
About Reach Financial
Reach Financial offers personal loans to help you refinance credit card debt or consolidate debts from various creditors. You can check your rate on a loan from $3,500 to $40,000 with no effect on your credit score, then customize your loan terms. Other benefits include monthly access to your credit score, the ability to pause your payment for up to 90 days and U.S.-based customer service.
Overall Satisfaction Rating
- 5 stars
- 4 stars
- 3 stars
- 2 stars
- 1 stars
Pros
- Customizable loan terms
- Free credit score monthly
- Payment pause up to 90 days
- Cash bonuses for paying on time
Cons
- Limited uses for loans
- No weekend phone support
Bottom Line
Reach Financial offers personal loans for refinancing or consolidating debt in amounts up to $40,000. You can check your fixed rate on a loan with no hit to your credit and get an offer in minutes.
What is Reach Financial?
Reach Financial’s goal is to help customers pay off debt faster. It provides personal unsecured loans for refinancing credit card debt and consolidating debt. Reach Financial claims its customers have paid off a total of $1 billion in debt while also raising their credit scores an average of 50 points over three months by making on-time payments.
Reach Financial loans are issued by either Pathward National Association or FinWise Bank. Reach Financial is based in New York City and offers customer support by phone Monday through Friday.
How does Reach Financial work?
You can get started with Reach Financial by checking your rate online:
- Choose a loan amount between $3,500 and $40,000. Select your loan purpose: consolidating debt or refinancing credit card debt.
- Fill out identifying information, including your name, email address, phone number, date of birth and address. You also need to provide your gross annual income, type and length of employment and monthly housing payment.
- Once you have submitted the required information, you’ll see your rate in minutes. Reach Financial runs a soft credit check, so your credit score won’t be affected. From there, you can customize your loan terms before officially applying for a loan. You’ll choose a payoff strategy during the process, which includes the loan balances you want to consolidate or refinance.
Your loan comes with other benefits, like free monthly credit score updates and even cash bonuses for paying on time. If you’re struggling to meet a payment deadline, you may be able to pause your payments for up to 90 days by submitting a hardship request. Your loan will continue to accrue interest during this period.
Reach Financial rates
Reach Financial’s fixed annual percentage rates (APR) range from 5.99% to 35.99% at the time of publishing. The rate you get depends on your credit history, loan amount and term length. Reach Financial charges an origination fee from 0% to 8%. The best way to find out your rate is to check it on the website; it takes minutes and doesn’t affect your credit score.
Reach Financial FAQ
Does Reach Financial affect my credit?
Checking your rate from Reach Financial doesn't affect your credit. Typically, a lender only does a hard credit pull once you formally apply for a loan. This can lower your score by several points.
Can you refinance with Reach Financial?
Reach Financial offers debt consolidation loans and loans that help you refinance your credit card debt.
How much money can I borrow from Reach Financial?
You can borrow between $3,500 and $40,000 from Reach Financial.
How long does it take to get a loan from Reach Financial?
It takes around 48 hours after loan approval for a creditor to receive the loan funds, according to Reach Financial.
Is Reach Financial legit?
Reach Financial is a legitimate company that has helped borrowers pay off hundreds of millions of dollars in debt. Loans are funded by two FDIC-insured banks. The company offers several good features, including monthly credit score updates and payment pauses. However, unlike with many other lenders, you can only use its personal loans to pay off debt. If you're looking for a debt consolidation loan or a credit card refinancing loan, we suggest getting a rate quote from Reach Financial and comparing it with other offers.
Reach Financial Reviews
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I received a letter and got into a financial bind. I got in touch with Reach Financial and they helped me out. The application process was nice, easy, and painless. My rep has been on top of everything, answered all my questions, and got me going again. I'm really happy with the way everything went and I couldn’t ask for anything better. If I need to do any type of business along their line again, I'm definitely going to get back in touch with Reach Financial without hesitation. And if I know anybody that could use their services, I'll recommend them, too.
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I was looking for a way to consolidate some loans and stuff that I had. I found out about Reach Financial and we pieced everything together in the best way for me to consolidate everything and get everything going. They took care of all the accounts so it was pretty smooth. The application process to fill out and to get everything done probably took 30 minutes in total. I had to go through a phone call with an advisor and then someone who helped me piece everything together. I submitted my application to them and they emailed me back. They needed me to verify something so they emailed me back and I emailed them back the next day. It was pretty quick. Reach Financial has been helpful. Any problem I had, we ended up solving and figuring them out. I had my first payment to them this month.
The process with Reach Financial was fairly smooth. The longest part of the process was just entering my information, my name, and my billing information. I did everything online except for one thing. For whatever reason, while I was deployed, one of my payments didn't go through. So, an employee reached out to me and was talking to me, trying to figure out what was going on with that. He was very courteous and kind. I am not too savvy when it comes to financing and how that works, and he was able to explain their entire process to me, how it was going to work, essentially like the left and right limits that I could go to. He made everything clear and answered all of my questions.
The process was straightforward. I clicked on the advertisement then there were some prompts that I went through. Someone contacted me, and we talked about what I was trying to do. He took some initial information from me. When I voiced concerns about having some trust issues, he said things that made me feel more comfortable about giving him my information. Then he connected me with the next level financial advisor that closed the deal. The phone conversations with the two gentlemen took 45 minutes to an hour. Then I had to link my bank account. That took another 30 minutes. The process took an hour and a half tops. I never heard of Reach Financial before. I wasn't sure who I was talking to. There was some hesitation on my part. But the advisors were helpful and very professional. They explored a few different options that I could do. They explained things very clearly. They knew what they were talking about.
I borrowed some money from Reach Financial to pay a few of my credit cards off. I did it online, and I set the payment date as the 25th. I haven't made first payment yet, but it’s gonna be electronic each month. Overall, Reach Financial did what they said they would do, and I’m satisfied with them. I never thought about going into debt to get out of debt, but one bigger payment is a lot easier to handle than five smaller payments. I would recommend it again.
My experience with Reach was awesome. They were very good and knowledgeable. I was very happy. I got an affordable rate for my loan.
Applying for a loan with Reach Financial was really smooth. Everything was done over a phone call. Their loan rep was really helpful. It was a good thing that I was able to get that loan, and I would recommend Reach Financial.
I filled out the form and Reach said it would take about three days and everything will be paid off. But it took two weeks and nobody told me what was going on. Nobody sent me an email and called me. I was kinda left in the dark until I saw one day that my debt was paid off. I don't even know when my payments are gonna be or what's going on. I haven't been receiving emails if my account is up to where they would automatically withdraw all the payments. Other than that, getting the required documents over to Reach was pretty easy. Half the time, somebody stayed on the phone with me and was explaining things to me. That helped a lot.
Credit Karma told me I had outstanding chances for a loan through a company, but I didn't get approved for it. That was when I came in contact with Reach Financial, and they came through. They had the loan based on my debts and where I owed money to. That made it really easy 'cause all I had to do was plug in the balance, the account numbers and they were paid off. That's what I'm paying back for now, which is great.
The rep I had at Reach was very helpful and had all the information that I needed. Applying with them was fairly easy and quick.
Reach Financial Company Information
- Company Name:
- Reach Financial
- Website:
- www.reach.com