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Achieve (Formerly FreedomPlus®) Personal Loans: 2024 Review

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Jennifer Calonia
Jennifer CaloniaUpdated January 2, 2024

Overview of Achieve (Formerly FreedomPlus)

Achieve, which used to be called FreedomPlus, offers personal loans ranging from $10,000 to $50,000 with an APR of 8.99% to 35.99%. The lender offers discounts to borrowers that may lower the interest rate, as well as same-day loan approval and repayment terms of up to 60 months. However, Achieve does not serve residents in every state and may charge loan origination fees.The Takeaway: If you live in a state that Achieve serves, meet its eligibility requirements, and need a relatively high loan amount quickly, an Achieve loan might be right for you. But be prepared to pay an origination fee.

Pros and Cons of Achieve

Pros of Achieve (Formerly FreedomPlus)

User-Friendly Online Prequalification 

You can find out in minutes if you prequalify for an Achieve personal loan. All you need to do is fill out a simple form on the website with the amount you want to borrow, what you intend to use it for, and your personal information. 

Same-Day Loan Approval

If you decide to move forward with a prequalified personal loan offer, you can submit an application and receive a same-day decision. This quick turnaround can be useful, as noted in Achieve (formerly FreedomPlus) reviews, especially if you need the money quickly. You could receive funds in your account within 24 to 72 hours.

Multiple Repayment Options

Achieve offers repayment terms that range from two to five years. You can select a term that meets your monthly budget and borrowing preferences. Achieve does not charge a penalty for paying off a loan before the term ends.

Interest Rate Discounts

Borrowers can access discounts that help lower their personal loan interest rate. For instance, adding a co-borrower to your loan provides a rate discount, as does using funds to directly pay off creditors for debt consolidation (referred to as a direct pay discount).Additionally, prospective borrowers with sufficient savings in a retirement fund may qualify for rate discounts on an Achieve personal loan.

Cons of Achieve (Formerly FreedomPlus)

Origination Fee

Achieve charges a personal loan origination fee, which adds to your total cost of borrowing as reflected in your annual percentage rate (APR).

Can’t Complete Loan Application Online

Some lenders allow you to apply for online personal loans seamlessly. If this is your preference, you might not find the hands-on approach of Achieve a good fit. To move forward with a loan application after prequalifying, you must work through the remaining application process via email or speak with a loan consultant about your eligibility and next steps. Achieve refers to this as a customized lending solution.

Not Available in All States

Achieve personal loans are not available in all 50 U.S. states. You can consider alternative options if you reside in a state not served by Achieve.

Not Ideal for Borrowers Who Need Small or Very Large Loan 

If you need a small loan amount, such as $1,000, Achieve may not be right for you. The lender generally offers personal loans ranging from $10,000 to $50,000. This can be insufficient if you need a $75,000 personal loan amount or higher.Recommended: How Much Can You Borrow With a Personal Loan?

Achieve Personal Loan Terms, Rates, and Fees

Loan amounts: $10,000 to $50,000APR range: 8.99% to 35.99%Loan terms: 2 to 5 yearsPrepayment penalty: NoApplication fee: Loan origination fees vary from 1.99% to 6.99%Co-borrowers allowed: YesApproval speed: Same dayInformation accurate as of Jan. 2, 2024.

Who May an Achieve Personal Loan Be Right For?

  • Borrowers who want to consolidate debt. Those who need a personal loan for debt consolidation have the option to apply the funds directly toward debt payoff with existing creditors. And they can get a discounted rate from Achieve for doing so.
  • Borrowers who want the flexibility to be able to pay off their loan early. Achieve charges no prepayment penalty.
  • Borrowers who need personal loan funds quickly. Achieve provides a same-day decision on loan approval, and you may be able to get the funds within 48 hours. 

Who Achieve May Not Be Right For

  • Borrowers who don’t live in a state served by Achieve. Achieve personal loans are not available in all states.
  • Borrowers who want to avoid fees. Achieve charges an upfront origination fee. Some lenders don’t charge an origination fee, which may make Achieve personal loans more costly.
  • Borrowers who need to borrow a small sum or a large sum. Achieve personal loans generally range from $10,000 to $50,000. If you require a smaller or larger loan, you’ll need to find another lender.

