Reach Financial offers personal loans to borrowers who need to refinance or consolidate their debts. With flexible repayment terms, customizable monthly payments, and free access to your credit score each month, a Reach Financial personal loan is designed to help you take control of your debt and pay it down faster.
Best personal loans for fair credit and fast funding
Personal loans from Reach Financial are available to borrowers with fair credit, and you could have funds as soon as the next business day once you're approved. You can only use a loan from Reach Financial to either refinance your credit card debt or consolidate debts from multiple creditors, and may have to pay an origination fee up to 8%, depending on your credit history and income.
Reach offers a few helpful benefits, like if you hit a rough financial patch and are struggling to meet a payment deadline, Reach Financial will allow you to pause your payments for up to 90 days while you get back on track. Interest will continue to accrue while your payments are paused, though, and you’ll have to provide proof of your financial hardship to qualify for a payment pause.
Best for fast funding and fair credit
Reach Financial
3.7
Credible Rating
Est. APR
14.30 - 35.99%
Loan Amount
$3500 to $40000
Min. Credit Score
640
Pros and cons
More details
How to qualify
The Reach Financial personal loan was specifically designed as a way to help borrowers who are struggling with debt. To qualify, you’ll need a minimum credit score of 640 and a monthly income of at least $1,000.
To find out if you qualify, you’ll need to navigate to the Reach Financial site and check your rate. This won’t affect your credit score, as the company only does a soft credit pull to offer you a rate.
See Also: Bad Credit Loans
Loan repayment options
Reach Financial borrowers can choose repayment terms of two to five years, and part of the application process is customizing your monthly repayment amount. This means you can choose the repayment term and monthly payment amount that works best for your budget.
The lender does charge an origination fee of 0% to 8%, depending on the amount you borrow and your credit history.
Good to know
Reach Financial doesn’t charge a prepayment penalty if you wish to get ahead on your payments.
Check Out: Best Unsecured Loans
How Reach Financial compares to other lenders
See how Reach Financial compares to other similar Credible partner lenders:
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How to take out a loan with Reach Financial
Applying for a loan with Reach Financial is easy with Credible. You can either check your rate on the Credible website, or you can visit the Reach Financial website to apply.
When you apply on the Reach Financial site you’ll be asked to state how much money you intend to borrow and whether you’ll use it for credit card refinancing or debt consolidation. Once you’ve provided your identifying information, Reach Financial will give you a prequalified rate.
With that rate information in hand, you can customize your loan terms, including the amount and date of your monthly payment — all before you officially apply for the loan. That means you’ll know exactly what your monthly payment, payment date, and repayment terms will be before you’ve submitted your application. Reach Financial can fund a personal loan within one to three days, and the lender says 90% of its loans are funded within one day.
What to consider before applying for a Reach Financial personal loan
While a Reach Financial personal loan can be a helpful tool for consolidating debt or refinancing credit cards, it's not the right product for everyone. Here are some of the potential drawbacks to keep in mind:
- Limited loan uses: You can only use a Reach Financial loan for debt consolidation or credit card consolidation and refinancing.
- Origination fee: The 0% to 8% origination fee adds to the total cost of your loan. You may be able to find other loans with a lower origination fee, or no origination fee.
- Lack of transparency: Reach Financial doesn’t disclose its borrower eligibility requirements for income.