Reach Financial Personal Loans: 2024 Review

Written by
Hanneh Bareham
Edited by
Hannah Smith
Updated on October 18, 2023

At a glance

Find my best rates
Check rate with Bankrate
3.9
Bankrate Score
Caret Down
Availability
3.7
Affordability
4.3
Customer Experience
3.9
Transparency
3.3

About Bankrate Score

Full methodology

Offering unsecured personal loans for debt consolidation, Reach Financial has been in business since 2015 and is based in New York City. The lender touts impressive stats, claiming that on average, its customers can save $12,437 in interest and can raise their credit score by an average of 37 points with consistent on-time payments. 

Lender Details

Moneybag

Loan amount

$3,500 to $40,000

Rates

APR from

5.99%

Clock Wait

Term lengths

24 to 60 months

Best for borrowers looking to grow their credit

Borrowers who are looking to grow their credit score and repayment history through a personal loan would benefit best from a Reach Financial loan. Not only does the lender offer free credit monitoring, but it also offers a highly customizable loan that allows you to change your payment date. 

Reach Pros and cons 

PROS

  • Checkmark

    Free monthly credit score

  • Checkmark

    Customizable loan details

  • Checkmark

    Prequalification available

CONS

  • Close X

    Financial requirements not disclosed

  • Close X

    Origination fee

  • Close X

    High maximum APR

Do you qualify?

Reach Financial's minimum eligibility criteria information is slim on its website, but it does state that applicants must be at least 18 years of age and be a resident of the United States. Reach also states that it may require personal documentation, like your Social Security number, income, bank account activity, credit history and score for approval. 

What Reach doesn't allow funds to be used for

While the lender doesn't disclose any prohibited loan uses on its website, it does list two loan purposes: to consolidate debt and to refinance credit card debt. That being said, you may want to look elsewhere if you're not looking for a debt consolidation loan. 

How this lender compares

logo
3.9
Bankrate Score
APR from
5.99%
Loan Amount
$3,500 to $40,000
Term Length
24 to 60 months
Min Credit Score
Not disclosed
logo
4.6
Bankrate Score
APR from
8.99% – 35.99%
Loan Amount
$2,000 – $50,000
Term Length
36 to 60 months
Min Credit Score
600
Read our reviewArrow Right
on Bankrate
logo
4.7
Bankrate Score
APR from
8.99% to 29.49%* with autopay
Loan Amount
$5,000–$100,000
Term Length
24 to 84 months
Min Credit Score
680
Read our reviewArrow Right
on Bankrate

Reach vs. Upstart

Upstart allows borrowers to use its loans for debt consolidation and offers similar rate ranges, starting at 5.40 percent. However, what sets Upstart apart from other lenders is its lending model. It doesn't only base eligibility on creditworthiness, which gives those with low credit a chance of approval. 

Read a full review about Upstart

Reach vs. Achieve 

Also offering loans for debt consolidation, Achieve gears its loans toward borrowers with fair credit and offers loans up to $50,000. Unlike Reach Financial, it allows for co-signers and lists a minimum credit score of 620. However, both lenders offer prequalification, so while Achieve comes up slightly ahead of Reach, it may be worth prequalifying for both loans. 

Read a full review about Achieve

Upstart: in the details

Loan Amount
$3,500 to $40,000
APR from
5.99% to 35.99%
Term lengths
24 to 60 months

What we like: 

  • Free monthly credit score: Reach offers free credit score monitoring, which isn't offered by every lender and is a crucial aspect of growing credit.
  • Customizable loan details: Unlike most lenders, Reach allows borrowers to create their own loan terms through a customizable monthly payment date. 
  • Prequalification available: You can check your potential approval odds and potential interest rates before applying without any impact to your credit score. 

What we don't like:

  • Financial requirements not disclosed: One of Reach Financial's biggest downsides is that it doesn't provide much eligibility information on its websites. The lender's FAQ section is also lacking when compared to competing lenders. 
  • Origination fee. You'll be charged an origination fee of up to 8 percent of the total amount borrowed. 
  • High maximum APR. Reach's maximum APR hits the legal interest rate limit of 36 percent, which is much higher than what similar lender's charge.

 

How to contact Reach

Reach offers U.S. based customer service at 800-606-8200 from Monday through Friday, 8:00 a.m EST to 8:00 p.m EST. You can also receive customer service by emailing support@reach.com. 

How to apply for a loan with Reach 

When you've made the decision to apply for a loan with Reach Financial, here's the process you can expect to follow.

Reach features and additional perks 

The lender doesn't disclose too many additional features and perks. It does, however, allow its borrowers to change their payment due date, offers free credit monitoring and has a U.S. based customer service department. 

Fees and penalties 

The only fees listed on its website include an origination fee that ranges from 0.00 percent to 8 percent. 

Reach frequently asked questions 

How Bankrate rates Reach Financial 

Overall Score 3.9 Explanation
Availability 3.7 Reach offers fast funding and approval, but crucial information, like minimum income, isn't disclosed on its website.
Affordability 4.3 Reach's minimum APR is competitive, but it does charge an origination fee and doesn't disclose any other fees.
Customer Experience 3.9 You can apply for your loan and access your account completely online, but it has limited customer support and no mobile app.
Transparency 3.3 Not all credit requirements and fees are listed, but it offers prequalification.

Methodology

To select the top personal loan lenders, Bankrate considers 20 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed over 30 lenders and gave each a Bankrate rating, which consists of four categories:

  • Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
  • Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
  • Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also took into account whether prequalification was available, as all these factors are key for consumers to make an informed decision.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.