Reach Financial Review – Personal Loans
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Fast Facts
Products:
Debt consolidation loan and credit card refinancing
Loan amounts:
$3,500-$40,000
Origination fees:
Upto 8%
Loan tenure:
24 to 60 months
Availability of funds:
Within 24 hours after approval
Late fees:
$15
Personal loans are versatile tools that allow individuals to navigate various financial challenges. Whether it's consolidating debt, covering unexpected expenses, or funding major purchases, personal loans offer accessible capital with structured repayment plans.
However, securing favorable terms often hinges on your credit history, underscoring the significance of maintaining a good credit score. A robust credit profile enhances eligibility for a competitive interest rate and higher loan amounts and ensures smoother access to funds during times of financial strain.
Reach Financial is a company in the personal finance space that aims to help individuals manage and eliminate debt through customizable personal loans. Our Reach Financial personal loans review dives deep into how these loans work and who they are suitable for.
Jump To
What is Reach Financial?
Reach Financial helps people manage and eliminate debt through specialized unsecured personal loans. The company's mission is to help people "outsmart debt for good," aiming to provide a different kind of loan designed to facilitate faster debt repayment and greater financial control.
The company’s core belief is in challenging traditional borrowing norms. It strives to develop products and tools that make overcoming debt more attainable. Their approach has loan offers with features intended to reward and protect users while providing enhanced control over the user’s financial situation.
Their services boast significant customer benefits, including:
- Average interest savings of $13,016.
- A cumulative debt payoff of $1 billion by their customers.
- An average credit score increase of 36 points.
Additional features provided by Reach Financial include the ability to customize loans, free monthly credit scores, and 100% U.S.-based customer service.
Credit Card Consolidation Loan
- Loans From $3,500 To $40,000.
- Customize Your Payment.
- No Prepayment Penalty.
- Consolidate Debt And Save Money.
- Fast Funding.
Reach Financial personal loans
Reach Financial offers loans with annual percentage rates (APRs) ranging from 5.99% to 35.99%. Loan terms are available from 24 to 60 months, ranging from $3,500 to $40,000.
It’s important to note that Reach Financial offers competitive alternatives to high-APR personal loans and credit cards. As of June 2024, the average APR for credit cards was 24.80%, according to LendingTree.
Key features include free credit score checks and fund disbursement to creditors within 24 hours of approval. However, applicants with poor credit may struggle to qualify as Reach Financial does not allow co-borrowers or cosigners. An origination fee ranging from 0.00% to 8.00% may apply.
An autoplay feature also allows you to make your monthly payment hands-off.
If you miss a payment date, you’ll have to pay a late fee of $15. Have some extra dough and can repay the loan early? Go ahead because Reach Financial doesn’t charge a prepayment penalty.
Credit Card Consolidation Loan
- Loans From $3,500 To $40,000.
- Customize Your Payment.
- No Prepayment Penalty.
- Consolidate Debt And Save Money.
- Fast Funding.
Eligibility Criteria
Reach Financial does not disclose specific requirements for minimum credit score, income, or debt-to-income ratio. However, applicants must provide:
- Gross annual income
- Employment information
- Monthly housing payment
- Intended use of the loan
- Reach Financial exclusively offers debt consolidation loans and credit card refinancing.
What does the process look like?
Reach Financial offers a straightforward loan application process with the option to prequalify within minutes. Here's how you can obtain a loan:
Prequalify for a loan
- Borrowers can prequalify with a soft credit check, which doesn't affect the credit score.
- Applicants need to specify the loan purpose and desired amount and provide financial information.
Verify your information
- If prequalified, applicants must verify their information, typically including government-issued ID, bank statements, and pay stubs.
Accept your loan agreement
- Reach Financial will conduct a hard credit pull, which may slightly lower the credit score.
- Upon approval, borrowers sign a loan agreement detailing the loan terms.
