Reach Personal Loans and Happy Money Personal Loans consistently appear on the “top rated” lists. These loans are similar in that they both offer the same minimum ($5,000), have similar loan terms (up to 60 months), and are aimed at borrowers with near-prime credit scores. Achieve and Happy Money also operate as financial technology (fintech) companies, so the application and loan processes are done online.
If you’re looking for a personal loan, it’s a good idea to understand the differences between Achieve and Happy Money. Knowing the features of these lenders’ financing options can help you make the right choice for your financial situation.
Reach versus happy money at a glance
| Reaches | Happy money | |
|---|---|---|
| Bank rate score | 4.7 | 4.5 |
| Better for | Honest borrowers | Credit card consolidation |
| Loan amounts | $5,000 – $50,000 | $5,000 – $40,000 |
| APRs | 8.99%-35.99% | 11.72%-24.67% with automatic payment |
| Length of the loan | 24-60 months | 24-60 months |
| Costs | Origination fees from 1.99% – 6.99% | Origination fees up to 5% |
| Minimum credit score | 620 | 640 |
| Time for financing | Within 24 to 72 hours | 3 to 6 working days |
Obtain personal loans
Obtain personal loans
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Achieve offers loans that can be used for a variety of purposes, including debt consolidation, a smaller home renovation or improvement project, or to finance your next major purchase.
Formerly known as FreedomPlus, Achieve has become a respected lending company thanks to its competitive rates, fast financing timeline, and flexible repayment terms.
Achieve Personal Loans offers its own digital lending platform, with loans made through New Jersey-based Cross River Bank. You can use the money you receive for the following purposes:
- Consolidating high-yield, unsecured debt
- High interest credit card refinancing
- Financing large purchases that are difficult to finance
- Pay off medical expenses
- Subsidizing home improvement projects
- Financing holidays, weddings or other events
According to her websiteAchieve has helped more than 1.5 million consumers since 2002, providing more than $10 billion in loan products and servicing more than $18 billion in debt. The company prides itself on fast financing (if you’re approved, you can see money in your account within 72 hours) and personalized service through dedicated, certified loan consultants.
Background
Achieve started in Scottsdale in 2002 as Freedom Financial Network LLC. In 2013, the company launched its personal lending arm, FreedomPlus. The goal was to offer personal loan options to what the company described as 80 million “mid-credit Americans” who were typically underserved by banks that focused more on prime and superprime loan products.
FreedomPlus was renamed Achieve Personal Loans end of 2023
Extras
Achieve offers its application and prequalification processes on its website, meaning your entire application, loan and repayment process can be handled online. Also available online are the company’s Get Out of Debt Faster (Achieve GOOD) and Money Left Over (MoLO) apps, a debt-to-income calculator and several articles and resources.
In addition, Achieve Personal Loan offers three types of discounts:
- Discounts for co-borrowers: This allows you to add a qualified co-borrower to your loan application, increasing your chances of approval.
- Discount on pension assets: This discount is available if you can demonstrate that you have sufficient funds in your 401(k), IRA, Roth IRA or Thrift Savings Plan (TSP).
- Payment discount for direct creditors: If you use a personal loan to consolidate debt, you can authorize Achieve to use the money you receive to pay creditors directly. This can eliminate the hassle and headaches associated with paying creditors yourself.
Application process
You need a minimum credit score of 620 to qualify for an Achieve loan.
To prequalify, visit the company’s website or call customer service at (833) 418-3193. You answer a number of questions, including proof of identity, state of residence, how much you want to borrow and your current income. Other required information may include your Social Security number and employment status.
With this information, Achieve will perform a soft credit pull (which will not affect your credit score). Once you are pre-approved and decide to take out a personal loan, Achieve will run a credit check to obtain additional financial information about you.
Customer support
Receive personal loan offers two ways to contact us:
- By telephone: Call (833) 418-3097 from 6am to 8pm MT Monday through Friday and 7am to 4pm Saturday and Sunday.
