Best for:
- Debt consolidation or credit card refinancing
- Customizable monthly payments
- Free monthly credit score
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.
In this post:
- Reach Financial interest rates and loan details
- Reach Financial personal loans review
- How Reach Financial compares to other lenders
- How to take out a loan with Reach Financial
- What to consider before applying for a Reach Financial personal loan
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Reach Financial interest rates and loan details
Personal loans from Reach Financial are available in amounts ranging from $3,500 to $40,000 with interest rates from 14.3% - 35.99% APR . Repayment terms range from two to five years. You can only use a loan from Reach Financial to either refinance your credit card debt or consolidate debts from multiple creditors, and you may have to pay an origination fee up to 8%, depending on the specific loan terms and your credit history.
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| Credible rating | 
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| Fixed rates | 14.3% - 35.99% APR |
| Loan size | $3,500 to $40,000 |
| Loan terms | 2 to 5 years |
| Min. credit score | 640 |
| Time to get funds | 90% funded within a day13 |
| Fees |
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| Income | $1,000 monthly |
| Loan use |
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| Key benefits |
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| Best for |
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| Loan servicer | FinWise Bank |
Reach Financial personal loans review
If you need to consolidate your debt or refinance your credit cards, a Reach Financial personal loan offers a number of benefits. Not only does the loan come with a fixed APR and flexible terms, but you can also customize your monthly payment amount to ensure that it fits into your budget. Reach Financial also allows you to see your credit score for free each month, which is helpful if you’re paying down debt to help improve your credit.
Additionally, 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.
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. Reach Financial doesn’t charge a prepayment penalty if you wish to get ahead on your payments.
Check Out: Personal Loan Calculator: See Your Payments On a Loan
How Reach Financial compares to other lenders
See how Reach Financial compares to other similar Credible partner lenders:
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
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| Fixed rates | 14.3% - 35.99% APR | 8.99% - 35.99% APR | 11.72% - 24.67% APR |
| Loan amounts | $3,500 to $40,000 | $2,000 to $50,000 | $5,000 to $40,000 |
| Min. credit score | 640 | 600 | 640 |
| Time to get funds | 90% funded within a day13 | As soon as 1 to 3 business days after successful verification | As soon as 2 to 5 business days after verification |
Read More: 17 Best Personal Loan Companies
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 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.
The company above is one of Credible’s approved partner lenders. Because they compete for your business through Credible, you can request prequalified rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting prequalified rates is free and doesn’t affect your credit score. Credible receives compensation if you close a loan with one of our partner lenders. The rates you receive and the fees you pay (if any) are not impacted by this compensation.
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 5.20%-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 12%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.
12All loans are subject to eligibility criteria and review of creditworthiness and history. Terms and conditions apply. All loans advertised are unsecured personal loans issued by FinWise Bank, a Utah chartered commercial bank, member FDIC, as creditor, on the Reach Financial platform. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, and the loan term you select. Fixed Annual Percentage Rates (APR) range from 9.99% to 35.99%. You could receive a loan of $10,000 with an interest rate of 9.15%, an origination fee of $200, for an APR of 10.00%, which would result in total payment of $12,499 with 60 monthly payments of $208.31. Your actual rate may differ and depends on your credit history, loan amount, and term. Total approved loan amount reflects origination fee, which ranges from 0% to 8%. 13Within 24 hours of your loan approval, loan proceeds will be available to pay the creditors named on your Truth-in-Lending Disclosure.