A lender’s flexibility can be an important factor when you’re shopping around for a personal loan — especially if you don’t have good credit yet. Achieve works with borrowers with imperfect credit and offers ways to tailor your loan to your needs. It can be a solid choice for a lender, but as with any financial product, it might not be perfect for everyone.
CNBC Select reviews Achieve personal loans, takes a close look at their terms and offers potential alternatives so you can pick the right lender for you.
Achieve® Personal Loans
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Annual Percentage Rate (APR)
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Loan purpose
Debt consolidation, major purchase
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Loan amounts
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Terms
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Credit needed
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Origination fee
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Early payoff penalty
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Late fee
Pros
- Flexible term lengths
- Rate discounts available
- Works with borrowers with fair credit
Cons
- Loans may not be available in all states
- The lender charges origination fees
Achieve personal loan review
APR
APRs on personal loans from Achieve range from 8.99% to 35.99%, including origination fees. This is in line with other similar personal loan offers available on the market. The interest rate you’ll get depends on your credit score — the higher it is, the better your chances of getting a low rate. Achieve requires a minimum credit score of 620, which is considered a “fair” score.
Perks
Achieve will perform a soft credit pull and tell you how likely it is that you’ll get approved for a loan before you apply. This lets you compare potential offers and pick one with the best terms without any impact on your credit. The lender will only place a hard inquiry on your credit report once you apply (which might lower your score by a few points).
The application process is quick and simple, and Achieve advertises same-day decisions. Loan terms are flexible, allowing you to choose the term length that works for you and set a monthly payment date. You may qualify for a rate discount if you have a co-borrower, can show proof of sufficient retirement funds, or use the loan to directly pay off your creditors. The lender will fund your loan within 24-72 hours of approval.
Fees
Achieve charges an origination fee that ranges from 1.99% to 6.99%. While these fees are common, not all lenders charge them. If you’re borrowing a large amount, these fees can become a significant expense.
On the other hand, Achieve doesn’t charge any application or early prepayment fees.
Loan amount
Achieve offers personal loans from $5,000 to $50,000, but the available amounts may depend on what state you live in and the purpose of your loan. If your desired loan amount is outside of this range, you might have to look into other lenders.
Term length
Term lengths for Achieve personal loans range from two to five years (24 to 60 months), and it’s possible Archive will let you choose your own term length (within that range). Note that while a longer term length shrinks your monthly payments, it can also come with a higher interest rate that could make the overall cost of borrowing money more expensive.
Compare personal loans
CNBC Select has ranked Achieve as one of the best debt consolidation loans for bad credit thanks to its relaxed credit requirements, competitive rates and flexible terms. However, it’s always a good idea to consider multiple lenders when you’re shopping for a personal loan. This way, you can make sure you’re getting the best deal available.
If your credit score leaves a lot to be desired, it doesn’t mean you’re limited in your options. Upstart, for example, even works with borrowers with insufficient credit history. You can borrow between $1,000 and $50,000, but be mindful of origination fees which can go up to 12% of the loan amount.
Upstart Personal Loans
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Annual Percentage Rate (APR)
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Loan purpose
Debt consolidation, credit card refinancing, wedding, moving or medical
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Loan amounts
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Terms
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Credit needed
FICO or Vantage score of 600 (but will accept applicants whose credit history is so insufficient they don’t have a credit score)
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Origination fee
0% to 12% of the target amount
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Early payoff penalty
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Late fee
The greater of 5% of monthly past due amount or $15
On the other hand, if your credit is in great shape, you have plenty of options when it comes to lenders and can focus on securing the best rate. PenFed makes a solid choice because it offers comparatively low APRs. Loan amounts range from $600 to $50,000, and you won’t have to deal with any origination fees.
PenFed Personal Loans
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Annual Percentage Rate (APR)
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Loan purpose
Debt consolidation, home improvement, medical expenses, auto financing and more
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Loan amounts
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Terms
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Credit needed
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Origination fee
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Early payoff penalty
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Late fee
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Bottom line
Achieve is an online lender providing personal loans for various purposes. It can be an excellent choice for borrowers with imperfect credit looking to consolidate high-interest debt. Still, even if you fit this description, make sure to compare offers from several lenders before you apply. This way, you’ll have a better chance of securing a loan with advantageous terms.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every personal loan review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of personal loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
