Achieve, a leader in digital personal finance, and Cross River Bank recently completed the issuance of the first pass-through certificates backed by Achieve Personal Loans. This new financial product is known as the Achieve Personal Loan Master Pass-Through Trust, Series 2023-1 (APLPT 2023-1) and is backed by approximately 1,500 Achieve Personal Loans with a total principal balance of around $34.5 million.
Achieve Personal Loans are unsecured loans designed to help consumers consolidate their high-interest, unsecured debts. These loans, which have an original principal balance ranging from $5,000 to $50,000 and terms between 24 and 60 months, were originated by Cross River, one of two bank partners that provide loans on the Achieve Personal Loans platform.
This financial partnership allows investors to acquire an interest in the collateral supporting Achieve’s securitization platform, offering them whole-loan economics. By working with Cross River, Achieve can diversify its investor base and funding sources, strengthening its Personal Loans platform to support consumers on their path to a brighter financial future.
For the pass-through certificates, Cross River and CRB Securities, LLC, the placement and settlement agent, arranged a closed-loop funding solution, covering the entire process from loan origination to securitization structuring. CRB Securities, LLC is a wholly owned subsidiary of CRB Group Inc. and an affiliate of Cross River.
Cross River is known for providing technology infrastructure for the future of financial services, delivering innovative and scalable embedded payments, cards, and lending solutions to consumers and businesses through its real-time banking core. Cross River’s partnership with Achieve enhances their offerings by allowing investors access to Achieve Personal Loans in certificated form.
This collaboration showcases the comprehensive funding solutions provided by Cross River and CRB Securities, LLC to their partners. It enables Achieve to expand access to credit where it is needed, aligning with their mission to support consumers in their financial journeys.
Achieve, headquartered in San Mateo, California, offers digital personal finance solutions tailored to each step of a consumer’s financial journey, including personal loans, home equity loans, and debt assistance. They also provide financial tips and education through their specialized mobile app, MoLO (Money Left Over).
Achieve and its affiliates are subsidiaries of Freedom Financial Network Funding, LLC, including Bills.com, LLC d/b/a Achieve.com (NMLS ID #138464) Equal Housing Lender; Freedom Financial Asset Management, LLC d/b/a Achieve Personal Loans (NMLS ID #227977); Freedom Resolution (NMLS ID #1248929); and Lendage, LLC d/b/a Achieve Loans (NMLS ID #1810501), Equal Housing Lender.
About Achieve
For more information about Cross River and CRB Securities, LLC, you can visit their respective websites at www.crossriver.com and www.brokercheck.finra.org.