Consolidation Plus Review [2024]

Consolidation Plus is a debt consolidation product from the company Achieve, which was previously known as FreedomPlus. A unique feature about this debt consolidation loan is that you can only apply for if an Achieve loan consultant invites you to apply.

If you’re already enrolled in a debt resolution program with Achieve, you may be eligible for Consolidation Plus. Read on to learn more about how this program works, how much you can borrow, and the pros and cons.

What is Consolidation Plus and How Does It Work?

Achieve is a personal loan platform that was previously known as FreedomPlus. Consolidation Plus is a debt consolidation loan the company offers, in addition to other types of personal loans.

Consolidation Plus is a unique program for those who are already enrolled in a debt resolution program with Achieve. If you have an account in good standing with Achieve, a loan officer may invite you to apply for the program.

Once enrolled and the company negotiates a settlement with your lenders, the proceeds from Consolidation Plus will be used to pay off those debts. Therefore, with this program, you don’t need to save funds for your debt settlement. Instead, the loan proceeds will pay off all your enrolled debts. 

You’ll then have a single loan with a fixed monthly payment to pay off.  This may help you reduce your overall level of debt faster because you don’t have to wait the initial time it takes to build a payoff balance in your debt settlement savings account before you can settle your debts with your lenders.

Customer Service

Once you’re enrolled in Consolidation Plus, you’ll have access to an online Borrower Dashboard, where you can monitor the progress of your loan payment and better track your debt reduction journey. If you have any questions about the program or need support, you can use the online messaging facility or call customer service at 1-833-796-1058.

Achieve’s physical address is:

2114 E Achieve Way

Tempe, AZ 85288-6230

Pros and Cons of Achieve Debt Consolidation Loan

If you’re considering applying for a personal loan with Achieve or have been invited to apply for Consolidation Plus, consider these pros and cons to make an informed decision.

Pros 

• Unlike many other debt consolidation programs, Achieve uses your repayment track record rather than your FICO score to determine eligibility.
• The application process is fast and simple once you’re invited.
• You don’t need to save money for the settlement since Achieve will use the Consolidation Plus loan proceeds to pay off your lenders.
• Achieve accepts payments through ACH, phone, and check, which offers more flexibility.  

Cons

• You can’t apply for the program unless you’re invited.
• The origination fee is up to 6.99%, which is quite high.
• Loan APRs can be up to 35.99%, which is much higher than a lot of other debt consolidation loans.

Consolidation Plus Loan Features and Costs

We recommend taking a look at the features of Consolidation Plus and comparing its cost with other options available to you to decide whether it’s a good option for your financial situation.

Loan Amount

You can borrow loans of $5,000 to $65,000 with Consolidation Plus. The amount you can borrow will depend on a number of factors, such as the number of debts enrolled in the debt settlement program and how much you need to settle your debts.

APR

While Achieve doesn’t mention specific rates for Consolidation Plus on its website, the APR range for its personal loans is 8.99% to 35.99%.

Keep in mind that the most competitive fixed interest rates are only available to the most qualified borrowers. However, you may be able to qualify for a better rate by applying with a co-applicant or by showing you have sufficient income or savings to afford the loan.

Loan Term

The standard repayment plan for Consolidation Plus is two to six years. The loan term you qualify for will depend on your income and how much you can afford to pay each month.

Fees

There’s no prepayment penalty for repaying your loan balance earlier than scheduled. However, Achieve debt consolidation loans come with an origination fee of up to 6.99%, which adds an additional cost to the loan in addition to the loan’s interest rate.

Average loan origination fees on most personal loans range from 1% to 5% of the loan amount, but some lenders may charge as much as 10%. Keep in mind that there are many personal loan lenders that offer fee-free loans with no origination fees.

Consolidation Plus Loan Qualification Requirements

All lenders have unique underwriting requirements, but most of them focus on the borrower's reasonable financial ability to repay the loan based on his/her income and financial assets. A basic understanding of these qualification requirements will help you decide if Consolidation Plus is the right option for you.

