Founded in 2002, Achieve is a digital finance company that offers personal loans, debt resolution, and HELOCs.
Its HELOCs are a cost-effective way to combine and reduce debts, or to fund expenses like home improvements, car purchases, or medical treatment. Achieve's HELOC application process is straightforward and fast, and you'll usually receive your funds in 15-18 days. There's also usually no need for a home inspection.
Loan types: Home equity loans
Loan products: HELOCs
Minimum credit score: 600 for debt consolidation; 670 for cash-out
Repayment terms: 10- or 15-year terms
Achieve's credit score requirements are lower than many other HELOC providers, with a minimum of 600 for debt consolidation and 670 for other cash purposes. It offers fixed interest rates, so your monthly payments will stay the same regardless of market movements.
What's more, with no prepayment penalty, you can pay off your debt early without incurring additional charges. And its fast application process means you can get pre-qualified for a HELOC in minutes.
However, Achieve offers just 1 home loan product, so your options are limited. And although customer reviews are mostly positive, support phone lines are only open during office hours, Monday-Friday, with no out-of-hours or weekend service.
Setting up a HELOC with Achieve is straightforward and quick, and the company promises that its HELOCs involve less paperwork than a typical first mortgage refinance. You can apply online in just a few steps.
1. Go to the Achieve website Homepage and select the “Get Started” button.
2. You'll see 4 options: Home Loan, Personal Loan, Debt Resolution Service, and “I Don't Know.” Choose “Home Loan” and enter the amount you want to borrow. You'll then need to indicate what you plan to use the loan for.
3. Provide your personal details, including name, date of birth, email address, phone number, and social security number.
4. After submitting your application, you should receive a pre-qualified decision within 2 minutes.
5. To process your application, Achieve will ask you to submit documentation confirming your income, property ownership, mortgage payments, and insurance. However, it's unlikely that Achieve will require you to have a property inspection, as it approves most applications without this.
6. If Achieve approves your application, you can get your funds in as little as 15 days, although some applications may take longer to process.
7. Once you've completed the setup, you can manage your account and make secure repayments online.
Achieve offers a single home loan, which is a home equity line of credit (HELOC). This is a type of “revolving” credit that allows you to borrow against the equity in your home, drawing down and paying back multiple times during the draw period. After this time, you start repaying the outstanding balance.
One of the advantages of a HELOC is its flexibility. You can choose when and how much you want to borrow, up to your approved credit limit. You only pay interest on the amount you've borrowed, not the entire credit limit.
Achieves HELOCs have a number of attractive features.
Low credit score requirement. If you want to use your HELOC for debt consolidation, then you'll only need a credit score of 600. However, Achieve does require a credit score of 670 or more for “cash out” HELOCs, where you'll be using the loan for other purposes, such as home improvement or a vacation.
Speed. You'll get a pre-qualified decision in 2 minutes, and if you go ahead with the loan, you'll receive your funds quickly. The average time it takes for Achieve's customers to access their money is 15-18 days.
Fixed interest rates. Many HELOC providers only offer variable interest rates. However, Achieve's rates are fixed, meaning that your monthly payments remain the same even if market interest rates rise.
No prepayment penalty. You can pay off the entire outstanding balance of your HELOC without incurring any additional charges, allowing you to manage your debt more efficiently and potentially save on interest costs.
Savings. If you're using a HELOC in order to consolidate high-interest debt, Achieve promises to save you at least $200 per month on debt repayment. The website states that the average Achieve member typically saves almost $10,000 a year.
Achieve offers a range of competitive rates for its HELOCs, depending on your creditworthiness and combined loan-to-value. You can choose between 2 terms available: 10 or 15 years, both with a 5-year draw period.
You can benefit from the lowest APR by enrolling in Achieve's Autopay system, which will automatically deduct payments from your bank account each month for the duration of your loan.
Closing fees may apply, depending on how much you borrowed and where you live. Achieve includes these fees in your line of credit and monthly payments.
Summary
Achieve is primarily a debt consolidation company. It does offer HELOCs for other purposes like home improvements and medical bills, but its focus is on reducing your high-interest regular loan repayments by allowing you to take out a line of credit on your property.
It offers a revolving line of credit with low credit score requirements for debt consolidation, fixed interest rates, and no prepayment penalty. With an online application process that promises a pre-qualified decision in 2 minutes, Achieve's HELOCs are an attractive option for anyone looking to consolidate their debts and save money on interest costs.
Achieve has a score of 3.9 out of 5 stars on Trustpilot based on 57 reviews. While most reviews are positive, some customers have commented on their frustrations with customer service.
Achieve is also accredited by the Better Business Bureau (BBB) with an A+ rating. Here, Achieve has an average of 1,848 customer reviews and a 4.8-star rating out of five. Most customers report positive experiences with the company.
You can contact Achieve via webform on its website or by phoning 800-920-0045. Customer service hours are Monday-Friday, 6am-5pm (PT).
You can also find helpful blog posts on the website covering topics such as how to stay on budget, debt consolidation, and understanding loans.