Prepayment penalties are fees charged by some lenders when a borrower pays off her loan balance prior to the final due date. This fee was also halted in April 2020, and there is no indication of when it will be reinstated. Historically, Achieve charged customers a $5 fee for calling customer service to make a payment rather than setting up automated ACH payments. Prior to April 2020, borrowers incurred a $15 fee for every returned payment.įees for payment through customer service. As with late fees, returned payment fees are currently paused. Prior to April 2020, borrowers were charged a fee of $15 or 5% of the amount due (whichever is greater) for late payments that are at least 11 days late. The company has not determined when fees will resume. In April 2020, Achieve froze its late fees, returned payment fees and other payment fees in the wake of Covid-19. In general, origination fees cover the cost to process and underwrite a loan. The actual percentage varies depending on the interest rate and loan term. Achieve charges borrowers origination fees between 1.99% and 5.99% of the total loan amount. For example, borrowers can reduce their rate by adding a co-borrower with sufficient income, showing proof of sufficient retirement savings or using at least 85% of the loan proceeds to directly pay off qualifying existing debt. Only the most qualified borrowers qualify for the most competitive rates, but there are ways to qualify for a rate discount. Personal loans from Achieve come with APRs extending from 7.99% up to 35.99%. This is less flexible than some popular lenders but still offers consumers a wide range of repayment options. Loan terms range from two to five years-or 24 to 60 months. ![]() However, borrowers in Arizona must borrow a minimum of $10,500. Achieve personal loans generally are available in amounts between $7,500 and $50,000. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile.Īs a matter of policy, BBB does not endorse any product, service or business. BBB Business Profiles are subject to change at any time. When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints.īBB Business Profiles generally cover a three-year reporting period. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. Read MoreīBB Business Profiles may not be reproduced for sales or promotional purposes.īBB Business Profiles are provided solely to assist you in exercising your own best judgment. We would like compensation in the form of a reduction in origination fees since origination did not happen in the committed time frame. We are now at risk of loosing out on the purchase (private seller) which was the reason for the loan and have incurred additional direct costs in rescheduling travel. We had made travel arraignment to pick up our purchase (boat) for 6/14 understanding that funds would be available. I mentioned that we had selected this loan over another even though there were less favorable terms because of the timing of funding. I asked to speak to a manager and was returned with silence. The only response I received was the same statement over and over which was that I would fund in 1-3 business days from the 13th. I asked if we could cancel the loan since it would not fund in time. I also explained that we had only accepted the loan with the understanding that we would have funds available by 6/14. I explained that was 2 business days after the contractual date of the loan. I was informed that my loan was not approved until 6/13 because they do not work on weekends. ![]() The support agent did not seem to understand how days of the week work. About 11:00 on 6/14 I contacted achieve after being instructed by loan officer to contact support. We had planned to make a major purchase on 6/14 and agreed to the loan with the understanding we would have funds available on 6/14 at the latest. I was told the loan would fund within 1-3 business days. ![]() I completed paperwork for my Achieve Loan on June 9 at approx 12:30 PT.
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