- This process ensures that applicants can quickly determine their eligibility and proceed with obtaining a loan if approved.
Credit Card Consolidation Loan
- Loans From $3,500 To $40,000.
- Customize Your Payment.
- No Prepayment Penalty.
- Consolidate Debt And Save Money.
- Fast Funding.
Who is Reach Financial suitable for?
Reach Financial suits individuals looking to consolidate or refinance credit card debt. It is particularly beneficial for those with excellent credit who can take advantage of the low minimum APR of 5.99%. Borrowers who need quick access to funds will also find Reach Financial appealing, as they typically disburse loan amounts within 24 hours of approval.
Additionally, the ability to prequalify without affecting credit scores and the free monthly credit score checks are advantageous features for those who want to monitor and improve their financial health.
Who shouldn’t use Reach Financial?
Reach Financial might not be the best option for individuals with poor credit. The company does not specify minimum credit score requirements and does not allow co-borrowers or cosigners. This lack of flexibility could make it difficult for those with lower credit scores to qualify.
Additionally, those concerned about potential high origination fees, ranging up to 8.00%, might find more favorable terms with other lenders.
Pros and cons
Pros
- Competitive APRs. Offers APRs starting from 5.99%, making it attractive for borrowers with good credit seeking lower interest rates.
- Wide range of loan amounts. Provides flexibility with loan amounts ranging from $3,500 to $40,000, accommodating various financial needs.
- Fast funding. Funds are typically disbursed within 24 hours of loan approval, ensuring quick access to capital for debt consolidation or other purposes.
- Free credit score checks. Provides free monthly credit score checks, helping borrowers monitor and manage their credit health.
- Autopay feature. Offers autopay options, making loan repayment convenient and potentially reducing the risk of missed payments.
Cons
- Unclear eligibility criteria. Does not publicly disclose specific minimum credit score requirements, which may make it difficult for some borrowers to determine their eligibility.
- Potential high origination fees. May charge origination fees ranging from 0.00% to 8.00%, which can add to the overall cost of borrowing depending on the loan amount and terms.
- No co-borrower or cosigner options. Does not allow applicants to apply with a co-borrower or cosigner, which could be a disadvantage for individuals with less-than-ideal credit seeking assistance.
Reach Financial vs. competitors
Here’s how Reach Financial stacks up against other personal loan lenders:
Feature | Reach Financial | Achieve | Happy Money |
Minimum credit score | Not specified | 620 | 640 |
APRs | 5.99% - 35.99% | 8.99% - 35.99% | 11.72% - 17.99% |
Loan amount | $3,500 - $40,000 | $5,000 - $50,000 | $5,000 - $40,000 |
Repayment terms | 24 to 60 months | 24 to 60 months | 24 to 60 months |
Origination fee | 0.00% - 8.00% | 1.99% - 6.99% | 1.50% - 5.50% |
Funding time | Within 24 hours of loan approval | Within one to three days | Within three to six days |
Achieve
Even though both are personal loan providers, Reach Financial and Achieve differ in several ways. One notable distinction is the minimum credit score requirement—Reach Financial does not specify a minimum, whereas Achieve requires a score of at least 620.
Regarding APRs, Reach Financial offers a range from 5.99% to 35.99%, providing a lower minimum APR than Achieve, whose rates range from 8.99% to 35.99%. However, both lenders share the same maximum APR. Loan options also differ, with Reach Financial providing loans between $3,500 and $40,000 and Achieve offering a broader range from $5,000 to $50,000.
Both companies offer 24 to 60 months repayment terms, but their origination fees vary. Reach Financial's fees range from 0.00% to 8.00%, potentially higher than Achieve’s 1.99% to 6.99%. In terms of funding timeline, Reach Financial offers fast funding, with the money dropping into your bank account within 24 hours of loan approval, whereas Achieve takes one to three days. Ultimately, Reach Financial excels in offering lower minimum APRs and faster funding, but Achieve stands out with its flexibility in loan use, larger loan amounts, and lower credit score requirements.
