Reach Personal Loans: 2024 Review

Reach is a financial services company based out of New York that provides unsecured personal loans for refinancing credit cards and consolidating debt. Since its founding in 2015, the company has worked with FinWise Bank to help customers pay off $1 billion in debt.

If you're looking to lower monthly payments or speed debt payoff, Reach may be a good fit. The company offers fast funding and a quick online quote process that won't hurt your credit score. On the downside, rates can be high, you may be charged an origination fee, and funds can only be used to refinance credit card debt or consolidate debts from multiple creditors.

Best for fast funding

You can apply online and may get an approval decision within a few minutes. Upon approval, your loan funds will be available within 24 hours. Although it can take your creditors a few business days to process the payoffs, Reach can help you get the ball rolling right away.

Good for fair credit

Reach can also be a good fit if you have fair or better credit. While the lender doesn't list their credit requirements on its site, you're eligible through Credible with a FICO score of 640 or higher.

The better your credit and financial situation, the more affordable your loan will be. However, if you have bad credit (a FICO score below 580), you may have trouble getting approved with many lenders and should expect a high APR.

Pros and cons explained

Pros

• Fast funding: Loan funds are typically available within 24 hours of loan approval.
• Can improve credit: Clients who used Reach loans to pay off credit card debt and paid as agreed saw their credit scores increase by an average of 36 points within 1 month, according to Reach data.
• Fair-credit borrowers may be eligible: Most lenders prefer applicants to have good credit, or a FICO score above 670. But Reach considers applicants with FICO scores as low as 640.

Cons

• Limited use: The loan funds can only be used for debt consolidation and credit card refinancing.
• High starting loan amounts: Loan amounts start at $3,500, which may be more than you need.
• Origination fee: The lender charges an origination fee up to 8% of the loan amount, which is deducted upfront from the loan funds.
• Limited availability: Not available in CO, CT, ME, NV, NH, TN, VT, WV, or WY

What to consider before applying

Before applying for a personal loan with Reach, consider a few factors.

First, are you looking to refinance or consolidate debt? If so, how much debt do you want to pay off? If it's an amount between $3,500 and $40,000, Reach could be a good fit. If you need a loan for any other reason or an amount outside that range, you'll want to look elsewhere.

If you have good credit, you may be better served by another lender that has lower rates for good- and excellent-credit borrowers, like Splash Financial, SoFi, LightStream, and Discover.

Before applying with any lender, check your credit reports to see where you stand. You can get free credit reports from AnnualCreditReport.com. If you find errors that are hurting your score, contact the appropriate credit bureau to fix the mistakes before you apply for a loan.

How to qualify for a loan with Reach

To qualify with Reach's funding partner, FinWise Bank, you'll need to meet its minimum eligibility requirements. If you're applying through Credible, this includes having at least a 640 credit score and a minimum annual income of $20,000. The lender will also consider your current debt and income, as well as your credit history, in making a lending decision and setting your rate.

How to apply for a loan with Reach

To apply for a loan with Reach, follow these steps:

1. Prequalify with Reach via the form below or head to the Reach website. 
2. Follow the prompts to enter your desired loan amount and loan purpose, then click "Check Your Rate."
3. Enter your personal and financial information.
4. If you're satisfied with the amount and rate you prequalify for, proceed with a formal application.
5. You'll need to enter your financial details, including your gross annual income, employment type, length of time with your current employer, employer name, housing type, and monthly housing payment, and provide requested documentation.
6. Once you've submitted the application, the lender will conduct a hard credit check, which could lower your score by a few points.
7. Await approval or requests for additional documentation.
8. If approved, the loan funds will be available to your creditor(s) within 24 hours.

How to contact Reach

• Email: [email protected]
• Phone: 1-800-606-8200

Customer service representatives are available Monday to Friday between 8 a.m. and 8 p.m. ET. Unfortunately, there's no live chat feature or online form available on the website.

How Reach compares

You can only use Reach loans for credit card refinancing and debt consolidation. Most personal loan lenders allow for a wider range of loan uses, such as home improvement or medical emergencies. Additionally, the minimum amount you can borrow is higher than some competitors that offer as low as $1,000, while the maximum borrowing limit is lower than competitors that offer $50,000 or more.

If you need a personal loan that you can use for other expenses, consider another lender, like Discover, Upgrade, SoFi, or Avant. Likewise, you'll want to shop around if you need a loan amount outside Reach's range. LightStream, for example, offers loans up to $100,000, while Upgrade offers loans as low as $1,000.

Methodology

Credible evaluated personal loan lenders based on factors such as customer experience, minimum fixed rate, maximum loan amount, funding time, loan terms, and fees. Credible's team of experts gathered information from each lender's website, customer service department, in-house resources, and via email support. Each data point was verified to make sure it was accurate at the time of publication.

Learn more about how Credible rates lenders by exploring our Personal Loans Lender Rating Methodology.

FAQ

Is Reach a legitimate lending company?

Reach is a legitimate financial services company. It's been in business since 2015, has helped customers pay off over $1 billion in debt, and has an A+ rating with the Better Business Bureau.

Is it hard to get approved for a loan from Reach?

Reach approval difficulty seems to fall somewhere in the middle of the pack. While you may be able to qualify for a loan with a fair credit score, you may face higher APRs. Additionally, you'll need to have a minimum annual income of $20,000 if applying through Credible.

What credit score do you need for a Reach loan?

To qualify for a loan with Reach, you should ideally have a credit score above 670, but may be able to qualify if you have a score in the upper end of the fair-credit range (a FICO score above 580). You can quickly check if you prequalify through Reach's or Credible's online quote system.

What annual income do you need for a Reach loan?

If applying for a Reach loan through Credible, you must have a minimum annual income of $20,000 to qualify for a loan. They also take into account a variety of other factors for approval, like your current employment status and monthly housing payment.