Achieve closes $186.4 million, AAA-rated personal loan securitization

SAN MATEO, Calif., November 14, 2024 — Achieve, the leader in digital personal finance, announces the Nov. 7 close of a AAA-rated securitization comprised of approximately $186.4 million in rated notes backed by Achieve Acceleration Loans.

The securitization, ACHV ABS Trust 2024-3AL, includes five classes of rated notes and is backed by 13,299 unsecured consumer personal loans. The deal is jointly sponsored by Achieve and Nelnet. ACHV ABS Trust 2024-3AL is the 11th securitization of Achieve personal loans to receive a AAA rating from DBRS and the 13th to receive a AAA rating from Kroll Bond Rating Agency (KBRA).

Achieve Acceleration Loans are an invitation-only product offered exclusively to members of Achieve’s debt relief program and those of certain other legal services providers who have been enrolled for at least six months and have made timely payments into their dedicated accounts during that time.

“Achieve Acceleration Loans help consumers get a fresh start by speeding up the process of consolidating and resolving existing debt,” said Achieve Co-Founder and Co-CEO Andrew Housser. “Borrowers appreciate the opportunity to use these loans to complete their debt relief program early and investors continue to show strong demand for our differentiated assets.”

Achieve Acceleration Loans are fully amortizing, unsecured consumer loans with original balances ranging from $2,500-$75,000, original terms of one to six years, and a fixed interest rate between 23.90% and 26.90%. Underwriting for the Achieve Acceleration Loan program is based on proprietary algorithms that evaluate behavioral, transactional, employment and income data, as well as a manual review of borrowers’ creditworthiness. The loans are originated by a bank partner on the Achieve Personal Loans platform.

The Class A, Class B, Class C, Class D and Class E fixed-rate notes were rated AAA (sf), AA- (sf), A- (sf), BBB- (sf) and BB- (sf), respectively, by KBRA. The Class A, Class B and Class C fixed-rate notes were rated AAA (sf), AA (low) (sf) and A (low) (sf), respectively, by DBRS. The Class D and Class E notes were not rated by DBRS. The transaction structure features overcollateralization, subordination, a reserve fund and excess spread.

ATLAS SP Partners served as Structuring Agent, Initial Purchaser and Joint Bookrunner. Jefferies served as Initial Purchaser and Joint Bookrunner. Barclays and CRB Securities each served as Rated Notes Initial Purchaser and Joint Bookrunner. Since 2018, Achieve assets have served as collateral in 21 personal loan securitizations and five home equity line of credit securitizations. Cumulative issuances across all Achieve-related securitizations total over $6.4 billion and total loan originations through the Achieve Personal Loans platform and by Achieve Home Loans is over $12.5 billion.

This press release is for informational purposes only and is neither an offer to sell nor the solicitation of an offer to buy the notes or any other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (“Securities Act”), or the securities laws of any jurisdiction. The notes were offered and sold only to qualified institutional buyers in reliance on Rule 144A under the Securities Act or outside the United States in compliance with Regulation S under the Securities Act.

About Achieve

Achieve, THE digital personal finance company, helps everyday people get on, and stay on, the path to a better financial future. Achieve pairs proprietary data and analytics with personalized support to offer personal loans, home equity loans, debt resolution and debt consolidation, along with financial tips and education and free mobile apps, Achieve MoLO (Money Left Over) and Achieve GOOD™ (Get Out Of Debt). Achieve has 2,500 dedicated teammates across the country with hubs in Arizona, California, Florida and Texas. Achieve is frequently recognized as a Best Place to Work.

Achieve refers to the global organization and may denote one or more affiliates of Achieve Company, including Achieve.com (NMLS ID #138464); Achieve Home Loans, Equal Housing Lender (NMLS ID #1810501); Achieve Personal Loans (NMLS ID #227977); Achieve Resolution (NMLS ID # 1248929) and Freedom Financial Asset Management (CRD #170229).