Reach Financial debt consolidation loan, reviewed
Reach Financial lends $3,500 to $40,000 for paying off cards. Its rates, its fee range and the terms it offers, from its own disclosure.
$352 to $594 a month with Reach Financial on $15,000 over four years
$489 a month to clear the same $15,000 on 24% cards in four years
| APR range | 5.99% to 35.99% |
|---|---|
| Loan sizes | $3,500 to $40,000 |
| Terms | 24 to 60 months |
| Fee | Origination fee of 0% to 8% |
| Bank average, 24-month loans | 11.9% |
A Reach Financial debt consolidation loan replaces several card payments with one fixed payment. Its sizes start at $3,500 and stop at $40,000, so very small or very large balances need another lender.
Below are its rates, sizes and fees from its own disclosure, and who it suits.
Rates and loan sizes
Reach lists fixed APRs from 5.99% to 35.99% on loans of $3,500 to $40,000 (Reach Financial).
Terms run from 24 to 60 months. That keeps the loan to five years or less.
The bank average for a 24-month loan is 11.9% (Federal Reserve G.19). Your offer decides if Reach beats your cards.
Credit score needed
Reach publishes no score minimum. The rate comes from your credit and your income.
This review sets no approval odds.
Fees
Reach’s origination fee runs from 0% to 8%, and the approved amount includes it (Reach Financial).
On $10,000, an 8% fee is $800. Ask for an amount that still pays every card after the fee.
How the money reaches your cards
The loan is a fixed rate with a fixed end date. That is the main gain over a card balance that never shrinks.
Who the Reach Financial debt consolidation loan fits
It fits a mid-size card balance between $3,500 and $40,000.
It is a poor fit for a balance under $3,500, where a card payoff plan may be simpler.
Complaints about Reach Financial are public in the CFPB database: 17 personal loan complaints under Reach Financial.
Other choices
Put a Reach Financial offer next to two others before you sign. The best loans page lists all 16 lenders with their fees.
Run the offer through the debt consolidation calculator to see the payment next to what your cards cost.Compare Reach Financial with
Lender APR Loan sizes Fee 
PenFed6.39% to 17.99% Up to $50,000 No origination fee 
LightStream9.99% to 23.94% with autopay $5,000 to $100,000 No origination fee 
Discover6.99% to 24.99% $2,500 to $40,000 No origination fee 
Wells Fargo6.74% to 26.74% $3,000 to $100,000 No origination fee 
SoFi6.99% to 35.49% $5,000 to $100,000 Optional fee of 0% to 7% 
LendingClub5.96% to 35.99% $1,000 to $75,000 Origination fee of 0% to 8% 
Achieve6.25% to 35.99% $5,000 to $50,000 Origination fee of 1.99% to 9.99% 
Upstart6.3% to 35.99% $1,000 to $75,000 Origination fee, 8.15% in Upstart’s own example loan 
Best Egg6.99% to 35.99% $2,000 to $50,000 Origination fee up to 9.99% 
Upgrade7.74% to 35.99% $1,000 to $50,000 Origination fee of 1.85% to 9.99% 
Happy Money8.95% to 35.99% $5,000 to $50,000 Origination fee set by amount, term and credit 
Prosper8.99% to 35.99% $2,000 to $50,000 Origination fee of 1% to 9.99% 
Avant9.95% to 35.99% $2,000 to $35,000 Administration fee up to 9.99% 
Universal Credit11.69% to 35.99% $1,000 to $50,000 Origination fee of 5.25% to 9.99% 
OneMain Financial11.99% to 35.99% $1,500 to $30,000 Flat $25 to $500, or 1% to 10%, by state
Related topics
- Loan vs debt settlement
- How to consolidate debt
- Home equity loan or HELOC
- Debt consolidation loan calculator
About this lender
What are Reach Financial’s loan rates?
Reach lists fixed APRs from 5.99% to 35.99%.
How much does Reach Financial lend?
From $3,500 to $40,000, on terms of 24 to 60 months.
Does Reach Financial charge a fee?
It can. The origination fee runs from 0% to 8%, and the approved amount includes it.
Check your Reach Financial offer today
You hold a Reach Financial offer, or you are about to apply. The fee and the term change what it really costs. Call and a specialist goes through the offer line by line against your cards.