Reach Personal Loans Review

Our take on Reach Financial

We rated Reach Financial 3.9 out of 5 stars — it’s a no-frills lender that’s best if you have good or nearly good credit and need money ASAP to consolidate debt or refinance credit cards. However, you can only use a Reach loan to pay off debt.

What is Reach Financial best for? 

Reach Financial personal loans aren’t as versatile as other loans, but if you’re consolidating debt, this lender may be a good option. Here’s where Reach loans stand out:

• Fast debt consolidation: Reach claims that loan proceeds will be available to pay the creditors named on your Truth-in-Lending Disclosure within 24 hours of loan approval. Note that this doesn’t guarantee when your creditors will receive the funds. We found that Reach Financial had the fastest funding time among all lenders specializing in debt consolidation on the Credible marketplace, based on 12 months of Credible closed loans data. 
• OK credit or low income: Reach will consider lending to you if you have at least a 660 FICO score, which is on the high end of the fair credit FICO range (580 to 670). But so will many other lenders. What they won’t do as often is lend to borrowers with low incomes — Reach considers borrowers who make at least $20,000 annually. 
• Flexible repayment: Reach allows you to choose biweekly, semi-monthly, or monthly payments to best fit your financial situation, and you can change payment frequency up to 3 days before your next installment is due. You can also reschedule one payment due date up to 10 days after the due date. 

What is Reach Financial not best for?

• Anything other than debt consolidation or credit card refinancing: Reach Financial personal loans are meant only for these purposes. If you need a loan for any other reason, try a different lender. We suggest Reprise and Universal Credit for bad and fair credit, and LightStream for good to excellent credit. 
• Low rates (for good or better credit): While Reach has a respectable starting APR, average rates on closed loans for borrowers with FICO scores of 670 or better were higher than most other lenders, based on 12 months of Credible marketplace data.  

Pros and cons

Details on the pros

• Highly rated: Reach Financial has an A+ rating from the Better Business Bureau and a score of 4.9 out of 5 stars on Trustpilot. 
• Fast funding: Reach can send money within 24 hours of loan approval. We found that Reach Financial loans funded faster than most other Credible lending partners.
• Low income considered: Most lenders have a minimum income requirement — if you make less than that amount, they generally won’t consider your application. Reach’s is lower than most at $20,000 per year.  
• Loan proceeds sent directly to creditors: This convenient perk can speed up the debt consolidation process, which could also save you money on interest.
• Payment flexibility: Reach offers a choice of biweekly, semi-monthly, or monthly payment schedules. You can change your payment schedule if you contact Reach by phone at least 3 business days before your next payment is due. You can also change one payment due date — up to 10 days after the due date. 
• Customer service: Reach highlights that its customer service is 100% U.S.-based.

Details on the cons

• Origination fee: The lender charges an origination fee of up to 8% of the loan amount, which is deducted upfront from the loan funds.
• Limited use: The loan funds can only be used for debt consolidation and credit card refinancing.
• No direct pay discount: Some lenders offer a rate discount for paying your creditors directly. Reach does not.
• Limited information available: Reach Financial’s website doesn’t provide much information about its loans, eligibility, and application process, and we had a hard time getting answers from customer service.
• Limited availability: Not available in CO, CT, ME, NV, NH, TN, VT, WV, and all U.S. Territories
• No mobile app: Unlike many of its competitors, Reach does not offer a mobile app to manage your loan at this time. 

How to qualify for a Reach Financial personal loan

To qualify with Reach's funding partner, FinWise Bank, you'll need to meet its minimum eligibility requirements. While Reach’s website is not forthcoming with this information, here are the general requirements through Credible:

• A minimum 660 credit score 
• Earn at least $20,000 annually

Reach does note that it evaluates applicants’ creditworthiness and history, which often includes the amount of current debt you have and monthly payments relative to your income. But we weren’t able to get specifics from customer service.

Reach Financial personal loan purposes

Reach generally offers loans for debt consolidation and credit card refinancing only.

When we asked Reach customer service about loan purposes, they mentioned there were some exceptions to this rule for very highly qualified borrowers, but they couldn’t offer specifics without an application to review.

Reach Financial fees and penalties

Before applying for a Reach Financial loan, understand the fees you might have to pay:

• Origination fee: Reach’s origination fees range from 0% to 8% and are typically deducted from your loan proceeds. For example, if you apply for a $10,000 loan and are charged a 5% origination fee, you’d receive $9,500. 
• Late fees: If you miss a payment, you’ll have a 15-day grace period to make a payment. After that, you’ll have to pay a $25 late fee.

Like most personal loan lenders, there are no prepayment penalties associated with Reach Financial loans. You can pay off your loan at any time without being charged an early payment fee.

Reach Financial vs. other lenders

Reach Financial company details and history

Reach Financial is a New York-based fintech company founded in 2015. Reach Financial offers one product — online personal loans for debt consolidation. Loans are issued by FinWise Bank, an FDIC-insured Utah-based bank.

Contact information

If you have questions about Reach Financial personal loans, you can get in touch with a customer service representative by email or phone:

• Email [email protected]
• Call 800-606-8200 Monday through Friday, 8 a.m. to 8 p.m. ET.

You can also make payments on your loan via mail at the following addresses:

Regular mail:

Reach Financial LLC

PO Box 12560

Newark, NJ 07101-0560 
 

FedEx/UPS overnight delivery:

Reach Financial LLC

99 Wall Street #380

New York, NY 10005

Methodology 

Credible evaluated 32 lenders across 1,216 data points to choose the best lender overall, plus top picks for different borrowers and use cases. Across lenders, we collected data on customer experience and service options, minimum and maximum fixed interest rates, minimum and maximum loan amounts, funding times, loan terms, fees, discounts, third-party reviews, and more.

We assigned a numerical value to each attribute based on how that feature compared with the same feature for every other lender in the set. Attributes were grouped into categories, scores were compiled, and categories were weighted according to their relative importance — for instance, rates and fees were weighted highest since loan cost is among the most important factors in determining loan value.

• Rates and fees: 18.75%
• Eligibility and options for bad and no credit: 17.5%
• Availability: 12.5%
• Loan amounts and terms: 10%
• Customer satisfaction: 10%
• Customer service: 10%
• Efficiency and fund delivery: 10%
• Discounts: 7.5%
• Credible proprietary data: 3.75%

We also considered each of our partner lenders' statistics over a 12-month period — including average funding times, average credit scores for approved applicants, and average rates. Learn more about how Credible rates lenders by exploring our full personal loans lender rating methodology.

Emily Batdorf contributed to the reporting for this article.