Clint H.
Verified BorrowerWould you recommend this product? Yes
They went smooth and I mean everything's good. Okay, it's more than good. Easy.
Reach Financial 2026 Personal Loan Review
Reach Financial is a solid contender if you have good credit borrowers and want to consolidate less than $40,000 of debt.
4.2
Est. APR
5.99 - 31.79%
Min. credit score
660
Time to fund
1 day
Loan amount
$3.5K - $40K
Loan term
2 to 5 years
Origination fee
5% to 7.19%
Best if you
- Need to consolidate debt.
- Pre-qualify for the loan on NerdWallet.
Not ideal if you
- Have a credit score below 660.
- Need to borrow less than $3,500 or more than $40,000.
What to know about Reach Financial personal loans
You can use a Reach Financial personal loan to fund nearly anything, but it’s marketed as a loan for consolidating debt — and for good reason.
You can get a rate discount if you use the money to consolidate debt. The lender will send the funds directly to your creditors to pay off your outstanding balances. You can also view your credit score for free from its customer portal, allowing you to witness how paying down debt affects your credit score.
But if you need to borrow more than $40,000, you’ll have to get a loan elsewhere as that’s the maximum amount you can borrow from Reach Financial.
You’ll also need a credit score of at least 660 to qualify, which is higher than several other lenders. Reach Financial told NerdWallet its average borrower has a credit score of 720 or higher.
I’d recommend pre-qualifying with multiple lenders so you can see how a loan offer from Reach Financial compares to other offers. The best option is typically the one with the lowest annual percentage rate and monthly payments that fit your budget.
» MORE: Compare the best personal loans
What we like most about Reach Financial
- Lower rates for NerdWallet applicants: Reach Financial caps annual percentage rates at 21.04% for those who apply via NerdWallet. Other applicants may receive rates as high as 31.79%. Click the green “get my rate” button on this page to start the pre-qualification process.
- Fast funding: Reach Financial provides instant approval responses once you submit your application. If you’re approved, the lender can fund your loan the very next day.
- Rate discounts and direct pay to creditors for debt consolidation: Reach Financial told us borrowers can shave 1.5 percentage points off their loan’s APR if they use the loan for debt consolidation. Another plus when consolidating debt: The lender sends your loan funds directly to your creditors, saving you from having to do it yourself.
Why Reach Financial may not be right for you
- Limited loan amounts: This lender only makes sense if you need to borrow between $3,500 and $40,000. Several other lenders we review offer a wider range of loan amounts.
- Can’t apply with a co-applicant or use collateral: Some lenders let potential borrowers apply with a co-signer or co-borrower, or they allow applicants to use collateral to secure a loan. These options tend to help applicants qualify or get a lower interest rate. However, Reach Financial only offers unsecured loans and only to individual applicants.
- Loan comes with an origination fee: You can expect an origination fee from 5% to 7.19% of your loan amount, which adds to the cost of the loan. These fees are typically deducted from the loan before the funds are disbursed, meaning you’ll either get less money than you asked for, or you’ll need to ask for more than what you actually desire to borrow.
How much does a Reach Financial loan cost?
The total cost of a Reach Financial loan depends on the amount borrowed, APR and term length. Here’s an example of how different rates affect the costs of a $10,000 loan with a three-year term. For context, Reach Financial told NerdWallet its average borrower gets an APR ranging from 15% to 19.99%.
APR | 10%. | 20%. |
Monthly payment | $323. | $372. |
Total interest cost | $1,616. | $3,379. |
Total loan cost | $11,616. | $13,379. |
» MORE: Use our personal loan calculator to estimate your costs
Do you qualify for a Reach Financial personal loan?
Reach Financial looks for applicants with fair credit or better. The lender doesn’t offer loans in Colorado, Connecticut, Maine, Nevada, New Hampshire, Tennessee, Vermont or West Virginia.
Reach Financial’s borrowing requirements
- Minimum credit score: 660.
- Minimum credit history: 3 years and 1 account.
- Must provide a Social Security number.
- Must have a valid email address.
- Must have a valid U.S. bank account.
- Must have a valid U.S. phone number.
- Must reside in a state where Reach Financial is licensed to provide personal loans.
- Must be at least 18 years old.
Profile of an average Reach Financial borrower
For an idea of where you would fit in among other borrowers and what to expect, we asked Reach Financial about its average borrower. Here’s what the lender told us.
- Average loan amount: $20,000 to $29,999.
- Average APR: 15% to 19.99%.
- Most common loan term: 5 years.
- Most common loan purposes: Debt consolidation.
- Average borrower’s credit score: 720 or higher.
- Average annual income: $75,000 to $99,999.
