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Reach Financial will pay your creditors directly.
Reach Financial; Insider
The bottom line: Reach Financial Personal Loan is a good choice for borrowers who are specifically looking to consolidate their debt, as the company specializes in that service. However, the loans can’t be used for any other purpose and come with significant origination fees.
Reach Financial personal loans
Pros and cons of Reach Financial personal loans
Pros
Low minimum interest rate. Borrowers with the best credit scores will pay interest rates comparable with some of the lowest offered in the market. Keep in mind that you’ll likely only qualify for that rate if you have an excellent credit history. Relatively fast funding speed. Reach Financial pays off your creditors directly — you won’t see any money hit your account — and will do so within roughly 48 hours after your loan is approved.
Cons
Can only use loan to consolidate or refinance debt. Many personal loan lenders allow you to use a personal loan for pretty much any purpose you want. Reach Financial limits your loan purpose to debt consolidation or credit card refinancing. Borrowers looking to cover other expenses will have to choose a different lender. Origination fee. Reach Financial has an origination fee that ranges from 0% to 5%. Origination fees are expressed as a percentage taken out of your overall loan proceeds and add to the total cost of your loan. Many other lenders don’t charge origination fees. Late fee. You’ll pay a $15 late fee if you fall behind on your payments. Not available in all states. You won’t be able to get a loan if you live in Colorado, Connecticut, Hawaii, Louisiana, Maine, Nevada, Oregon, Tennessee, Vermont, or West Virginia.
Compare Personal Loan Rates
Who is Reach Financial best for?
Reach Financial is best for borrowers with excellent credit who want to consolidate their debt at a low rate. Reach Financial offers great minimum rates that may be hard to find elsewhere. Additionally, many lenders don’t cater specifically to debt consolidation, so Reach Financial may be able to better assist you in the process.
Borrowers who want to take out a loan for a different purpose won’t be able to use this lender, and residents of 10 states also aren’t eligible.
How Reach Financial personal loans compare
Reach Financial has no minimum credit score requirement. Payoff has a lower credit score requirement than SoFi, but if your credit isn’t in the best of shape, Payoff may charge you a higher maximum APR. If you have excellent credit, you may be able to get the lowest rate with Reach Financial.
Both Reach Financial and Payoff are for borrowers who are looking to consolidate their debt. Only SoFi allows borrowers to get a loan for any other purpose.
See our ratings methodology for personal loans »
Frequently asked questions
Is Reach Financial trustworthy?
Reach Financial is a Better Business Bureau-accredited business with an A+ grade from the organization. The BBB is a nonprofit focused on consumer protection and trust. It evaluates companies by looking at their response to customer complaints, honesty in advertising, and truthfulness about business practices.
Reach Financial hasn’t been involved in any recent controversies.
What credit score do you need for Reach Financial?
There is no minimum credit score required for a Reach Financial personal loan. Instead, the company considers your overall financial situation when making final lending decisions.