Reach Financial Personal Loan Review
NMLS#1136
Read more about how we rated Reach Financial.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.
- Flexible features: Reach Financial offers its customers a wide range of loan amounts and repayment terms, giving borrowers flexibility.
- Competitive rates: If you have a good credit score and a solid credit history, you may qualify for Reach Financial’s low annual percentage rate (APR) of 5.99%. The APR is a measure of how much you’ll pay in interest and fees.
- May charge an origination fee: Reach Financial charges origination fees that range from 0.00% - 8.00%. This fee is taken out of your loan funds before disbursement.
- Limited availability: This lender is only available in 37 states.
- Limited loan use: Reach Financial’s personal loans specifically cater to 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.
- Best for good credit borrowers: With a minimum credit score requirement of 680, Reach Financial may be best for borrowers with good credit who need a loan to consolidate their debt.
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 | Cons |
|---|---|
Competitive APRs Access to your free monthly credit score Fast funding | May charge a 0.00% - 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. As of April 2023, the average APR on current credit card accounts was 20.09% APR, according to LendingTree data. Meanwhile, borrowers with excellent credit may qualify for APRs as low as 5.99% with Reach Financial.
Reach offers its customers the option to check their credit score for free, and may disburse loan funds within 24 hours of approval.
On the other hand, if you don’t have good credit, it may be difficult to qualify for a loan since Reach Financial doesn’t offer the option to apply with a co-borrower or cosigner. Reach may also charge you a 0.00% - 8.00% origination fee and does not currently offer any rate discounts.
Reach Financial requirements
To qualify for a Reach Financial personal loan, you’ll need to meet the following criteria:
| Minimum credit score | 680 |
| Minimum annual income | $20,000 |
| Geographic requirement | Loans are not available for borrowers who live in Colorado, Connecticut, Maine, Mississippi, New Jersey, Nevada, Oregon, Rhode Island, Tennessee, Utah, Vermont, West Virginia or Wyoming |
If you meet the basic requirements listed above, you may 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. You may need to provide the following documentation:
- Government-issued identification (driver’s license, birth certificate, etc.)
- Mortgage or rental agreement
- Bank statements
- Pay stubs
- W-2s
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. When the paperwork is complete, you may receive your loan funds within 24 hours.
If you don’t qualify for a Reach Financial loan, consider taking some time to boost your loan approval odds.
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 | 3.9/5 | 4.2/5 (Read review) | 4.1/5 (Read review) |
| Minimum credit score | 680 | 620 | 640 |
| APRs | 5.99% - 35.99% | 8.99% - 35.99% | 11.72% - 24.67% |
| Loan amount | $3,500 - $40,000 | $5,000 - $50,000 | $5,000 - $40,000 |
| Repayment term | 24 to 60 months | 24 to 60 months | 24 to 60 months |
| Origination fee | 0.00% - 8.00% | 1.99% - 6.99% | 1.50% - 6.25% |
| Funding timeline | Receive funds within 24 hours | Receive funds within one to three days | Receive funds within three to six days |
| Bottom line | Of the three, Reach Financial offers the quickest funding and lowest minimum APR. However, its maximum rate goes up to nearly 36% and you must have good credit to qualify. | Unlike Reach Financial and Happy Money, Achieve offers flexibility when it comes to loan use. It also offers larger loan amounts and has a lower credit score requirement. | 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 origination fee. |
How we rated Reach Financial
To come up with our star rating for personal loan companies, LendingTree considered 22 data points across three categories:
- Accessibility: We paid attention to whether lenders offered loans to nontraditional borrowers, as well as those without excellent credit scores. We also checked if lenders offered soft credit pulls, and whether they were transparent about eligibility criteria other than credit scores.
- Rates and terms: We wanted to know if lender rates, terms, amounts and fees were not only transparent, but competitive.
- Repayment experience: We based this category on lenders’ reputations, customer support availability and unique benefits.
The data points reflect every step of the process to shop and apply for, borrow and repay personal loans. A five-star lender, for instance, has flexible eligibility requirements, offers you the chance to prequalify without commitment and supports you in zeroing your balance.
The 22 data points, culled from the lenders themselves, determine the overall rating. We score lenders consistently, sometimes awarding partial points, so that you can make apples-to-apples comparisons when shopping around.
LendingTree isn’t paid for conducting these reviews, and lenders don’t have control over their content. With our reviews and ratings, we aim to give our users the objective and exhaustive information they need to make the best possible decisions.
Frequently asked questions
To get a Reach Financial personal loan, you’ll need a credit score of at least 680 and an annual income of $20,000.
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.
Most Reach Financial personal loan customers receive their money within 24 hours of approval. Typically, borrowers receive loan funds anywhere from one to five days after they sign their loan agreement.