- Online: Achieve’s website provides an online messaging platform for general questions, career opportunities and additional information.
What customers say
As of May 2024, Achieve had 4.8 out of 5 stars with 10,868 reviews on Trustpilot.
Reviewers praised the seamless process and expertise, with a particular emphasis on personalization. Borrowers liked that they could work with a human on the application and financing processes. Many reviewers also complimented the loan officers they worked with.
Negative reviews complained of poor communication, slow financing and slow payment to creditors. Achieve representatives asked these reviewers to contact the company to resolve their situation.
Personal loans from Happy Money
Personal loans from Happy Money
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Happy Money’s loans are specifically aimed at consolidating high-interest credit card debt. Offered through its network of FDIC and NCUA insured lenders, Happy Money loans start at a high minimum of $5,000, making it an attractive option for those with larger amounts of credit card debt.
Happy Money’s flagship product is the Payoff Loan, issued to borrowers with a minimum credit score of 640 and no delinquencies. The cash-out loan is aimed at paying off credit card debt and has a maximum annual interest rate of 17.99%. This is lower than the standard APR rates of other personal lenders and the APR of many credit cards.
The company prides itself on transparency and long-standing partnerships with community-based credit unions, including Alliant, US Alliance Financial, Green State Credit Union and First Tech Federal Credit Union. These financial organizations provide loans via the Happy Money online platform. Origination costs vary depending on the lenders.
According to her websiteHappy Money has provided more than $6 billion in loans to more than 300,000 borrowers.
Background
The company was founded in California in 2009 as Payoff Inc. and introduced the Payoff Loan in 2015. In 2017, Payoff launched Happy Money, which relies on “a more complete picture of a person” by analyzing psychological and traditional financial data.
Extras
Happy Money collaborated with TruStage in early 2023 to develop a Payment Guard Insurance. This product protects you if you lose your job or become disabled due to an accident or illness and cannot afford the monthly payments on your loan. Once your claim is approved, Payment Guard will cover up to three months of loan payments. Plus, Payment Guard reduces your principal balance without extending your loan terms or accruing more interest.
In addition to providing credit card loans (and assistance in repaying them if unforeseen situations arise), the Happy Money website offers articles and personal experiences from Happy Money borrowers. It also offers multiple FAQs to help you with questions about accounts, payments, rates and more.
Application process
You can qualify for a Happy Money loan with a credit score of 640 and no delinquencies.
To qualify, you will be asked to provide your name, date of birth (you must be at least 18 years old to qualify, or 19 years old if you live in Alabama), annual income, and any mortgage payments. This results in a soft credit draw (which does not affect your credit score). You will then receive loan offers via email.
If you decide to continue with the loan, you will be asked to provide additional information. Happy Money will perform a hard credit check to obtain more financial information about you. That hard credit rating will impact your credit score by a few points.
Customer support
You can contact Happy Money in the following ways:
- By telephone: Call (800) 878-0901 Monday through Friday between 6:00 AM and 2:30 PM PT.
- By email: Email the company at support@happymoney.com at any time.
What customers say
Recently Trustpilot rankings placed Happy Money at 3.9 out of 5.0, with 374 reviews.
Positive reviews noted a streamlined application and financing process, no hidden fees, and help paying off credit card debt. The main disadvantages cited by consumers included slow financing, which sometimes took up to a week. Other negative reviews complained about excessive (online) paperwork and poor customer service.
As with Achieve, Happy Money responded to criticism by asking reviewers to contact the company.
Reach vs. Happy Money: Choose the Right Option for You
Both Achieve and Happy Money offer resources to help focus on financial wellness. Which loan you choose depends on what you need it for. If you’re looking to pay off credit card debt, Happy Money may be best for you. If you need a personal loan for other purposes, Achieve may be your best choice.
Before applying for a personal loan, compare the two along with other lenders to determine interest rates, terms, and repayment plans. Also be sure to research your financial situation to ensure a personal loan is the right choice for your purposes.
