up to $50,000 with competitive interest rates and quick approvals that can get the money in your account in as little as 24 hours. Depending on the size and length of your loan, though, you may be on the hook for an origination fee of up to 4.99 percent. Here’s what you need to know about Achieve personal loans before you apply.

Get Prequalified for a Personal Loan

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

Achieve: in the details

Loan Amount
$5,000 to $50,000
APR from
7.99% to 29.99%
Term lengths
24 to 60 months
Funds available in
24 to 72 hours

Pros and cons of Achieve personal loans

Achieve has a few benefits and drawbacks that are worth considering before you apply for a loan.

PROS

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    Quick funding: You can get same-day approval for a Achieve loan, and the lender may deposit money into your account within 24 to 72 hours.

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    Pay off your loan early: Because Achieve charges no prepayment fees, you have the flexibility to pay off your loan early and save on interest costs.

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    Joint loans: Unlike some online lenders, Achieve allows you to add a co-borrower to your loan, which may increase the likelihood of you being approved if you have less-than-excellent credit.

CONS

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    High minimum loan amount: The minimum amount you can borrow is $5,000 ($10,500 in Arizona), which is considerably higher than similar lenders’ lowest amounts.

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    Origination fee: Depending on your loan amount and repayment terms, you may be charged an origination fee of up to 4.99 percent, which will be pulled from your loan proceeds.

Lending terms

Achieve offers fixed-rate personal loans ranging from $5,000 to $50,000. In Arizona, however, the minimum loan amount is $10,500.

Repayment terms range from 24 to 60 months, and interest rates range from 7.99 percent to 29.99 percent APR. To qualify for the lender’s lowest interest rate, you’ll need to have excellent credit, borrow less than $12,000 and have a repayment term of 24 months. If you don’t meet those requirements, you can also qualify for the best rate if you:

  • Add a co-signer with sufficient income.
  • Use at least 85 percent of the loan amount to directly pay off a qualifying existing debt.
  • Show proof of sufficient retirement savings.

Once you apply for a loan, you’ll typically find out if you’re approved within two or three hours. If you then upload the required documents and sign the loan contract the same day, you could get your loan funds within 24 to 72 hours.

Fees and penalties

Achieve doesn’t charge an application fee or prepayment fee, so you don’t have to worry about a penalty if you pay off the loan early. There is, however, an origination fee of 1.99 percent to 4.99 percent.

How to apply for a loan with Achieve

You can apply online through the Achieve website or by calling a loan consultant. To start the process, enter your loan amount and purpose and then your state to check if the lender operates where you live. If it does, you’ll need to provide your name, employment status, income level, address and date of birth.

Achieve will then run a soft inquiry on your credit report to see if you’re prequalified for the amount you requested. If you are, you’ll be given a phone number so you can speak with a loan consultant to complete the application process.

If you’re approved after a hard credit check, you’ll need to provide a valid ID and income and bank account verification and sign the loan contract to complete the process.

Before you sign a contract, though, compare what Achieve has to offer with personal loan rates from other top lenders.

Get Prequalified for a Personal Loan

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

How Bankrate rates Achieve

Overall Score 4.6
Availability 4.4 FreedomPlus offers quick approval and funding, but its minimum loan amount is high.
Affordability 4.3 Achieve’s minimum APR and fees are not unreasonable, though they are higher than those of similar lenders.
Customer Experience 5.0 You can apply for your loan completely online. However, Achieve does not specify customer service hours.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.