Reach Financial Personal Loan Review
- APR
- 13.25% – 35.99%
- Eligibility and access: 3.5/5
- Cost to borrow: 1.4/5
- Loan terms and options: 3.3/5
- Repayment support: 4/5
With a focus on debt consolidation and credit card refinancing, Reach Financial offers personal loans to borrowers looking to repackage their debts and ideally reduce their interest rate.
- Charges an origination fee: Reach Financial charges origination fees that range from 4.00% - 8.00%. This fee is taken out of your loan funds before disbursement.
- Limited loan use: Reach Financial only offers loans for debt consolidation and credit card refinancing. If you need funding for a home improvement project or to pay medical bills, you’ll need to consider other lenders.
- Makes it easy to consolidate debt: Your Reach Financial loan may be available as soon as 24 hours after approval, and it can send your loan directly to the lenders you owe. That way, you don’t have to pay off your old debt yourself.
- No joint or secured loans: You can’t improve your approval odds or qualify for lower rates by adding a co-borrower or offering collateral.
- Best for debt consolidation with fair credit: Reach Financial may be ideal for consolidating credit card debt, even if your credit isn’t perfect. Although some lenders are more competitive for excellent credit, Reach Financial’s 13.25% starting APR is still lower than the average credit card rate.
Reach Financial pros and cons
Reach Financial offers many benefits to borrowers who are looking to consolidate debt or refinance their credit cards. However, like any financial product, a Reach loan may not be the right fit for everyone.
Pros
- Could lower your debt payments if your current APR is higher than 13.25%
- Access to your free monthly credit score
- Fast funding
Cons
- Charges a 4.00% - 8.00% origination fee
- Can’t apply with a cosigner or co-borrower
- No autopay discounts
Reach Financial offers a competitive alternative if you’re paying high APRs for other personal loans or credit cards. Average credit card rates have been hovering between 23%-24%, according to LendingTree’s monthly tracker. Reach Financial’s APRs start far below, at 13.25%.
Reach also offers its customers the option to check their credit score for free, and disburses loan funds to your creditors within 24 hours of approval.
Although 13.25% is low compared to most credit card rates, it is a rather high starting APR for a personal loan. Borrowers with at least very good credit (740+) may find a better deal shopping around. Reach Financial also charges an origination fee between 4.00% - 8.00%.
Reach Financial requirements
Reach Financial doesn’t publish its requirements for minimum credit score, income or debt-to-income ratio, but you will need to provide your gross annual income, employment information and monthly housing payment as part of the application process. You will also need to disclose how you plan to use your personal loan. Keep in mind that a Reach Financial loan can only be used for debt consolidation and credit card refinancing.
If Reach Financial’s loan options won’t work for your borrowing needs, be sure to shop around for a lender that helps you meet your financial goals and can offer you the best-fitting rates, terms and amounts.
How to get a loan with Reach Financial
Reach Financial offers a straightforward application process and potential borrowers can find out if they prequalify for a loan within minutes.
Prequalify for a loan
Reach Financial allows borrowers to prequalify for a loan. This means that Reach Financial will only run a soft credit pull — which will have no impact on your credit score — so you can see potential rates, borrowing limits, fees and repayment terms.
When you fill out an application, you’ll have to disclose how you plan to use the loan, how much you want to borrow and your financial information.
Verify your information
If you’re prequalified and want to move forward with a loan from Reach Financial, you’ll need to verify the information you provided in your application. In many cases, this can include government-issued identification, bank statements and pay stubs.
Accept your loan agreement
After verifying your personal information, Reach Financial will run a hard credit pull and review the details on your credit report. This credit inquiry can cause your credit score to temporarily drop by a few points.
If Reach Financial officially approves you for a loan, you’ll need to sign a loan agreement, which will outline the details of your personal loan.
How Reach Financial compares to other personal loan companies
Even if you believe Reach Financial aligns with what you’re looking for in a personal loan, it never hurts to shop around and compare other lenders. Here’s how Reach Financial stacks up against similar personal loan lenders.
| Reach Financial | Achieve | Happy Money | |
|---|---|---|---|
| LendingTree’s rating | 2.8/5 | 4.2/5 | 3.7/5 |
| Minimum credit score | Not specified | 640 | 640 |
| APRs | 13.25% – 35.99% | 6.25% – 36.00% | 7.95% – 35.99% |
| Loan amounts | $3,500 – $40,000 | $5,000 – $50,000 | $5,000 – $50,000 |
| Repayment term | 24 to 60 months | 24 to 60 months | 24 to 60 months |
| Origination fee | 4.00% – 8.00% | 1.99% – 9.99% | 0.25% – 10.00% |
| Funding timeline | Receive funds as soon as within 24 hours of loan approval | Receive funds in as soon as 24 hours | Receive funds in as soon as three to six days |
| Bottom line | Of the three, Reach Financial offers the lowest minimum APR. However, it charges a steep origination of at least 4.00% on every loan. | Unlike Reach Financial and Happy Money, you can use an Achieve loan for nearly anything. Like the other lenders, Achieve also charges origination fees, but its rates tend to be lower. | Like Reach Financial, Happy Money only offers loans to borrowers who want to consolidate credit card debt. While it takes longer for borrowers to receive loan funds, this lender does have a smaller minimum origination fee. |
How we rated Reach Financial
We evaluate personal loan lenders on more than just interest rates. Our goal is to show how accessible, affordable, transparent and supportive each lender really is.
Our categories
Every lender is scored out of 5 stars, with 5 stars being the highest rating. LendingTree loan experts determine this score using dozens of underlying data points across four weighted categories covering the full borrowing journey.
We assess how easy it is for people to qualify and apply. This includes state availability, soft-credit prequalification, membership requirements, funding speed and whether borrowers with less-than-excellent credit can get a loan.
We evaluate how affordable the loans are based on minimum and maximum APRs, loan fees and rate discounts. Lenders with unclear or potentially predatory costs receive lower scores.
We consider repayment term flexibility, loan amount ranges and whether options like secured loans, joint loans or direct-to-creditor payments are offered — plus whether the lender clearly communicates these options.
We evaluate borrower experience after funding: customer service access, hardship or forbearance programs, payment flexibility and digital tools like mobile apps or credit monitoring.
Our process
We gather data directly from lenders through their websites, disclosures and direct communication with company representatives. Our editorial team verifies and updates information regularly. We value transparency and award less favorable scores when lenders obscure or omit details.
In some cases, our editors may apply a small adjustment (no more than 4% of the overall score) to account for factors not captured by the methodology. This could include J.D. Power customer satisfaction surveys, recent regulatory actions or features that stand out in ways our rubric doesn’t measure directly.
Our editorial team applies the same scoring model and standards to every lender. Lenders cannot pay to influence our ratings.
Frequently asked questions
If you choose to apply for a Reach Financial personal loan, it may have a slight negative impact on your credit score. Like most lenders, Reach will run a hard credit inquiry to check your credit background, which can cause your credit score to drop by a few points. However, you may see your credit score increase as you make your monthly payments on time.
If you get a consolidation loan from Reach Financial, they will pay your creditors within 24 hours of your loan approval.
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