Reach Financial Personal Loans: 2024 Review

Written by
Hanneh Bareham
Edited by
Julie Linton
Reviewed by
Thomas Brock, CFA, CPA
Updated on Saturday, December 21, 2024

At a glance

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3.9
Bankrate Score
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Availability
3.7
Affordability
4.3
Customer Experience
3.9
Transparency
3.3

About Bankrate Score

Full methodology

Bankrate’s take: 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 $13,016 in interest and can raise their credit score by an average of 36 points with consistent on-time payments. 

Lender Details

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Loan amount

$3,500 to $40,000

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APR from

5.99% to 35.99%

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Term lengths

24 to 60 months

Reach Financial is best for borrowers looking to grow their credit

While taking out a personal loan can benefit borrowers looking to grow their credit, not all options are equal. Reach Financial stands out for borrowers who are focused on their credit and repayment history for two primary reasons. The lender offers free credit monitoring, which encourages borrowers to stay close to how their scoring is doing. Reach Financial also boasts a flexible and customizable plan that allows borrowers to adjust their payment dates. 

Reach Financial personal loan purposes

While the lender doesn't disclose any prohibited loan uses on its website, it does list two loan purposes: consolidating debt and refinancing credit card debt. That being said, if you are not aiming to consolidate your debt, consider comparing additional personal loan rates to find a better fit. 

Where Reach Financial stands out

  • Credit score monitoring: Although there are several online options for checking your credit score, Reach Financial has one seamlessly integrated into its interface. This is especially crucial for borrowers who are focused on growing their credit. 
  • Flexible payments: Unlike most lenders, Reach Financial allows borrowers to adjust and create their own terms. This is done via customizable monthly payment dates and can be helpful for those juggling unexpected costs.  
  • Prequalification: The lender encourages borrowers to check potential rates on directly on the homepage. This has no impact on credit but can give you a firm idea of expected rates based on your loan purpose.   

Where Reach Financial falls short  

  • Undisclosed requirements: 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: Although it is common for lenders to charge a small fee for loan origination, Reach Financial enforces one for up to 8 percent of the total amount borrowed. Depending on the size of your loan, this is a pricey add-on. 
  • Maximum APR: Depending on your credit history and chosen loan amount you could be stuck with sky-high interest rates. Reach has a maximum APR that hits the legal limit of 36 percent, which is much higher than average.  

Reach Financial customer experience

Customer support

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. 

Digital experience

Reach’s online presence is fairly bare-bones. The site offers very little when it comes to borrower requirements and has a minimal FAQ section. It does offer the option to check your rate, a number of customer reviews and the ability to apply. If you require additional hand-holding and education another lender might be better. 

What people are saying about Reach Financial 

Reach has under 1,000 reviews on Trustpilot but boasts an almost perfect rating of 4.9 stars. The 93 percent of 5-star reviewers mention conveniece and flexibility while balancing other financial obligations. 

Here is what borrower had to say:

"Reach Financial has been a godsend. Paying off my old debts was taking forever and I needed to move on with my life. They are able to finace your negotiated balances paying them all off in three months or maybe less. I still had two yrears to go on my old plan. Thanks Reach Financial!"

— Trustpilot User

Another, who gave Reach 4 stars shared that while the outcome was as promised, the communication lacked:

"did ok got the money i needed but hardly any comuncation. had to send an email to ask if my funds were released yet It has been a week and still no funds received by my crediters a little slow in that but other wise they are ok"

— Trustpilot User

Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate. Please see the issuer’s website for updated terms and conditions.

How this lender compares

logo
3.9
Bankrate Score
APR from
5.99% to 35.99%
Loan Amount
$3,500 to $40,000
Term Length
24 to 60 months
Min Credit Score
Not disclosed
Compare ratesArrow Right Icon
on Bankrate
logo
4.8
Bankrate Score
APR from
7.40% – 35.99%
Loan Amount
$1,000 – $50,000
Term Length
36 or 60 months
Min Credit Score
Not disclosed
Read our reviewArrow Right Icon
on Bankrate
logo
4.7
Bankrate Score
APR from
8.99% to 29.99%
Loan Amount
$5,000 to $50,000
Term Length
24 to 60 months
Min Credit Score
620
Read our reviewArrow Right Icon
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

Do you qualify for a Reach Financial personal loan?

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.

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.

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

Bankrate's trusted personal loans industry expertise

Read our full methodology

48

years in business

40

lenders reviewed

20

loan features weighed

900

data points collected

Bankrate considers 20 factors when reviewing lenders. We weigh what makes a lender competitive on the market and appealing to borrowers with varying needs. The Bankrate Score for personal loans consists of four categories:

  • Availability: Availability covers loan amounts, qualification requirements, available terms and time to approval and funding. Lenders that serve the widest variety of customers and needs with speedy loans get the highest scores. 
  • Affordability: This category measures interest rates, penalties and fees. Lower rates and fees and fewer potential penalties result in a higher score. We also give bonus points to lenders offering rate discounts, grace periods and the ability to change borrowers' due dates. 
  • Customer experience: Customers want a convenient application process and easy ways to contact the lender and manage their loan. We score lenders on their customer service hours and whether they offer an online application and account access, with a bonus for offering a highly rated app.
  • Transparency: To effectively shop around, customers should be able to judge their eligibility and potential rates without a hard credit check. A lender scores higher if its website clearly discloses credit requirements, rates and fees, in addition to offering prequalification.

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.

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