Reach Financial Personal Loans Review 2023

Looking for a personal loan to pay down high-interest credit card debt? Read on to learn more about Reach Financial and decide if the lender makes sense for your debt consolidation.
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Written by:
Shannon Lee
Edited by:
Kristin Marino verified
Editor's Rating

Those who are looking for debt consolidation loans can pay off up to $40,000 with Reach Financial. The company promises to customize the customer experience for those with good credit, a solid income history, and a good debt-to-income ratio. Here’s what we think about the company.

Reach Financial Pros & Cons

Reach Financial Top Features

With loans of between $3,500 and $40,000, Reach Financial offers a little breathing room for those who have high-interest credit card debt.

One fixed monthly payment makes it easy to know what you owe and when, while getting rid of the variable interest rates that can make your month-to-month financial life a bit of a guessing game.

Here are a few other reasons why Reach Financial is worth a look:

  • Payment terms are flexible between 24 and 60 months
  • The customer service representatives are based in the U.S.
  • As a perk of the loan, you get a free monthly look at your current credit score
  • Your loan rates might be as low as 5.99% APR
  • There is a hardship program that allows you to pause payments for up to 90 days
  • Direct payments are made to creditors as soon as your loan is approved, usually within a day or two
  • You can opt for customizable repayment plans, which makes controlling your money even easier
  • Preapproval is very quick and doesn’t affect your credit score

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What Is Reach Financial?

Reach Financial is a personal loan company that offers unsecured loans for credit card debt consolidation. These loans are offered at anything from 5.99% to 35.99% APR, depending upon creditworthiness.

The minimum available is $3,500 and the highest offered is $40,000.

Though this is considered a “good credit lender” that requires you to have a solid history of on-time payments toward all the debts on your credit report, the minimum income requirement is $1,000 per month and the minimum credit score is reportedly between 685 and 700 — a number that might be tough to meet for those who are in truly serious credit card debt.

Getting a loan is made more difficult by the fact that Reach Financial doesn’t allow for joint loans, co-signed loans, or secured loans.

When you do get a loan, however, you get excellent customer service from a U.S.-based center, the potential of a 90-day hardship option if you wind up unable to make payments for a period of time, and payments made directly to your creditors to bring down your balances fast.

Who Is Reach For?

Those who are facing ever-growing amounts of credit card debt on high-interest cards will enjoy the options offered by Reach Financial.

The lender pays the funds directly to your credit card companies to bring down the high-interest balances and consolidates the debt into one lower monthly payment.

Keep in mind that the average minimum credit score to obtain a loan is 685, so Reach Financial might not work well for those with not-so-good credit.

If you need less than $40,000 in debt consolidation and have good credit, this might work for you.

Compare Reach Financial to Other Lenders

When you’re looking for the best personal loan, you will want to compare a variety of lenders to find the one best for you. Weighing what each one offers and how it fits in with your personal financial situation is crucial.

For instance, you might not have a credit score high enough to qualify for a loan with Reach Financial, but that doesn’t mean you can’t get a personal loan.


Credit scores in the 500s can potentially get a loan through Upstart. Both companies offer high loan amounts for those who need to pay down their debt quickly.


SoFi is another loan company that offers high dollar amounts but unlike Reach Financial, the company charges no origination fee.


While Prosper doesn’t offer to pay your creditors directly, it does offer a discount on APR when you choose autopay.

This can be great for those who know exactly when their paychecks arrive and don’t have to worry about moving money around to pay their loan every month.

Compare personal loan lenders, find the best rates, and explore your options.

Compare Your Personal Loan Rates
Check Your Personal
Loan Rates
Choose a purpose for your loan
Always free and will not impact your credit score.

How Does Reach Work?

Reach Financial is different from other lenders in that the loan money is given directly to creditors to pay down existing high-rate credit card debt.

While this eliminates the need to pay down the debts yourself, it can also help the lender ensure that the money goes to pay off the debts and isn’t used for anything else.


Reach Financial usually charges an origination fee on the loan, which can be as high as 8%.

This fee is taken off the top of the loan amount and thus lowers the amount of money you will actually see go to your creditors.


Loans are available for anywhere from 24 to 60 months.

While many lenders offer those terms, no other lender currently allows a borrower to choose their own repayment term.

Reach Financial allows you to explore what each repayment term looks like in terms of monthly payments and interest over time, which gives you even more control of your money.

You can also choose when the payments begin, which ranges from less than a month after funds are delivered to a grace period of 60 days after the date of application.

Approval and Funding

You can expect to wait for about 48 hours for application approval.

Once the loan is approved, your creditors will get the funds within a day or so.

Keep in mind, however, that it can take some extra time on your creditor’s part to process the payments from Reach Financial.

That’s why it’s so important to keep paying your bills until the funds are obviously applied to your account.

