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Reach Financial: Personal Loan Review (2024)

reach financial logo
Long Story Short
Reach Financial is a solid option for people with Fair or Good credit who are specifically looking to refinance and consolidate debt.

Refinancing high-interest credit card debt or personal debt is one of the smartest ways to save thousands over the course of loan repayments. Of course, if you are researching debt refinancing lenders, you probably already know that, so the question becomes: which is the right lender to move forward with?

This review of Reach Financial does a full lender analysis to help you determine if they might be the one for you. We'll explore the pros and cons, eligibility requirements, lending terms, and user experiences. We'll also compare this lender to a few similar competitors to help you make an informed decision in your effort to refinance.


  • Offers loans ranging from $3,500 to $40,000
  • Competitive interest rates from 5.99% to 35.99%
  • Looser approval criteria means credit scores as low as 640 could be approved
  • Fast funding, usually one business day after approval
  • Flexible repayment terms, from 24 months to 60 months


  • Has an origination fee
  • Does not offer a cosigner/co-borrower option
  • Reports only to two of the three credit bureaus
  • Loans can only be used for debt consolidation purposes
  • Not available in nine states

Reach Financial Personal Loans: How It Works

While many other personal loan lenders provide unsecured personal loans that can be used for any number of purposes, Reach Financial's loans can only be used for consolidating and refinancing high-interest debt.

Their entire operation focuses on debt consolidation, from their website to their direct-to-creditor payout process. This kind of focus can be beneficial to borrowers looking to refinance, as Reach Financial is unique in its specialist approach to debt refinancing.

Here's what that looks like for borrowers:

Competitive Loan Amounts & Interest Rates

Reach Financial offers a wide range of loan amounts and interest rates. Loan amounts range from a minimum of $3,500 to a maximum of $40,000, catering to a variety of borrowing needs with tailored options for each borrower.

Reach Financial offers an APR range starting as low as 5.99% for the most qualified borrowers and can go up to 35.99%. Borrowers with excellent credit have access to the most competitive 5.99% APR.

Considering that a Reach Financial loan will be used to consolidate and reduce interest payments on existing high-interest debt, it is crucial that the borrower carefully review the total cost of a Reach Financial Loan and compare it to the APR they are paying on current debt. The new Reach Financial debt should be less than what they are paying for existing debt; otherwise, the purpose of the loan is likely defeated.

Direct Creditor Payments

Direct creditor payment is a standout feature of a Reach Financial personal loan. Upon loan approval, Reach Financial will directly pay the creditors listed on the borrower's application. This feature simplifies the debt consolidation process and is a testament to Reach Financial’s commitment to helping borrowers manage their debt more efficiently.

It is important to note that while Reach Financial funds loans quickly -- usually the next day after approval -- it still may take a few days to reach your creditor(s) and get updated in their systems. For that reason, make sure you check with your former creditors and keep making any payments necessary until you see your balance with them is zeroed out.

Customization and Perks

Reach Financial offers an above-average ability to tailor loan repayments. Here are a few ways that you would be able to customize your account and make the most of a loan with this lender:

  • Select a repayment term (the length of time you make monthly payments) between 24 to 60 months
  • Choose to make payments bi-weekly, semi-monthly, or monthly, depending on how you prefer to budget and manage your cash flow
  • If needed, activate a "hardship program" that freezes payments for up to 90 days (although note that your account will still accrue interest during that timeframe)
  • Periodically change your payment due date to align with your preferences
  • If you’re in a position to pay off your loan earlier than the agreed term, you can do so without incurring any extra costs: Reach Financial has no prepayment fees
  • A free monthly credit score/credit profile monitoring is included for borrowers

Fees and Penalties

As with any financial service, Reach Financial has specific fees and penalties. The good news is that the lender is clear and transparent about them, and a borrower can minimize their impact as long as they stay current on their repayments. Here is what to know:

  • Missed payments incur a $15 late fee
  • A $25 NSF (Non-sufficient Funds) fee is charged for returned payments if your check bounces or your checking account doesn't have enough to cover a monthly payment

Origination Fee

It's important to know that Reach Financial will charge a one-time origination fee at the beginning of the lending relationship. Think of this as an "administrative fee" that covers the cost of underwriting and funding the loan.