• You can only apply for Consolidation Plus if an Achieve loan consultant contacts you.
• You’ll be invited to submit an application once the underwriter determines that you qualify.
• You’ll need to demonstrate that you’re making timely payments on your existing debt settlement program.
• You’ll also need to demonstrate that you’re making timely payments on your other debts, such as your mortgage, student loans, and car loans.
• You may be asked to provide more details, like your employment status and proof of income.

How To Apply for Consolidation Plus

Here’s the step-by-step guide on how to apply for the Consolidation Plus program:

• A loan consultant will contact you and invite you to apply for the program.
• You’ll get a loan application after discussing your loan options. Your loan consultant will also guide you through the application process.
• Complete the application and submit it along with the required documents.
• Achieve will review the application within three business days to determine if you qualify for the loan.
• Review the loan offer and determine if the terms and rates are suitable for you.
• Accept the loan offer to fund the loan and pay your outstanding debts.

Achieve Debt Consolidation Loans Reviews and Feedback

While the Achieve debt consolidation program is a good option for those who are already enrolled in the company’s debt settlement program, it may not be right for everyone. We recommend taking an in-depth look at the company’s online reviews before you make a decision.

Achieve Reviews on BBB

Achieve has an A+ Better Business Bureau (BBB) rating and 4.76/5 stars from 3,859 customer reviews as of July 2, 2024. A large number of the firm’s negative reviews are about unsatisfactory customer support and communication issues. The positive reviews talk about quick funding and a seamless application process.

An important detail worth noting is that Achieve has 53 customer complaints on BBB in the last 12 months and 175 complaints in the last three years. Here’s an example of a customer complaint we found on BBB:

“On February 7, I received approval for a personal loan from Achieve. Since then they keep changing the date of when they say my creditor will actually get the funds. Initially they said 2 weeks. Then they said 20 business days. Then they said March 7. Now they're saying March 28. They are giving me excuses like "we had too many applications for loans this year." This is patronizing and unethical. It's not my problem that they can't scale their business; mature businesses don't make excuses like this. They are lying, and hiding the real reasons why I'm not seeing the funding. They're supposedly a financial institution invested with fiduciary responsibility. I expect them to hold to their word. They are not. I expect delivery of the funding to my creditor, immediately.”

Achieve Reviews on Trustpilot

Achieve has 4.8/5 stars on Trustpilot from 10,916 reviews as of July 2, 2024. 89% of these reviews are 5-star ratings, while 2% are 1-star reviews.

The highest ratings mentioned the easy application process, excellent service provided by loan consultants, and quick loan funding.

The negative reviews talk about high fees and interest rates and instances where loan funding took longer and more effort than expected. Here’s an example of a negative review we found on Trustpilot:

“Don’t do it, they charge me 25.99% interest. They don’t even give you the full amount that you get approved for, they took a bunch of fees. They took more than 30 days after I got approved to start paying my credit cards. By the time [I was required] to start making my first payment I owed them more than I borrowed. My monthly payment is so high. I called them to see if I could lower my payment, they told me that I had to wait until I make 6 payments to refinance it.”

How Consolidation Plus Compares To Competitors

We compared Consolidation Plus to some of the best debt consolidation loans available today to see how it compares.  

Is Consolidation Plus Worth It?

Achieve’s Consolidation Plus makes it possible to pay off debts enrolled in their debt settlement program quickly, without having to wait till you save enough money for the settlement amount that was negotiated with your creditors. In addition, Consolidation Plus loans also report to the credit bureaus, which may help you build your credit with timely payments.

The biggest drawback of this debt relief product is that it’s “invite-only,” so you won’t be able to apply for it unless Achieve’s loan consultants contact you first. If you’re not already enrolled in a debt resolution program with Achieve, we recommend looking for other ways to save for your settlement.

Saving upfront for a settlement may take time, but you’ll be able to avoid high APRs of up to 35.99%. The total dollar amount of interest you may pay over the repayment period of the loan can be quite high with such high APRs, In which case, you may be better off going with a traditional debt settlement program.