Achieve Personal Loans: 2023 Review

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 6.99 percent. Here’s what you need to know about Achieve personal loans before you apply.

Achieve: in the details

What we like and what we don't like

There are many features of Achieve personal loans that attract consumers, but drawbacks should also be considered to make an informed decision.

What we like:

• Quick funding: You may be able to get same-day approval for an Achieve loan, and the lender may deposit money into your account within 24 to 72 hours. Funding time will vary based on when the application is submitted and if additional documentation is needed.
• 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.
• 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.

What we don't like:

• High minimum loan amount: The minimum amount you can borrow is $5,000 — $11,000 in Arizona — which is considerably higher than similar lenders’ lowest amounts.
• Origination fee: Depending on your loan amount and repayment terms, you may be charged an origination fee between 1.99 percent and 6.99 percent, which will be pulled from your loan proceeds.
• Limited availability: Loans are currently unavailable to consumers in Colorado, Connecticut, Kansas, Maryland, North Dakota, Vermont, West Virginia, Wisconsin and Wyoming.

How to apply for a loan with Achieve

When you’re ready to apply for a personal loan with Achieve, here’s how to get started: 

• Step 1: Get prequalified. 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.
• Step 2: Connect with a loan consultant. 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.
• Step 3: Receive formal loan approval. If you’re approved after a hard credit check, you’ll need to provide a valid ID, income and bank account verification and sign the loan contract to complete the process.
• Step 4: Seal the deal. Before you sign a contract, though, compare what Achieve has to offer with personal loan rates from other top lenders.

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 6.99 percent although most borrowers only pay 4.99 percent.

Methodology

To select the top personal loan lenders, Bankrate considers 20 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed over 30 lenders and gave each a Bankrate rating, which consists of four categories:

• Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
• Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
• Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
• Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also took into account whether prequalification was available, as all these factors are key for consumers to make an informed decision.

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.