The origination fee ranges from 4% to 8% of the total loan amount. While many lenders will also charge an origination fee, what makes Reach Financial's fee more unique is that it is not deducted from the loan proceeds before the money is disbursed (which is how lenders typically collect an origination fee).

Instead, Reach Financial adds the origination fee to the total cost of the loan, so you will pay the fee incrementally as part of each monthly payment.

Fully understanding this lender's fee structure is an important part of the application process. Make sure you carefully review their truth in lending disclosure as part of the contract before you sign it.

Application Process & Eligibility Criteria

screenshots of reach pre qualification

The process of acquiring a loan from Reach Financial is straightforward:

  • The first step is to pre-qualify on the company’s website by providing basic details about the requested loan, personal information, and income information. The pre-qualification process involves a soft credit pull that doesn’t affect the applicant’s credit score. At this point, Reach Financial will provide the loan amount, interest rate, and terms you are likely to be approved for based on the information provided.
  • Once you have carefully reviewed the terms and are comfortable with them, the next step is to complete the application. This involves providing more information and uploading documents the lender requires as proof of identity and income. Reach Financial will also conduct a hard credit pull, which will cause your credit score to temporarily dip by a few points.
  • Reach Financial may take a day or two to fully review and approve the application. While this is slightly slower than some similar lenders, about 90% of Reach Financial loans are funded within one day of approval. Funds will be sent directly to the creditors you are using the loan to pay off as part of the debt consolidation process.

A few other eligibility criteria to note:

  • Borrowers must be at least 18 years old and a resident of the United States
  • Reach Financial does not currently offer loans in nine states, so residents of the following states will be ineligible: CO, CT, ME, NV, NH, TN, VT, WV, or WY
  • Reach Financial does not allow co-signers or co-applicants for their personal loans

Minimum Credit Score and Income

Reach Financial caters to Fair, Good, and Excellent credit borrowers, with a minimum requirement of 640 for credit scores. However, based on what former borrowers have reported, applicants with a credit score closer to 700 are likelier to be approved.

Note that, like many lenders, Reach Financial considers more than just a borrower's credit score when evaluating an application, taking into account other factors like income, debt load, and employment.

In terms of income, to qualify for a loan, an applicant must earn at least $1,000 per month after fulfilling other monthly obligations. The income considered by Reach Financial can come from various sources, including employment, retirement, and Social Security payments, offering a more holistic consideration of an applicant’s financial standing.

Customer Reviews and Ratings

illustration showing five stars and cursor

Reviews and ratings are a great way to assess a lender's reputation, strengths, shortcomings, and the experience you'll be likely to have if you become a customer as well.

In short, Reach Financial has excellent ratings across the board, with essentially no concerning patterns in the feedback they receive from their customers.

They have an impressive 4.8 out of 5 rating on Trustpilot, based on over 500 reviews. Customers have praised the simplicity of applying and working with Reach Financial, as well as the effectiveness, kindness, and accessibility of their customer service team. (The lender notes that their customer service team is 100% U.S.-based and available by email and phone during business hours.)

Reach Financial also has an A+ rating from the Better Business Bureau and an average star rating of 4.76 out of 5 based on over 200 BBB customer reviews. These ratings reflect the company’s commitment to customer satisfaction and trustworthiness, further solidifying its position as a reliable personal loan provider.

Comparing Reach Financial with Other Lenders

logos for bright money sofi and happy money

To make a sound decision between lenders, comparing your options is crucial. While Reach Financial brings many benefits for people looking to consolidate debt or refinance credit card debt, it’s essential to see how they compare with other market lenders. Here, we compare Reach Financial to three competitors: Bright Money, SoFi, and Happy Money.

