Reach Financial: Fast & Easy Loans but Use Is Limited
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- Max. Loan Amount
- $40,000
- APR
- 5.99% to 35.99%
- Min. credit score
- Not stated
Our verdict
This lender offers fast turnaround times, but loans can only be used for specific purposes.
Reach Financial offers a fast and easy approval process on loans up to $40,000, with flexible terms ranging from 24 to 60 months. Rates start as low as 5.99%, which is great if you have good credit, but borrowers with lower scores could see rates as high as 35.99%. It also charges origination fees of up to 8%, which can significantly add to the loan’s cost. And, Reach only offers loans for debt consolidation or credit card refinancing — so if you need financing for another purpose, look elsewhere.
Best for: Borrowers with fair to good credit who are looking for debt consolidation or credit card refinancing.
Pros
-
Loans up to $40,000
-
Rates start at 5.99%
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Fast turnaround time
Cons
-
Charges origination fees up to 8%
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Limited loan uses
Is Reach Financial legit?
Yes, Reach Financial LLC is a legitimate lender that is accredited by the Better Business Bureau (BBB) and has an A rating. It also has hundreds of positive reviews on BBB and Trustpilot. Its loans are issued by Finwise Bank, a Utah chartered commercial bank, member FDIC. To date, its customers have consolidated over $2 billion in debt.
What makes Reach Financial shine?
We like that Reach interest rates start as low as 5.99% — about the lowest rate you can find for a personal loan. While you’ll need good to excellent credit to qualify for the lowest rates, it caps interest rates at 35.99%, well below the triple-digit rates that payday loans charge.
A Reach loan can also be beneficial to your credit score. Using the funds to consolidate your debts and making on-time monthly payments can boost your credit, making it easier to qualify for loans in the future. Reach reports that customers have raised their credit scores by an average of 36 points.
Where Reach Financial falls short
A major drawback of Reach Financial is that it charges origination fees of up to 8%. While this isn’t uncommon, it adds to the total loan cost, and some personal loans don’t charge origination fees, such as SoFi, Discover and LightStream.
Reach Financial loans are also quite limited compared to the majority of personal loans. You can only use Reach loans to consolidate debt or refinance your credit cards. Reviews say Reach pays your creditors on your behalf. This approach could be helpful to some — but it also gives you no control over your loan funds.
Finally, we’d like to see Reach provide a few more details about how it works. For example, it doesn’t tell you much about the application process or reveal its eligibility criteria — like minimum credit score or income requirements — and you have read the fine print to find out that it charges origination fees.
Reach Financial personal loan details
| Minimum credit score/credit range | Not stated |
| APR | 5.99% to 35.99% |
| Loan amount | $3,500 to $40,000 |
| Terms | 24 to 60 months |
| Approval turnaround | Within minutes |
| Availability | Available in: Arizona, Arkansas, California, Florida, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New York, North Carolina, North Dakota, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Washington, Wisconsin |
| Fees | 0% to 8% origination fee May charge late or NSF fees |
| Other fees | Not stated |
Reach Financial contact info
| Phone number | 800-606-8200 |
| Customer service hours | Weekdays: 8 a.m. to 8 p.m. ET |
| support@reach.com | |
| X, formerly Twitter | N/A |
| N/A |
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How to qualify for Reach Financial
Reach Financial doesn’t get into specifics about its eligibility requirements, but here are some basics:
- Be at least 18 and a US citizen or permanent resident
- Have an active checking account
- Be employed or have another regular source of income
- Have a fair to good credit score
How to apply
Exact details aren’t available on its website, but the application process should go something like this:
- Prequalify online with a soft credit check.
- Verify your information and submit any required documentation.
- Wait while Reach conducts a hard credit and determines loan approval.
- Review the loan details and sign the agreement.
Or, if you’re currently working with a debt relief company, such as National Debt Relief, and are eligible, you may be referred to Reach for a debt consolidation loan.
How Reach Financial compares to other lenders
What is the Finder Score?
The Finder Score crunches 6+ types of personal loans across 50+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
Reach Financial reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | A |
| BBB customer reviews | 4.76 out of 5 stars, based on 304 customer reviews |
| Trustpilot Score | 4.9 out of 5 stars, based on 1 customer reviews. |
| Customer reviews verified as of | 31 December 2024 |
Reach Financial receives high marks on both BBB and Trustpilot, with hundreds of positive reviews. Satisfied customers cite quality customer service, a fast and easy approval process and say they would recommend Reach to others.
But there are a number of complaints about Reach, which mostly seem to stem from people who got loans from Reach as part of a debt relief program. Common issues included complaints of high interest rates, billing issues or that loan terms weren’t fully disclosed. Others complained about being denied a loan after preapproval, the inability to refinance and poor customer service.
What do people on Reddit say?
Frequently asked questions
Will Reach Financial hurt my credit score?
Yes, but not very much. Reach Financial conducts a hard credit inquiry to determine loan approval, which may cause your score to drop a few points temporarily. But if you get the loan, a history of on-time payments can help improve your score.
How long does it take for Reach Financial to pay creditors?
Reach doesn’t state on its website how long it takes to pay your creditors, but third-party reviews say it pays them off within 24 hours after loan approval. Some customer reviews, however, say it may take two or three days to go through.
Your reviews
Lacey Finder
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