Reach Personal Loans Review 2024

Our review of Reach personal loans analyzes interest rates, fees, and repayment terms for borrowers who need help consolidating debt.
Written by Shannon Lee
Financial Expert
Managing Editor

If you’re looking to pay down your high-interest credit cards and consolidate them into one easier monthly payment, Reach is a company that might suit your needs. With payments sent directly to creditors, vital customer service, and a hardship plan for those who run into financial trouble, Reach offers more than the average lender.

Reach At a Glance

Reach is a personal loan company that focuses on debt consolidation.

Loans from $3,500 to $40,000 are available to those with good credit, meaning a minimum credit score between 685 and 700.

Reach doesn’t allow for cosigners, joint loans, or secured loans, but you do get rapid funding to pay off creditors right away, as well as excellent customer service and the ability to choose your monthly payment.

Reach Personal Loans Pros & Cons

Which Lenders Have the Best Personal Loan Rates?

Finding the right lender could help you save hundreds or even thousands of dollars. The best way to know if you’re getting the best loan rate is to compare offers from competing lenders.

Compare to Others

When looking for a debt consolidation or personal loan, never go with the first lender you contact.

You should always take the time to look at the variety of options out there and choose the one that suits your needs and budget.

To that end, let’s look at some of the competitors of Reach.

Happy Money

Happy Money, formerly Payoff, is a company that pays off credit card debt with consolidation loans.

It’s comparable to Reach in loan amounts ranging from $5,000 to $35,000 but with lower origination fees at anywhere from 0% to 5% of the loan amount.

A minimum credit score of 640 is required. Still, Happy Money offers even more transparently by explaining how their underwriting works so you know whether you qualify before filling out the online form.


Upgrade is an option that goes further than Reach regarding amounts offered, with loans ranging from $1,000 to $50,000.

Though it isn’t necessarily a debt consolidation company, it will pay your creditors directly if you prefer.

You can choose to have a co-applicant for this lender and take advantage of their hardship program if you run into dire financial straits.

And if you have a lower credit score, that’s fine – Upgrade accepts those with bad or fair credit.


Those with excellent credit and very high credit card debt might find relief with SoFi, a lender that offers up to $100,000 in loans.

There are no origination fees, no fees for early repayment, and the opportunity for joint applications. Loan terms range from 24 to 84 months.

You can choose between fixed and variable rates.

Who Is a Reach Personal Loan For?

If you’re watching your credit card balances go up at an alarming rate thanks to unforgiving interest rates, Reach might be for you.

The up to $40,000 offered by Reach is meant for debt consolidation, and as such, your creditors are paid within days of loan approval. However, you must have a good credit score and a solid financial history to qualify.

You can choose your term, which means you can decide how much you pay each month. Furthermore, you can change your payment due date. These options allow you to keep better control of your finances from month to month. Even so, the company offers a hardship program to keep you on track.

Top Features of the Reach Personal Loan

One of the best features of the Reach personal loan is the ability to take out up to $40,000 and pay it back on your terms. Here’s what you need to know about the top features of the lender. 

Hardship Program

If you need help paying back your loan, there is potential help. Reach offers a hardship program that can provide a 90-day pause in payments. Documentation will be required to get the hardship waiver, but remember that there are no guarantees — the delay is granted on a case-by-case basis.

Payments Direct to Creditors

The company will immediately begin paying your creditors when your loan is approved. You will be relieved to see your credit card balances drop within a matter of days without you having to do anything other than sign for the loan. Reach does all the rest.

Keep Up With Your Credit

Reach offers a free look at your monthly credit score to keep you in the loop with your financial life. Keeping on top of your credit score can help you plan for your financial future. You can watch it go up as you make on-time payments on your loan.

Soft Credit Check

You can learn the rates and terms you qualify for by entering information on the website. When you do this, there is no hard credit check; a soft credit check won’t affect your credit score but will give you the information you need to know if Reach is right for you. Your credit will take a brief hit when you apply for a loan.

Customize Your Repayment

You can choose your term of anywhere from 24 to 60 months, which allows you to select your monthly payment. This can help you keep control of your finances by choosing a term you know you can afford. For even more flexibility, you can also change your due date.

Rating the Features

Understanding the features of Reach can help you decide if it’s what you need for your financial life right now. From origination fees to APRs to the customer support offered by the company, we have everything you need to know to make an informed decision.

User Experience

The prequalification process takes only a few moments, and the application is also online, making it easy to upload the proper documentation to get the ball rolling. The U.S.-based customer service is available around the clock for any issues. Going from application to creditors paid usually takes only a matter of days.


Those who choose Reach can expect up to 8% origination fees, but those with excellent credit might qualify for a lower fee. There are no other fees, such as fees for early repayment. 


Those with good credit will find that Reach offers a competitive APR; however, those with less-than-stellar credit might discover that they are offered an APR that rivals or surpasses their high-interest credit cards. If that’s the case, think long and hard about whether Reach is the right choice. 


There are many options available to customize monthly payments. The customer gets to choose their term, anywhere from 24 to 60 months, and that variety of options allows for solid control of your month-to-month finances.

Customer Support

Customer service based in the United States can take your call Monday through Friday between 8 a.m. and 8 p.m. Eastern Standard Time. Email is available at any time. If you prefer to handle things independently, a robust app allows you to manage your loan. You also get a free look at your credit score each month.


There is a robust mobile app and a solid online presence with Reach. However, it’s currently available in only 37 states. Funding is quick, sending money to your creditors within 24 hours of the loan approval. How quickly the creditors process the payment may vary.

Bottom Line

When you are staring down high-interest credit card debt and worrying about balances, Reach is the opportunity to pay it down and regain control of your financial life. 

Choosing your monthly payment, due date, and which creditors get the funding can all help you breathe easier. Reach even provides a hardship program for those who run into money trouble.

Frequently Asked Questions

How long does it take to get funds into my bank account?

Unlike many other lenders, Reach doesn’t send funds directly to the customer. As a company specializing in debt consolidation, Reach sends the funds to your creditors as soon as you are approved for the loan. This usually happens within a day or two.

How does the origination fee work?

At Reach, the origination is taken from the loan before it is sent to creditors. So, whatever your loan amount is, reduce that by the percentage of your origination fee. giving you the actual amount you will receive to pay off the bills.

Does Reach offer autopay?

Yes, Reach offers autopay and the opportunity to change your payment due date. Unfortunately, there is no discount for autopay.

About Author
Shannon Lee
Shannon Lee, a versatile contributor to MoneyRates, is a freelance writer with a passion that spans over two decades. Her extensive writing portfolio encompasses a myriad of topics, ranging from personal finance and home improvement to education, relationships, and medical and health subjects. In addition to her prolific freelance career, Shannon is also a novelist. Shannon’s dedication to providing insightful and informative content makes her a valued voice in the world of personal finance.
Our reviews are unbiased and thorough, focusing on consumer needs. For details, see our Editorial Policy & Methodology.