Discover and Achieve are both online personal loan companies that work with a variety of borrowers. The big difference is the costs and requirements you must meet to borrow. While they could both meet your financial needs, Discover has fewer fees, while Achieve allows you to apply with a co-borrower.
Discover versus reach at a glance
While Discover and Achieve offer similar loans, Discover has lower fees but stricter eligibility criteria for borrowers. Achieve may be a better option if you don’t qualify for a loan with Discover.
| To discover | Reaches | |
|---|---|---|
| Bank rate score | 4.8 | 4.7 |
| Better for | Borrowers with good credit | Larger loan amounts |
| Loan amounts | $2,500 – $40,000 | $5,000 – $50,000 |
| APRs | 7.99%-24.99% | 8.99%-35.99% |
| Length of the loan | 36-84 months | 24-60 months |
| Cost | Optional costs | 1.99%-6.99% origination fee |
| Minimum credit score | 660 | 620 |
| Time for financing | As soon as the next working day | 24-72 hours |
Discover personal loans
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The main drawback to using Discover is that it does not allow co-borrowers or co-signers on its personal loans. Many online lenders – including Achieve – allow you to borrow a loan from someone else. If you do not qualify yourself, you will not qualify for a loan.
It also has slightly stricter eligibility criteria than Achieve. But provided you meet the minimum credit score and take home at least $25,000 annually, you may qualify for slightly lower rates: Discover’s maximum APR is 24.99 percent, compared to Achieve’s maximum APR of 35 .99 percent.
Discover can be a good solution if you need money quickly or don’t need to borrow much. Additionally, loan terms last up to seven years and monthly payments can remain low, although you will pay more interest over time if you choose a longer term.
Obtain personal loans
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Although Achieve has origination fees, which increase the overall cost of your loan, it still has its benefits. Unlike Discover, you qualify if you have fair credit. You can also add a co-borrower to your application to increase your chances of qualifying.
However, the maximum APR is much higher than Discover. To achieve this, you will also need to borrow at least $5,000. If you need less, it may be better to choose Discover or another lender that lets you borrow less.
How to choose between discovery and achievement
Discover and Achieve are both good options for unsecured personal loans. However, it’s worth applying for Discover first if you qualify, if only to score a potentially lower APR and avoid origination fees. But if you need a larger loan, you may still be able to qualify for a similarly competitive APR with Achieve. Choose the lender that offers you the best terms, including the APR you will receive and the monthly payment you will need to make.
Discover is better for borrowers with good credit
Not only does Discover have a lower maximum APR than Achieve, but there are also no origination fees. This means you may pay less overall, although it may still cost more than other lenders who work with good credit.
Still, Discover is the best option of these two lenders if you have good credit. Lower rates, fewer fees and longer terms can make your monthly payments more manageable.
Achieve has larger loan amounts
Achieve is a good choice if you need to borrow more than $40,000 and only have fair credit. If you have a co-borrower in mind, Achieve can also work with them, which could help you qualify for lower rates.
Although the maximum APR is higher than Discover, Achieve still offers the same low starting APR if you can qualify. That’s why it’s a good idea to request prequalification from both lenders to see which one offers better terms.
Compare lenders before applying
Both Discover and Achieve have similar personal loan products that can be used for many purposes. Although Discover has lower fees, Achieve allows you to apply with a co-borrower. These are minor differences, but they should help you determine which lender best suits your financial needs.
Additionally, consider checking your rate with other lenders to ensure you’re getting the best APR and terms available.
