
Reach Financial Personal Loans
Would you recommend Reach Financial Personal Loans to your friends?
Community Rating | Mostly recommended |
APR (Fixed APR) |
5.99% - 35.99% (Verified 12/28/2022)
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Loan Amount | $3,500 - $40,000 |
Loan Term (Months) | 24 - 60 months |
Number of Reviews | 10 |
Reach Financial Personal Loans Review
Reach Financial Personal Loans is offered by Reach Financial, a bank founded in 2015 and based in New York, NY. Reach Financial Personal Loans are available in 38 states (and Washington, DC).
Key Takeaways
- APRs starting at 5.99%. Personal loan interest rates typically range between 5% and 36%. The starting rates for Reach Financial Personal Loans are on the lower end of the spectrum.
- Prequalified rate. You can check your prequalified rate at Reach Financial with a soft pull that will not affect your credit score.
- Origination fees of up to 8%. This is on the high end for lenders on SuperMoney's database. Origination fees are deducted from the loan amount, so consider them when deciding how much you need to borrow.
- Minimum income of $12,000. You will need an annual income of at least $12,000 to apply for Reach Financial Personal Loans, which is below average for the lenders in our database
Reach Financial Personal Loans Pros & Cons
Pros | Cons |
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Reach Financial Personal Loans FAQ
What interest rates and personal loan terms does Reach Financial Personal Loans offer?
Reach Financial Personal Loans has lower than average interest rates for lenders reviewed on SuperMoney.
What interest rates does Reach Financial Personal Loans offer?
Reach Financial Personal Loans offers a fixed APR personal loan product that ranges from 5.99% APR up to 35.99% APR.
How much can you borrow via Reach Financial Personal Loans?
Personal loan amounts start at $3,500 and go up to $40,000.
What is the maximum loan term you can get with Reach Financial Personal Loans?
Reach Financial Personal Loans offers loans with terms of up to 60 months.
Personal Loan Amount | $3500 - $40000 |
Loan Term | 24 - 60 months |
APR | 5.99% - 35.99% |
What fees does Reach Financial Personal Loans charge?
Does Reach Financial Personal Loans charge an origination fee?
Reach Financial Personal Loans may charge a personal loan origination fee of 0% to 8% of the personal loan amount. Reach Financial Personal Loans deducts the origination fee directly from your personal loan amount, so make sure you take this fee into account when deciding how much you need to borrow.
Does Reach Financial Personal Loans charge a late fee?
Yes, Reach Financial Personal Loans may charge borrowers a late payment fee if you miss one of the monthly payments of up to $15.
Does Reach Financial Personal Loans charge prepayment fees?
No, Reach Financial Personal Loans does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the personal loan off early.
Origination Fee | 0% - 8% |
Prepayment Fee | No |
Late Payment Fee | $15 |
What do you need to qualify for Reach Financial Personal Loans?
Applicants with a credit score that ranges from 620 may be eligible for Reach Financial Personal Loans. The minimum age to be eligible is 21 or the state minimum, whichever is higher.To qualify for personal loans with Reach Financial Personal Loans, applicants need a minimum annual income of $12,000 or higher. Reach Financial Personal Loans only considers borrowers who are employed and meet the minimum income requirement.
The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Reach Financial Personal Loans. Their rates fall within the limits of The Military Lending Act.
U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by Reach Financial Personal Loans.
To qualify, applicants may need to provide the following documentation:
- Applicants must have an active and valid personal checking account
- Recent pay stubs
- Recent bank statements
- Driver's license
- Proof of citizenship or residence permit
Minimum Age | 21 |
Bank Account Required? | Yes |
Application Types Accepted |
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Credit Score | Starting at 620 |
Does Reach Financial Personal Loans report your account activity to credit bureaus?
Yes, Reach Financial Personal Loans reports your account activity to the following credit reporting agencies:
- Experian
Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.
Is Reach Financial a legit company?
Reach Financial Personal Loans was founded in 2015. It is an established company that has been in business for 8 years. Based on their "mostly recommended" SuperMoney community rating, they seem to be a reputable company.
Message From Reach Financial Personal Loans
Contact
- Headquarters
-
180 Maiden Ln
New York, NY 10038 - Visit Site
- Email Support
About Reach Financial Personal Loans
Availability
- Alaska
- Alabama
- Arkansas
- Arizona
- California
- Washington, DC
- Delaware
- Florida
- Georgia
- Hawaii
- Iowa
- Idaho
- Illinois
- Indiana
- Kansas
- Kentucky
- Louisiana
- Massachusetts
- Maryland
- Michigan
- Minnesota
- Missouri
- Mississippi
- Montana
- North Carolina
- North Dakota
- Nebraska
- New Jersey
- New Mexico
- New York
- Ohio
- Oklahoma
- Pennsylvania
- South Carolina
- South Dakota
- Texas
- Virginia
- Washington
- Wisconsin
Feature Breakdown
Late Fee Amount | $15 |
No Prepayment Fee | |
Origination Fee (%) | 0% - 8% |
Reach Financial Personal Loans Community Reviews
Would you recommend Reach Financial Personal Loans to your friends?
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