Skip to Main Content

Reach Financial Personal Loans Review

Reach Financial offers personal loans to consolidate debt or refinance credit cards, as well as the ability to customize your monthly payment.

Author
By Emily Guy Birken

Written by

Emily Guy Birken

Writer

Emily Guy Birken is a Credible authority on student loans and personal finance. Her work has been featured by Forbes, Kiplinger's, Huffington Post, MSN Money, and The Washington Post online.

forbeswapo
Edited by Savannah Plasch

Written by

Savannah Plasch

Savannah is an Editorial Assistant at Credible. She earned her BA from UCLA in 2020 and is currently pursuing her MFA in Creative Writing at Queens University of Charlotte.

Updated March 27, 2024

Editorial disclosure: Our goal is to give you the tools and confidence you need to improve your finances.

Read More

Featured

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

Check Rates

on Credible’s website

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.

tip Icon

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:

Credible rating

APR from14.30 - 35.99%
Loan Amount$3500 to $40000
Term Length2 - 5
Min. Credit Score640

Credible rating

APR from8.99 - 35.99%
Loan Amount$2000 to $50000
Term Length2 - 5
Min. Credit Score600
Read Our Review

Credible rating

APR from11.72 - 17.99%
Loan Amount$3000 to $40000
Term Length2 - 5
Min. Credit Score640
Read Our Review

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 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.
Meet the expert:
Emily Guy Birken

Emily Guy Birken is a Credible authority on student loans and personal finance. Her work has been featured by Forbes, Kiplinger's, Huffington Post, MSN Money, and The Washington Post online.

forbeswapo