Best for fast funding and fair credit
Reach Financial
4.1
Credible Rating
Est. APR
14.30 - 35.99%
Loan Amount
$3,500 to $40,000
Min. Credit Score
640
Pros and cons
More details
Who are Reach personal loans best for?
Let’s look at the different types of borrowers who can benefit from a Reach personal loan.
Best for debt consolidation loans
If you're looking to lower monthly payments or speed debt payoff by refinancing high-interest credit card debt or other debt, Reach may be a good fit. The company offers fast funding and can pay your creditors directly.
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.
If you need to take out a loan for a different purpose, you’ll have to find a different lender.
Great 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.
Pros and cons of Reach personal loans
Pros
- Fast funding
- Can improve credit
- Fair-credit borrowers may be eligible
Cons
- Limited use
- No direct pay discount
- Origination fee
- Limited availability
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.
- No direct pay discount: Some lenders offer a rate discount for paying your creditors directly. Reach does not.
- 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
How to qualify for a Reach personal loan
To qualify with Reach's funding partner, FinWise Bank, you'll need to meet its minimum eligibility requirements.
Credit score and financial history
If you're applying through Credible, you’ll need at least a 640 FICO credit score. The lender will consider your current debt and income as well as your credit history when making a lending decision and setting your rate.
Income and employment
Reach Financial will also look at your monthly income and employment history to determine whether or not you can afford to repay the loan. You’ll need a minimum annual income of $20,000 if applying through Credible. You may be required to submit pay stubs, bank statements, and previous tax returns to verify your income.
Important
If you prequalify, you’ll be given an estimate of the loan amount, APR, fee, and term you can get. Prequalification is not an official offer of credit, and the amounts you see may vary once you officially apply.
Reach personal loan purposes
Reach personal loans are only available for two purposes — to consolidate or refinance your debt. If you qualify for a personal loan, Reach will send the funds directly to your creditors; there’s no option to have the funds sent to your bank account.
Reach personal loan fees and penalties
Whenever you’re applying for a loan, it’s important to understand what fees that lender charges. Origination fees and late fees can add to the overall cost of the loan.
Loan origination fees
Reach charges an origination fee ranging between 0% and 8%. That means if you take out a $30,000 personal loan, you could pay an origination fee of up to $2,400. Since origination fees are paid upfront out of the loan amount, you’ll have less than the approved amount available to send to your creditors.
No early payment penalties
Like most lenders, Reach doesn’t charge early payment penalties on its personal loans. That means if you choose to pay a little bit extra toward your loan each month, you won’t get hit with a penalty for paying it off early.
Other fees
Reach charges a $15 late fee and a $25 unsuccessful payment fee.
How Reach compares to other lenders
Credible rating
Credible rating
Credible rating
How to contact Reach
You can contact Reach Financial by phone or email Monday through Friday from 8 a.m. EST to 8 p.m. EST. The company doesn’t offer chat support on its website.
About Reach personal loans
Reach Financial launched in 2015 and is headquartered in New York. Since its founding, the company has helped consumers pay off over $1 billion in debt. The company offers debt consolidation loans and free credit score monitoring to its customers.
The company has an A+ rating from the Better Business Bureau and received 4.9 out of five stars on Trustpilot.
Rating Reach personal loans
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
Are Reach loans legitimate?
Open
What credit score do you need for a Reach loan?
Open
How long does it take to get a personal loan from Reach?
Open
What are the downsides of a Reach loan?
Open
What documents are needed for a Reach loan?
Open
