Whether you have excellent credit or less-than-perfect credit, Achieve and Upgrade are two online lenders worth considering if you’re looking for a personal loan.
Achieve, formerly known as FreedomPlus, offers mortgage loans and personal loans, in addition to debt management plans. Founded in 2016, Upgrade offers a range of financial products in addition to personal loans, including credit cards and checking accounts.
Both lenders are good contenders when it comes to personal loans. That said, their loan products are designed to meet different consumer needs.
Scope vs. upgrade at a glance
| Reaches | Upgrade | |
|---|---|---|
| Bank rate score | 4.7 | 4.7 |
| Better for | Debt consolidation | Emergency costs |
| Loan amounts | $5,000 – $50,000 | $1,000 – $50,000 |
| APRs | 8.99%-35.99% | 8.49%-35.99% |
| Length of the loan | 24-60 months | 24-84 months |
| Cost | Origination Fee: 1.99% -6.99% |
|
| Minimum credit score | 620 | 600 |
| Time for financing | 24-72 hours after approval | Next day after approval |
Obtain personal loans
Obtain personal loans
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Plus points
- Same day decision.
- Low minimum credit score.
- Multiple rate discounts.
Cons
- Origination fee.
- High minimum loan amount.
- High APR limit.
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Achieve offers personal loans for people with fair credit or better, with a low starting APR and four repayment terms to choose from by.
In addition to a low starting APR, Achieve offers borrowers three rate discounts to choose from. These include one for adding a qualified co-borrower to your application, choosing to have the lender pay your creditors directly, and showing proof of retirement assets. Discounts, combined with the option to add a co-borrower, can make Achieve loans affordable even if you have less-than-perfect credit.
Upgrade personal loans
Upgrade personal loans
Learn more
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Plus points
- Fast financing.
- Joint applications allowed.
- Small loans available.
Cons
- Lots of costs.
- High maximum APR.
- Origination fee.
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Upgrade’s personal loans can be used for a variety of purposes, including debt consolidation, emergency repairs, home improvement projects, or to finance a major purchase. It also has one of the lowest credit score requirements in the industry, making its loans ideal for consumers with varying credit backgrounds.
Additionally, Upgrade offers a maximum repayment term of up to 84 months, while many lenders offer repayment terms of up to 60 months. Although you will pay more interest if you choose a longer term, your monthly payment can be much cheaper.
How to choose between Reach and Upgrade
Scope and upgrade loans with similar APR ranges, loan limits and credit score requirements. That said, they differ in other areas such as fees, financing terms, maximum repayment terms and discounts.
Both lenders also offer prequalification in addition to joint applications. If you’re not sure which one to choose, pre-qualify with both to see which one can give you the best deal for your intended purpose. Also keep in mind that despite their similarities, Achieve is more ideal for debt consolidation, while Upgrade gives you access to much smaller loans.
Achieve offers loans specifically for debt consolidation
Achieve has a debt payoff program designed to help consumers get rid of high-interest unsecured debts such as medical bills, credit cards, and store cards in as little as 48 months.
The program costs between 15 and 25 percent of the total registered debts. Achieve also offers a money-back guarantee where you get back up to 100 percent of the fees collected if the total cost of the program exceeds the debt amount you enrolled. However, Upgrade does not extend debt management plans to consumers.
It is still possible to consolidate debt with Upgrade’s loans, but the lender charges a higher origination fee and does not offer a discount for paying creditors directly. This combination of factors could make Upgrade’s loans less attractive when it comes to consolidating high-interest debt, as the savings could be smaller than those offered by Achieve.
With Upgrade, borrowers can take out smaller loan amounts
If you need to borrow money to pay for unexpected expenses, such as an urgent car repair, an Upgrade loan may be more suitable than an Achieve loan.
Upgrade allows you to take out loans starting at $1,000, while Achieve’s minimum loan amount is $5,000. Additionally, Upgrade offers next-day financing, while Achieve’s loans can take up to 72 hours to finance. This alone makes Upgrade’s loans a better option if you’re in a pinch and need money quickly to cover a financial emergency.
Compare more lenders before signing up
Achieve and Upgrade offer similar loan products that cater to similar credit profiles. But if you have better credit, Upgrade may be a better choice because of the slightly lower minimum APR. Keep in mind that Achieve has the lower maximum origination fee, so you’ll want to evaluate what the lender has to offer before moving forward.
Upgrading is also an excellent option to consider if you need a loan of less than $5,000. It may also be better suited if you want a longer term and an affordable monthly payment, as terms go up to 84 months.
No matter what your loan purpose is, it’s always best to compare rates from multiple lenders to ensure you get the best loan for your budget and financial needs. Get pre-qualified and review the loan offers to make an informed decision.
