Best Achieve Personal Loans Review 2022-2023

Achieve Personal Loans Review

If you want a personal loan for debt consolidation, Achieve may be the answer. Achieve is unusual in that it gives discounted rates to borrowers who want to pay off existing debt. It also accepts cosigners. This Achieve review will outline how the loan company stacks up against other loan providers to give you a good idea of whether it’s the right fit for you.

Complete achievement review

This personal loan is a good fit for: Borrowers who are serious about debt consolidation or want to add a cosigner to the loan.

Top perks

Cosigners Accepted: Achieve is one of the very few lenders that allow cosigners on Achieve personal loans. When you add a cosigner, you may qualify for lower rates, larger loan sizes, and longer repayment terms than you could on your own. Of course, finding a cosigner with sufficient income and a good credit score is often easier said than done, but this option makes it a clear winner for those who accept cosigners.

Special Discount: The company offers a rate discount when borrowers use more than 85% of the loan amount to repay the current debt. If you’re looking for a Achieve personal loan for debt consolidation, Achieve may be worth a closer look. You can also get a discount based on your retirement savings and your co-borrower’s income.

Alternative criteria: Achieve says it will use more than just your credit score to evaluate your application. However, unlike other lenders that specialize in non-traditional lending criteria, Achieve does not disclose what factors it considers.

Low APR: Loans can be obtained at low APRs for qualified borrowers, in line with the top low interest Achieve personal loan options. Its best loan interest rates are available only to borrowers with excellent credit.

Large loan amount: This has both a pro and a con. Loans received are usually between $7,500 and $50,000. It rejects borrowers who only need a small loan of a few thousand dollars, but applicants who need a larger loan are likely to find that its maximum fits their needs properly.

Longer loan terms: Achieve allows you up to five years to repay your loan. Keep in mind that its longer tenure also comes with higher interest rates.

No Prepayment Fee: Let’s say you make extra payments a few times a year and pay off the loan early. Achieve doesn’t charge prepayment fees, meaning you can customize how quickly you want to retire that debt without factoring in additional fees.

Get funded in 48 hours: Achieve is quick to underwrite new loans, indicating on its website that it can make credit decisions the same day. After uploading the relevant documents and signing your agreement, you will get your loan within 48 hours.

What can be improved

High upper-end rates: Achieving the upper APR range for a Achieve personal loan can be expensive. Although it is not the highest in the market, it is extremely high. If you can wait, it will be difficult to take out a high-interest loan or commit yourself to a high interest rate to pay someone else to pay for a home improvement project.

Potentially more expensive than other options: The only way to get the lowest is to have excellent credit (typically, near the 800 mark or better), borrow no more than $12,000, and agree to pay it back in 24 months. However, your excellent credit qualifies you for the best balance transfer cards with higher credit limits and longer introductory 0% APR periods.

A $12,000 loan at 7.99% will cost a total of $1,024 in interest. Let’s say you transfer your credit card debt to a balance transfer card with an 18-month 0% intro APR offer instead. The balance transfer fee will likely cost $360, but you’ll pay nothing in interest during the promo period (although you’ll need to pay off the loan quickly to take advantage of this option).

Origination Fee: For availing an Achieve Personal Loan, you may have to pay an origination fee of up to 4.99% of your loan balance. That represents an additional $499 on a $10,000 loan. The cost will be included in your APR, but it’s money that other loan providers won’t charge. It pays to shop around.

Read Also: Best South Indian Bank Personal Loan Details 2022

How to qualify for an Achieve Personal Loan

Before applying, make sure you meet the following loan qualifications:

• Have a credit score of at least 640
• Be able to verify your income
• Maintain a verifiable bank account

Application Process

Achieve Personal Loan application is quick and easy.

• Fill the online form. Achieve will perform a soft credit check that will not affect your credit score.
• Talk to a loan advisor. Achieve will then offer you an interest rate and inform you of the available loan terms.
• If you decide to proceed with the loan, you will need to provide proof of income, your bank account information and personal ID.
• The company will then run a hard credit check. You will be asked to sign a loan agreement before you receive your money.

Options to consider

The decision to take a Achieve personal loan should not be taken lightly. For this reason, it’s important to shop around for the best Achieve personal loans before taking the plunge. Here are two alternative lenders to consider:

Marcus offers loans of $3,500 to $40,000 to borrowers with good credit scores. Best of all, this option gives you up to six years to repay the loan.
Avant Achieve personal loans are geared towards borrowers with low credit scores, starting as low as 580. The loan company offers loans as low as $2,000 and as high as $35,000.