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Table of Contents
Reach Financial personal loans
Reach Financial Personal Loan
Fees
Origination fee ranges from 0% to 5%, $15 late fee
Reach Financial Personal Loan
Fees
Origination fee ranges from 0% to 5%, $15 late fee
On Reach Financial’s website
On Reach Financial’s website
Loan Details
Fees
Origination fee ranges from 0% to 5%, $15 late fee
Pros & Cons
Low minimum interest rate
Relatively fast funding speed
Can only use loan to consolidate debt or refinance credit cards
Origination fee
Late fee
Not available in all states
Highlights
Loan term lengths between 24 to 60 months
Loans unavailable in Colorado, Connecticut, Hawaii, Louisiana, Maine, Nevada, Oregon, Tennessee, Vermont, West Virginia
Your creditors are paid directly about 48 hours after your loan is approved
Make payments either biweekly or monthly
Reach will only consolidate unsecured debt
Pros and cons of Reach Financial personal loans
Compare Personal Loan Rates
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
How Reach Financial compares
Editor’s rating
2.75/5
Regular APR
5.99% to 35.99%
Editor’s rating
3.5/5
Regular APR
7.99% – 24.99% APR
Editor’s rating
4.25/5
Regular APR
7.99% – 23.43% (with all discounts)
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
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.
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.
Ryan Wangman, CEPF
Loans Reporter
Ryan Wangman is a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF). In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe. Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services here >>
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