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Reach Financial Personal Loans
in Personal Loans from Reach Financial
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Reach Financial Personal Loans

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in Personal Loans from Reach Financial
SuperMoney Net Recommendation Score +30  

SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly recommended by SuperMoney users with a score of +30, equating to 3.6 on a 5 point rating scale.

+30

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Mostly recommended

5 users recommend
3 users are unsure
2 users don't recommend
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Highlights
Community Rating Mostly recommended
APR  (Fixed APR) 5.99% - 35.99%
(Verified 12/28/2022)
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
  • Origination fees start as low as 0% for well-qualified applicants.
  • 100% U.S. Based Customer Service.
  • Low APRs available to qualified borrowers.
  • $0 prepayment fee.
  • Considers applicants with fair credit.
  • APRs as high as 35.99%.
  • Charges an origination fee of up to 8% of the loan amount.
  • Charges a late fee of $15

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.

Reach Financial Personal Loans Interest Rates & Loan Terms
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.

Reach Financial Personal Loans Fees
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
Reach Financial Personal Loans Eligibility Criteria
Minimum Age 21
Bank Account Required? Yes
Application Types Accepted
  • Individual Applications
    		•
    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.

    Reach Financial Personal Loans Disclosure: All loans are subject to eligibility criteria and review of creditworthiness and history. Terms and conditions apply. All loans advertised are unsecured personal loans issued by either Pathward National Association or FinWise Bank, a Utah chartered commercial bank, member FDIC, as creditor, on the Reach Financial platform. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, and the loan term you select. Fixed Annual Percentage Rates (APR) range from 5.99% to 35.99%. You could receive a loan of $10,000 with an interest rate of 8.93%, an origination fee of $200, for an APR of 9.80%, which would result in total payment of $12,435 with 60 monthly payments of $207.20. Your actual rate may differ and depends on your credit history, loan amount, and term. Total approved loan amount reflects origination fee, which ranges from 0% to 8%. *Within 24 hours of your loan approval, loan proceeds will be available to pay the creditors named on your Truth-In-Lending Disclosure. View Reach Financial Personal Loans's published terms & conditions.
    SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
    Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

    Message From Reach Financial Personal Loans

    Reach Financial is a financial services company and digital lending platform with the mission of helping people outsmart debt for good. We provide innovative personal loans designed to help people pay down debt faster and take control of their finances. The company was founded in 2015 by a Team that has significant experience in building customer-centric, data-driven products that make personal finance simple and intuitive. Our belief is that it’s time to challenge the status-quo of borrowing and how it works, and our job is to provide the tools to consumers to make overcoming debt a reality. With our expanding suite of lending and banking services that will be delivered through best-in-class digital products and experiences, we are focused on helping consumers de-mystify personal finances so that they can live better lives.

    Contact

    Hours of Operation

    • Sunday Closed
    • Monday 9:00am - 8:00pm
    • Tuesday 9:00am - 8:00pm
    • Wednesday 9:00am - 8:00pm
    • Thursday 9:00am - 8:00pm
    • Friday 9:00am - 8:00pm
    • Saturday Closed

    About Reach Financial Personal Loans

    View Reach Financial Profile

    Availability

      Available in 38 states and Washington, D.C.
    • 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%
    Checking Account Required
    Employment Statuses Considered
    • Employed Full-Time
    • Retired
    Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
    Joint Loan Applications Accepted
    • Individual Applications
    Military Status
    • Active Duty Military
    • Non-Military
    • Veterans
    • Military Dependent
    Minimum Age 21
    Minimum Annual Income $12,000
    Supported Income Types
    • Direct Deposit (W2, SSA, SSDI)
    • Cash
    • Payroll Check or Prepaid Card
    • 1099 Misc. Income
    • Tax Returns
    Verification Documents Required
    • Driver License (or other photo ID)
    • Proof of citizenship/residence (Green Card)
    • Recent Pay Stubs
    • Recent Bank Statements
    Credit Score Range 620 -
    Credit Bureau Reporting Experian
    Customizable Payment Dates
    Payment Options Check by mail
    Pre-Qualified Soft Credit Inquiry
    APR Type Fixed APR
    Loan Amount $3,500 - $40,000
    APR (Fixed APR) 5.99% - 35.99%
    (Verified 12/28/2022)
    Loan Term 24 - 60 months

    Reach Financial Personal Loans Community Reviews

     

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    SUPERMONEY NET RECOMMENDATION SCORE

    This product is mostly recommended by SuperMoney users with a score of +30, equating to 3.6 on a 5 point rating scale.

    +30

    Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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    We endeavor to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide.

    † To check the rates and terms you qualify for, one or more soft credit pulls will be done by SuperMoney, and/or SuperMoney's lending partners, that will not affect your credit score. However, if you choose a product and continue your application at a lending partners' website, they will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.