Interest Rates

APR rates for Reach Financial personal loans are anywhere between 5.99% and 35.99%.

The lowest APR is usually awarded to those with the best overall application, including a higher credit score and a good income stream.

The higher APR could actually be more than what you are currently paying on credit cards, so crunch the numbers carefully if Reach Financial offers a loan with an APR that is more than the typical credit card rates.

Hardship Program

If you do wind up in a difficult spot with paying your bills, a hardship program is available.

This is a 90-day pause in payments that can allow you to get back on your feet after suffering a financial setback, such as a job loss or surprise medical bills.

Documentation is required to make the hardship pause happen and Reach Financial will determine qualification on a case-by-case basis.

How to Get Started

When getting started with a Reach Financial personal loan, you’ll need to meet some basic criteria.

That includes being at least 21 years of age, being a U.S. citizen, and having a valid social security number.

Conditional Approval

You can be sure you qualify for a loan by entering basic information on the website and waiting for conditional approval, which will come within a matter of seconds and without a hard hit on your credit report.

Provide Documentation

Upon approval to apply, you will be asked for a variety of documentation, such as proof of income and information on the creditors you want to pay off.

The sooner you provide the documentation, the sooner your loan can be approved and the funds sent to your creditors.

Credit Score and Income

Reach Financial usually looks for a credit score of 640 at the minimum, as well as a debt-to-income ratio of 40% or less.

They require a minimum of $1,000 in monthly income and a minimum credit history of at least three years.

If you don’t meet these requirements, it might be a good idea to wait on a loan until you can improve your credit score, history, debt-to-income ratio, and income.

Rating the Features

When you’re ready to give Reach Financial a try, it pays to know what to expect. Here’s how the company works in terms of transparency, customer service, and more.

User Experience

Going through the preapproval process with Reach is easy, as it just takes a few moments with a website form.

Customer service is available 24/7 and is based in the U.S. The application process is on par with that of other lenders, requiring the same sort of documentation. The process happens quickly, within a matter of days.

Fees and Rates

Reach Financial charges origination fees of up to 8%, but those who have good credit and an impressive debt-to-income ratio or income might be able to get a lower origination fee.

Expect APR to fall between 5.99% and 35.99%. Take care to make sure that the APR offered isn’t more than the APR you are currently paying on high-interest credit card debt.


The website offers a great deal of information before you apply, including a wealth of detail in the fine print.

The company provides a guideline for submitting documentation after that and will follow up with you to ensure they have all they need to make a final decision.

A decision can often come within a matter of days.


Reach Financial is unusual in that it allows the consumer to choose their own repayment term of anywhere from 24 to 60 months.

You can also choose when repayments start — immediately, or within 60 days of the date of approval. In addition, there is a hardship option for those who might need to pause their payments for up to 90 days to deal with financial issues.

Customer Support

The app allows for on-the-go management of your loan.

If you need further help, U.S.-based customer service is available around the clock to answer your questions.

Checking in on your credit report allows you to better manage your financial future and see the effects of your debt payoffs in real time.

Pros and Cons of Reach

While we briefly touched on the pros and cons of Reach personal loans at the beginning of this article, let’s take a closer look at the benefits and drawbacks.


  • Reach Financial offers high dollar amounts for loans of up to $40,000.
  • Those funds are provided within one day of approval and go straight to the creditors, which can take the hassle out of doing it yourself.
  • The terms are quite flexible, with the customer choosing their term of anywhere from 24-60 months, the opportunity to change your payment due date, and even a hardship provision that allows you to pause your payments for up to 90 days in the event of financial difficulty.


  • Reach Financial doesn’t allow for joint loans, co-signed loans, or secured loans — only unsecured loans are available, which tend to have the highest APRs.
  • The loan is good for paying down creditors only, which means it can’t be used for anything else.
  • The origination fee can be high, as can the APR.
  • Reach Financial only reports to Experian, which means your information on loan repayment won’t appear on Equifax or TransUnion.
  • This could mean a delay in improving your credit score or getting other financial products.

Bottom Line

If you have high-interest credit card debt and you’re ready to pay it off with no hassle, Reach Financial might be the lender for you.

The flexible repayment terms are a boon to those who want more control of their financial life. Loan amounts of up to $40,000 and advantageous terms make this lender a good option for those with average to excellent credit.

Frequently Asked Questions (FAQs)

Can I get the funds deposited directly into my bank account?

No. Reach Financial only releases your loan funds to credit card companies to pay down your debt.

Is there a prepayment penalty?

No. You can pay off your Reach Financial loan at any time and not have to pay a fee to do so.

Is it possible to get a loan with no origination fee?

This is possible, though it is rare. To get a loan with no origination fee from Reach, you would need to have the ideal financial situation to qualify for the loan, such as the right debt-to-income ratio and credit score.