What to Watch Out for With Achieve Personal Loans

  • Before moving forward with an Achieve loan, calculate how much the origination fee will cost you, and how it affects your budget.
  • Achieve personal loans are available in a limited number of states. Be sure to check if yours is one of them.
  • Be prepared to discuss your personal loan needs with a loan consultant, and provide additional documentation, if necessary.

Achieve Personal Loan Eligibility Requirements

Achieve states that applicants don’t need “perfect credit” to qualify for a loan. Although your credit score is a consideration, it’s not the only factor the lender looks at to determine your eligibility. These are the Achieve eligibility factors: 
  • Minimum credit score. 620
  • Income requirements. Not disclosed
  • Maximum debt-to-income ratio. Not disclosed
  • Cosigners allowed? Yes
  • Co-borrowers allowed? Yes
To receive loan funds, you must have a valid ID and verified income.

Repayment Options for Achieve Personal Loans

If you’re approved for an Achieve personal loan, you’ll typically have from two to five years to repay the loan, plus interest and fees. Your loan term options should be provided either during prequalification or on the phone call with your loan consultant.

How to Apply for an Achieve Personal Loan

If you think an Achieve personal loan is right for you, you can fill out a preapproval request online. Here’s how to go through the process:
  1. Select a loan amount and purpose for the loan. Choose from the drop-down list.
  2. Enter your state. If your state isn’t served by Achieve, you’ll get a notification.
  3. Enter your personal information. You’ll need to provide your first and last name, email address and a valid phone number.
  4. Employment information. The next few steps ask about your employment, including your employment status, and your annual income that is verifiable.
  5. Include your co-borrower’s income (optional). If you want to add a co-borrower to your loan, add their income, if applicable.
  6. Enter your ZIP Code™ and address. Provide your residential address as recognized by the U.S. Postal Service.
  7. Enter your birth date. Provide your birth date and then click “Continue” to allow Achieve to conduct a soft credit pull to determine your prequalification. This step won’t affect your credit score.
  8. Speak with an Achieve loan consultant. If you’re prequalified, a loan consultant will reach out to you to discuss your borrowing goals, eligibility, and rate discounts that might apply. If you’d like to move forward with an application, you’ll need to submit a full application and Achieve will perform a hard credit inquiry.

Alternatives to Achieve Personal Loans to Consider

Achieve personal loans have pros and cons, as discussed, so it can be smart to compare your options:
LenderLoan amountsAPR rangeMaximum term
Achieve (formerly FreedomPlus)$10,000 to $50,0008.99% to 35.99%60 months
Avant$2,000 to $35,0009.95% to 35.99%60 months
Best Egg$2,000 to $50,0007.99% to 35.99%60 months
LendingClub$1,000 to $40,0009.57% to 36%60 months
OneMain Financial$1,500 to $20,00018% to 35.99%60 months
Prosper$2,000 to $40,0007.95% to 35.99%60 months
Universal Credit$1,000 to $50,00011.69% to 35.99%60 months
Upgrade$1,000 to $50,0008.49% to 35.99%60 months
(The above information on APR range, loan amounts, and maximum term lengths will be updated weekly, every Monday.)Some other options you might want to consider include:With Lantern by SoFi, you can quickly and easily compare personal loan offers from multiple lenders, including Achieve, all in one place. Just fill out one simple form, explore your financing options, and apply for a personal loan that fits your needs.

Frequently Asked Questions

What credit score is needed for Achieve?
Which credit bureau does Achieve use?
Is Achieve a direct lender?
Does Achieve verify income?

About the Author

Jennifer Calonia
Jennifer CaloniaJennifer Calonia is a Los Angeles-based finance writer who has covered the gamut, including student loans, credit card rewards, consumer loans, and debt. Her work has been featured in outlets like Bankrate, NerdWallet, Business Insider, Yahoo Finance, and U.S. News.
Brand namesNo brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third party trademarks referenced herein are property of their respective owners.