And because each member's need is unique, our passionate teammates take the time to understand their specific situation through a simple consultative experience.”Īchieve is headquartered in San Mateo, California, and has nearly 3,000 passionate teammates across the country. “With a personal loan, members can responsibly manage high interest debt, improve their cash flow or pay for a major expense. “Our Achieve Personal Loans offer a personalized and customized solution for everyday people looking to improve their finances and get on a path to a better financial future,” said Andrew Housser, co-founder and co-CEO of Achieve. Since the launch of the personal loan solution in 2013, more than 400,000 members received over $5 billion in loans. Throughout the entire process, from application to funding, members work with the same dedicated Achieve team member to create their customized loan solutions. Personal loans through Achieve are low, fixed-rate loans members can use to consolidate their high interest unsecured debt or fund a major expense. Achieve will continue to grow to meet its members’ ever-evolving financial needs and in the future, plans to help everyday people with banking, budgeting and more. Combining innovative technology with a relationship-driven approach, Achieve supports every step of a consumer’s financial journey with personal loans, debt resolution, home equity loans, and financial tools and education. Achieve’s digital personal finance offerings can help people reduce debt, improve cash flow, save money, manage expenses, and plan for the future. There are over 123 million consumers in the United States who could use some help moving from financially struggling to thriving. This move continues the migration and rebranding efforts announced in September when the Achieve name and brand identity was initially introduced. 2, 2022 - Achieve, the leader in digital personal finance, today announced that FreedomPlus, the personal loan solution and the consumer brand of Freedom Financial Asset Management, LLC, has been rebranded as Achieve Personal Loans. In November 2022, FreedomPlus changed its name to Achieve.San Mateo, Calif., Dec. Interest rates are 3.75% above prime consumer debt rates. Average loan balances were greater than $15,000, and annual default rates were less than 2%. The company lent $25 million to people who had average FICO scores of 576. The parent company of FreedomPlus, Freedom Financial Network, started a pilot program in 2008 that made unsecured loans to consumers struggling with their existing debt. It will also use a significant human component and talk with borrowers to verify information and understand the goals they wish to accomplish with the loan, to try to find loans that fits borrowers' specific needs. The company will use traditional underwriting tools, such as credit scores, when underwriting loans.
The maximum loan amount will be $40,000 and the maximum interest rate will be less than 29.99%, with flexible loan terms of two, three, four or five years. Both are peer-to-peer lenders.įreedomPlus will focus on “emerging prime” borrowers with FICO scores between 620 and 749, of which there are 80 million in the US. Wentworth), the former managing director at LC Advisors, Lending Club’s registered investment advisor subsidiary, and Chief Investment Officer at Prosper Marketplace. įreedomPlus was previously led by Joseph Toms (President J.G. FreedomPlus is open to accredited investors to invest in pools of loans, but it is not a peer to peer lending company. Freedom Financial Network will use the capital to grow its lending operations and to launch FreedomPlus, an online lending platform. In December 2013, the Freedom Financial Network announced it received a venture capital commitment of $125 million from Vulcan Capital, which is Vulcan Inc.'s investment company. Achieve developed a proprietary underwriting process that delivers low-cost loans to borrowers and low-risk access to consumer loan portfolios for accredited investors. Achieve is the consumer brand of Freedom Financial Network, LLC, which is headquartered in San Mateo, California. Achieve (formerly known as FreedomPlus ) is a lender that mainly focuses on underwriting loans to prime consumers.
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