Reach Financial vs. Bright Money

Loan sizes offered: While Reach Financial offers personal loans from $3,500 to $40,000, Bright Money's debt consolidation revolving loan sizes are smaller, ranging from $500 to $8,000

Interest rates/fees: Reach Financial's rates are a competitive 5.99% to 35.99%, while Bright Money's rates are 9% to 24.99%. The best qualified borrowers will probably have a lower rate with Reach

Repayment terms: Reach Financial offers flexible terms from two to five years, while Bright Money does not have fixed terms because their loan is technically a revolving loan

Credit score requirements: Reach Financial has a minimum credit score requirement of 640, while Bright Money does not list their minimum score requirement

Lender reviews: Reach Financial has excellent ratings, including a 4.8/5 Trustpilot score and an A+ Better Business Bureau rating. Bright Money has a similar Trustpilot score of 4.6/5, but a lower BBB score of B

Reach Financial vs. SoFi Personal Loan

Loan sizes offered: Reach Financial's offers loans from $3,500 to $40,000, compared to SoFi's larger loan sizes from $5,000 to $100,000

Interest rates/fees: Reach Financial's interest rates of 5.99% to 35.99% are comparable to SoFi's rates of 8.99% to 29.49%. Less-than-excellent credit borrowers will likely pay a lower maximum APR with SoFi

Repayment terms: Reach Financial offers repayment terms from two years to five years, whereas SoFi offers even more flexible repayment terms from two years to seven years

Credit score requirements: Reach Financial has a minimum score requirement of 640, compared to SoFi's minimum requirement of a 650 credit score

Lender Reviews: Reach Financial's ratings include a 4.8/5 on Trustpilot and an A+ on BBB. SoFi has a similar set of scores: 4.6/5 on Trustpilot, and A+ on BBB

Reach Financial vs. Happy Money's "The Payoff Loan"

Loan sizes offered: Reach Financial's offers loans from $3,500 to $40,000, compared to Happy Money's similarly sized loans of $5,000 to $40,000

Interest rates/fees: Reach Financial has interest rates of 5.99% to 35.99%, compared to Happy Money's rates of 11.72% to 17.99%. Borrowers should first consider qualifying for a lower rate with Reach

Repayment terms: Both Reach Financial and Happy Money offer the same repayment terms of two years to five years

Credit score requirements: Both Reach Financial and Happy Money have the same minimum score requirement of 640

Lender Reviews: Reach Financial's ratings include a 4.8/5 on Trustpilot and an A+ on BBB. Happy Money has a very similar set of scores: 4.9/5 on Trustpilot and A+ on BBB

The Bottom Line

Reach Financial emerges as a strong option for people with Fair to Good credit looking for a debt consolidation loan. While this lender stands out with its focus on debt consolidation and credit card refinancing, competitive interest rates, flexible options and additional perks, as with any lender, it is important to compare options and review terms before moving forward.

Frequently Asked Questions

What credit score do you need for reach financial?

To reach financial goals with Reach Financial, you'll need a minimum credit score of 640 to qualify for a personal loan. However, a credit score alone doesn't guarantee approval as the lender also considers other factors such as income and debt load.

Does reach financial pay creditors directly?

Yes, Reach Financial pays creditors directly when you are approved for a loan, so you won't have to pay them yourself. This feature makes debt consolidation and refinancing easier for you.

What is the interest rate for Reach Financial?

The interest rates for Reach Financial personal loans range from 5.99% to 35.99%. The specific rate you are offered will depend on your creditworthiness during the application process.

Is Reach a legitimate company?

Yes, Reach Financial is a legitimate company with an A+ rating from the Better Business Bureau. Their specialization is in debt consolidation loans, and they are accredited and reputable.

Does Reach Financial charge a prepayment penalty?

No, Reach Financial does not charge a prepayment penalty for early loan repayment.

Zach Robbins

Zach has over ten years of experience in financial services, recognized on Inc. 500 lists & recently featured in ConsumerAffairs, Forbes, GoBankingRates, Huffington Post, and U.S. News & World Report.

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Editorial Staff

The editorial team applies their decades of experience in financial services & customer experience to develop research aligned with our editorial pillars of Integrity, Transparency, & User-centricity.

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