Happy Money
Happy Money specifies a minimum credit score requirement of 640, unlike Reach Financial, which does not disclose this information.
APR ranges also vary significantly. Reach Financial’s APRs range from 5.99% to 35.99%, offering a broader spectrum compared to Happy Money’s more constrained range of 11.72% to 17.99%. Both lenders offer loans from $3,500 to $40,000, with 24- to 60-month repayment terms.
Origination fees also differ, with Reach Financial charging between 0.00% and 8.00%, while Happy Money’s fees are slightly lower, ranging from 1.50% to 5.50%. When it comes to funding timelines, Reach Financial typically disburses funds within 24 hours of approval, much quicker than Happy Money’s three to six days.
Reach Financial offers a quicker funding process and a wider APR range, while Happy Money provides lower origination fees and more favorable average APRs. However, Happy Money's longer funding timeline might be a drawback for some borrowers.
Credit Card Consolidation Loan
- Loans From $3,500 To $40,000.
- Customize Your Payment.
- No Prepayment Penalty.
- Consolidate Debt And Save Money.
- Fast Funding.
FAQs
What are the interest rates offered by Reach Financial?
Reach Financial offers annual percentage rates (APRs) ranging from 5.99% to 35.99%, depending on factors such as creditworthiness and loan terms.
How much can I borrow from Reach Financial?
Loan amounts at Reach Financial range from $3,500 to $40,000, providing flexibility depending on your financial needs.
How long are the repayment terms for loans at Reach Financial?
You can choose repayment terms ranging from 24 to 60 months, allowing you to tailor your loan repayment schedule to fit your budget.
What are the eligibility criteria to apply for a loan with Reach Financial?
Reach Financial does not specify minimum credit score requirements publicly but typically requires applicants to provide gross annual income, employment information, monthly housing payment details, and specify the intended use of the loan.
How does the loan application process work at Reach Financial?
You can start by prequalifying for a loan, which involves a soft credit pull that does not impact your credit score. Upon prequalification, you'll need to verify your information, including providing documents like government-issued ID, bank statements, and pay stubs. If approved, Reach Financial will conduct a hard credit pull, finalize the loan terms, and disburse funds within 24 hours in most cases.
Does Reach Financial charge origination fees?
Yes, Reach Financial may charge an origination fee ranging from 0.00% to 8.00% of the loan amount, depending on various factors.
The bottom line
Reach Financial offers a specialized solution for individuals seeking to consolidate debt or refinance credit card debt. With competitive APRs ranging from 5.99% to 35.99% and loan amounts between $3,500 and $40,000, Reach Financial is particularly attractive to borrowers with excellent credit who can benefit from the lower end of the APR spectrum. The company’s fast funding process, typically within 24 hours, and free credit score monitoring are notable advantages.
However, Reach Financial may not be suitable for everyone. The absence of a specified minimum credit score and the inability to apply with co-borrowers or cosigners could make it challenging for those with poor credit to qualify. Additionally, the potential origination fees of up to 8.00% may deter some borrowers.
Compared to competitors like Achieve and Happy Money, Reach Financial stands out with its lower minimum APR and quicker funding timeline. Achieve offers larger loan amounts and more flexible loan uses but requires a minimum credit score of 620 and has higher origination fees. Happy Money provides a more favorable average APR and lower origination fees but has a longer funding timeline and a minimum credit score requirement of 640.
Reach Financial is well-suited for individuals with strong credit profiles looking for fast access to funds for debt consolidation or credit card refinancing. Those with lower credit scores or concerns about high origination fees might find better alternatives with other lenders.
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Writer
Jasir Jawaid is Joy Wallet's Assistant Editor. He has more than 13 years of experience as a journalist covering Wall Street, equities, financial policy and regulation, and cryptocurrency and blockchain.
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