- Average borrower’s debt-to-income ratio: 30% or less.
» MORE: How to get a personal loan
Frequently asked questions
Q: What rate discounts does Reach Financial offer?
A: If you use the loan to consolidate debt, you can get your rate reduced by 1.5 percentage points. Existing customers can get a rate discount of about 2 percentage points. Another thing to note: The lender caps the maximum APR at 21.04% for NerdWallet applicants, which is much lower than the 31.79% maximum APR for those who apply directly from the lender’s website.
Q: What’s the most common reason Reach Financial applications are denied?
A: Reach Financial told NerdWallet having a low credit score is the most common reason for not approving a loan application. The lender requires applicants to have a credit score of at least 660.
Q: Does Reach Financial report loan payments to the major credit bureaus?
A: Reach Financial reports loan payments to Experian and TransUnion but not Equifax. That means if a lender, employer or landlord pulls your Equifax credit report in the future, they would not see proof of you making on-time payments on your Reach Financial loan.
Q: What happens if you’re experiencing financial hardship and can’t make an upcoming loan payment?
A: Contact Reach Financial and ask about one of its hardship accommodations. The lender may defer your payment, temporarily reduce the payment amount, modify your loan or grant you loan forbearance. Make sure to contact the lender prior to missing a payment, or you may be charged a late fee. However, Reach Financial gives borrowers a 14-day grace period to make a payment before charging a late fee. Lenders typically report payments that are 30 days late to the credit bureaus, which can negatively impact your credit score.
How does Reach Financial compare?
 |  |  |  |
|---|---|---|---|
Est. APRFrom 6.99% to 35.49% | Est. APRFrom 6.53% to 35.99% | Est. APRFrom 7.24% to 24.89% | Est. APRFrom 7.74% to 35.99% |
Loan amountFrom $5,000 to $100,000 | Loan amountFrom $1,000 to $75,000 | Loan amountFrom $5,000 to $100,000 | Loan amountFrom $1,000 to $50,000 |
Min. credit scoreNaN | Min. credit score600 | Min. credit score660 | Min. credit score600 |
How we rated this lender
NerdWallet’s editorial team rates lenders using a rubric with five weighted categories and 29 subcategories. Here are the factors we prioritized, plus why this lender received each score.
Overall rating
4.2/5
Affordability25% of rating
4.1/5
Reach Financial offers competitive APRs plus rate discounts, but personal loans come with origination fees that are at least 5% of the loan amount.
Our Method: We review lenders’ rates and fees, plus any opportunities for rate discounts.
Customer experience20% of rating
3.7/5
Reach Financial lets customers adjust their monthly payment date and offers hardship accommodations to borrowers in need. But it doesn’t have a mobile app and only reports payments to two of the three major credit bureaus.
Our Method: We look at factors such as customer service availability, monthly payment flexibility and whether the lender reports on-time payments to major credit bureaus.
Loan flexibility20% of rating
4.3/5
Reach Financial offers a variety of loan amounts and repayment terms, but you can’t get a secured, co-signed or joint loan.
Our Method: We assess loan amount and term ranges and whether lenders offer multiple loan types or direct payment to creditors on debt consolidation loans.
Underwriting and eligibility20% of rating
4.4/5
Loans are available to residents of most U.S. states but not all. Reach Financial uses a soft credit check to pre-qualify potential borrowers before conducting a hard credit pull prior to funding.
Our Method: We consider how widely available and accessible the loans are and how lenders review applicants’ credit.
Application process15% of rating
4.7/5
You can get an instant approval response and next-day funding with this lender. Reach Financial is transparent about what rates and terms you can expect, which is important when applying for a personal loan.
Our Method: We evaluate loan approval and funding times and the lender’s transparency throughout the application process.
Read more about our ratings methodologies for personal loans.
Reach Financial borrower reviews
3.6out of 5
(4 reviews)
75%
Would recommend
this product
Rating Breakdown
5
(2)4
(1)3
(0)2
(0)1
(1)Sort by:
Robert H.
Verified BorrowerWould you recommend this product? Yes
It went real quick. Real quick. Satisfied.
Adrian M.
Verified BorrowerWould you recommend this product? No
I was not satisfied with the product. Thank you.
Bruno S.
Verified BorrowerWould you recommend this product? Yes
Process was very smooth. As far as the product, it helped me. Just a little expensive. But other than that everything went well.
User reviews are displayed for informational purposes only and are not monitored for accuracy. These reviews do not reflect the opinions of NerdWallet or the financial institutions referenced and are not endorsed by them. Neither NerdWallet nor the financial institutions are responsible for the content of any review, nor are the financial institutions obligated to respond to or address any user posts.
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