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Reach Financial 2025 Personal Loan Review

Last updated on September 4, 2025
Nicole Dow
Written by 
Lead Writer & Content Strategist
Kim Lowe
Edited by 
Head of Content, Personal & Student Loans
Fact Checked
Nicole Dow
Written by 
Lead Writer & Content Strategist
Kim Lowe
Edited by 
Head of Content, Personal & Student Loans
Fact Checked

Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.

Our Take

4.0

NerdWallet rating
The Nerdy headline:

Reach Financial personal loans are suitable for good-credit borrowers looking to consolidate debt. Loans are funded fast, but they lack some key features offered by other lenders.

Jump to:Full Review
Reach Financial Personal Loans
Reach Financial Personal Loans
Est. APR
7.99-35.99%
Loan amount
$3,500 - $40,000
Min. credit score
660
on NerdWallet

Pros

  • Direct payment to creditors with debt consolidation loans.

  • Next-day funding.

  • Relatively low income requirement.

  • Free credit score access.

Cons

  • Charges an origination fee.

  • No rate discount.

  • No co-signed, joint or secured loan options.

  • Reports payments to only two of the three major credit bureaus.

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Full Review

Reach Financial provides personal loans to good- and excellent-credit borrowers exclusively to consolidate credit card and other unsecured debts.

Reach loans can be funded quickly, but repayments aren’t reported to all three credit bureaus. Reach also doesn’t offer co-signed, joint or secured loans.

» MORE: Compare personal loans

Reach Financial personal loans at a glance

Minimum credit score

600.

APR

7.99% - 35.99%.

Fees

  • Origination fee: Up to 8%.

  • Late fee: $15.

  • Nonsufficient funds fee: $25.

Loan amount

$3,500 to $40,000.

Repayment terms

2 to 5 years.

Time to fund after approval

Next-day funding, but loan approval can take 2-3 days.

Where Reach Financial personal loans stand out

Direct payment to creditors: Reach personal loans can only be used for debt consolidation, and the lender says it sends funds directly to borrowers’ creditors on accounts with balances of at least $500. Having a lender send the funds for you streamlines the payoff process.

Next-day funding: Reach says it sends funds to creditors within a day of the loan being approved, though loan approval can take a couple days after submitting an application. Keep repaying your debts until you see the account balances at zero to avoid missed payments while the funds are processing.

Relatively low income requirement: While the lender says its average borrower has an annual income around $80,000, Reach only requires borrowers to earn $20,000 a year in order to qualify for a personal loan.

Free credit score access: Reach lets borrowers view their credit scores for free each month. This allows borrowers to see the impact paying off debt has on their credit standing.

Here’s where we feature Reach Financial

Where Reach Financial personal loans fall short

Charges an origination fee: Reach charges an origination fee up to 8% of the loan amount. It is deducted from the loan proceeds, essentially lowering the amount you’ll receive.

No rate discount: Unlike some lenders, Reach does not offer ways borrowers can reduce their annual percentage rate. Other lenders provide rate discounts to borrowers who set up automatic loan payments or authorize direct pay to creditors on debt consolidation loans.

No co-signed, joint or secured loans: Reach only provides unsecured personal loans. Co-signed, joint and secured loans typically have lower rates than unsecured loans.

Reports payments to only two of three major credit bureaus: Reach Financial reports personal loan payments to Experian and TransUnion but not Equifax. This means if, after repaying a Reach personal loan, a consumer applies for credit with a lender that only checks Equifax, that lender won’t see any positive payment history from Reach.

How to use Reach Financial personal loans

Reach Financial’s personal loans are specifically for consolidating credit cards and other unsecured debts. If you’ve approved for a higher amount than what’s owed on your debts, Reach will pay off your creditors and then send you the remaining money to use for any other purpose.

Do you qualify for a Reach Financial personal loan?

Reach Financial offers debt consolidation loans to good- and excellent-credit borrowers whose debt account balances are $500 or more. Loans are not available to residents of CO, CT, ME, NV, NH, TN, VT, WV or any of the U.S. territories.

Reach Financial’s borrowing requirements

  • Minimum credit score: 600.

  • Minimum annual income: $20,000.

  • Maximum debt-to-income ratio: 70%, not including mortgage payments.

  • Minimum credit history: 3 years and 1 account.

  • Must provide a Social Security number and valid email address.

Reach Financial’s average borrower snapshot

  • Average borrower’s credit score: 700.

  • Average annual income: $80,000.

  • Average borrower’s debt-to-income ratio: 20% to 30%.

  • Average loan amount: $18,000.

  • Average APR: 21%.

  • Average loan term: 50 months.

» MORE: How to get a personal loan

How we rate Reach Financial

NerdWallet writers and editors rate lenders against a rubric that changes each year based on how personal loan products evolve. Here’s how we scored Reach Financial this year:

Category

Star rating

Affordability

Customer experience

Underwriting and eligibility

Loan flexibility

Application process

Overall

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Find the Best Personal Loan

Best personal loansDebt consolidation loansGood credit personal loansFair credit personal loans

How we chose the best personal loans

Our team of consumer lending experts follows an objective and robust methodology to rate lenders and pick the best.

30+

Lenders reviewed

We review over 35 lenders, including major banks, top credit unions, leading digital platforms, and high interest installment lenders operating across multiple states.

25+

Categories assessed

Each lender is evaluated across five weighted categories and 27 subcategories, covering affordability, eligibility, consumer experience, flexibility, and application process.

60+

Data points analyzed

Our team tracks and reassesses hundreds of data points annually, including APR ranges, fees, credit requirements, and borrower tools, ensuring up to date, accurate comparisons.

Star rating categories

We evaluate more categories than competitors and carefully weigh how each factor impacts your experience.
Affordability

25%

We review lenders’ annual percentage rate offerings and the competitiveness of each lenders’ APR range. We also assess whether a lender charges an origination fee and any opportunity for borrowers to receive a rate discount.

Customer experience

20%

We consider the experience of the consumer trying to manage a personal loan, which means accessibility of customer service representatives, whether borrowers can choose and change their payment due date, and the ability to track their loan on a mobile app.

Underwriting and eligibility

20%

We consider the rigorousness of each lender’s underwriting practices and how widely available their loans are. This category includes whether a lender does a hard credit check before providing a loan, the range of credit profiles they accept and how many states their loans are offered in.

Loan flexibility

20%

We assess how flexible lenders can be with borrowers, including whether they offer multiple loan types, personal loan amounts and repayment term options and whether they offer direct payment to creditors on debt consolidation loans.

Application process

15%

We consider the lender’s full application process, including a borrower’s ability to preview their loan offer via pre-qualification, whether basic loan information such as APR range and repayment terms are available and easy to find online and how quickly a loan can be funded after approval.

5.0

Overall score

NerdWallet’s review process evaluates and rates personal loan products from more than 30 financial technology companies and financial institutions. We collect over 60 data points and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.
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