Reach Personal Loans: Rates, Fees and Whether It Fits Your Debt

Reach Financial offers fixed-rate personal loans designed primarily for debt consolidation. Advertised APRs range from 5.99% to 35.99%, loan amounts range from $3,500 to $40,000 and repayment terms run from 24 to 60 months. Your actual rate, fee and terms depend on your application and approval.

Compare the full cost of any loan, including the origination fee and the proceeds available after fees. Our guide to personal loans explains how these loans work and what to compare.

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What Is Reach Financial and How Does It Work?

Reach Financial was founded in 2015 and offers unsecured personal loans issued by FinWise Bank, a Utah-chartered commercial bank insured by the Federal Deposit Insurance Corp. (FDIC).

The product is marketed for paying down existing debt. Americans carried $1.263 trillion in credit-card debt in the second quarter of 2026, according to the Federal Reserve Bank of New York, and Reach pitches its loans as a way to consolidate balances like these. Reach says that, within 24 hours after approval, loan proceeds will be available to pay the creditors named in your Truth in Lending disclosure. That doesn't necessarily mean every creditor will post the payment within 24 hours.

Pros and Cons of a Reach Loan

What Are Reach's Rates, Fees and Terms?

Reach's public disclosure says the approved loan amount reflects the origination fee. Review the Truth in Lending disclosure to see the amount financed, the finance charge, the APR and the proceeds available for creditor payments.

For example, an 8% fee on a $40,000 loan is $3,200. If the fee is withheld from proceeds, $36,800 would remain available for creditor payments. You would still repay the full loan obligation described in your agreement, not just the net proceeds.

For market context, the Federal Reserve reported an average 11.9% APR for 24-month personal loans at commercial banks in August 2026, while credit-card accounts assessed interest averaged 22.36%. These are market benchmarks, not rates every applicant will receive.

Estimated Monthly Payments

*These estimates use standard fixed-rate amortization and exclude any difference between the stated interest rate and the APR caused by an origination fee.

MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $100,000 from our top providers. You can compare rates, terms and fees from different lenders and choose the best offer for you.

What Credit Score Do You Need for a Reach Loan?

Reach doesn't publish a minimum credit score. Its prequalification form requests information including your gross annual income, employer, employment type, housing status and monthly housing payment. Reach also authorizes a credit-profile review for prequalification and says that checking your rate won't affect your credit score. Don't treat a third-party estimate like 620, 640 or 700 as a Reach requirement.

Payment history accounts for 35% of a typical FICO Score calculation. FICO also says its scores consider inquiries from the preceding 12 months, although inquiries can remain on a credit report for two years. Lenders also weigh your debt-to-income (DTI) ratio, which the Consumer Financial Protection Bureau (CFPB) defines as your monthly debt payments divided by your gross monthly income.

Where Are Reach Loans Not Available?

Reach doesn't publish a complete public list of states where new personal loans are available. Its licensing page lists multiple state licenses, but a license for lending, brokering, servicing or debt recovery doesn't by itself establish current product availability.

Enter your state in Reach's eligibility or rate-check flow to confirm availability before relying on an offer. If Reach is unavailable, see our guide where to get a personal loan for common bank, credit union and online lender options.

Does Reach Offer a Hardship Program?

Reach's public loan disclosure doesn't state a standard payment-pause length, approval criteria or interest treatment for hardship assistance. If you expect to miss a payment, contact Reach before the payment is due and ask for the available terms in writing.

This matters because payment history is a major FICO Score factor, and Reach's privacy notice says it reports information to credit bureaus without naming the specific bureaus or the reporting schedule.

How Does Reach Compare to Other Lenders?

Best Egg's current legal disclosure supports the listed APR, amount, fee and general term ranges, and Best Egg accepts individual applications only, with an optional Direct Pay feature. Upgrade's current official maximum is $50,000, it offers joint applications, and it may pay selected creditors directly and send any remaining proceeds to your account.

For a wider view, see our list of the best banks for personal loans.

Is Reach Financial Legit?

Reach's current disclosure identifies FinWise Bank as the issuing bank and lists Reach Financial LLC's Nationwide Multistate Licensing System (NMLS) ID as 1438357.

A Nov. 14, 2024 consent agreement from the Nebraska Department of Banking and Finance records that Reach agreed to pay a $5,380 fine and $1,000 in investigation costs to resolve the department's finding that it serviced Nebraska loans without the required license. The department issued Reach a Nebraska license in December 2024. Review the lender and loan disclosures for your state before accepting an offer.

How Do You Apply for a Reach Loan?

1. Check your rate: Reach says this won't affect your credit score.

2. Provide your details: Submit the requested personal, income, employment, housing and credit information.

3. Review the offer: Look at the APR, interest rate, origination fee, term and net proceeds.

4. Identify the accounts: Confirm the creditor accounts the offer would pay.

5. Accept the terms: Sign only after reviewing the Truth in Lending disclosure and loan agreement.

Who Should Get a Reach Personal Loan?

Reach may fit borrowers who want to consolidate eligible debts, want a fixed payment schedule and are comfortable directing proceeds to named creditors. Compare other options if:

• The rate isn't lower: The offered APR isn't below the effective cost of your existing debts.

• The fee erases savings: The origination fee eliminates your expected savings.

• You need cash: You want unrestricted funds rather than creditor payments.

• You need more: You want to borrow more than $40,000.

• You need a co-applicant: You want a joint application.

• The term raises total cost: A longer term lowers the monthly payment but increases what you pay overall.

The CFPB cautions that a lower consolidation payment can come from stretching repayment over a longer term and may increase the total amount you pay, including fees.

The Bottom Line

Reach offers a focused debt-consolidation product with fixed APRs, direct creditor payments and terms of 24 to 60 months. Its 0% to 8% origination fee and maximum 35.99% APR make offer-level comparison essential.

Don't judge the loan by the monthly payment alone. Compare the APR, the net creditor proceeds, the total of payments and the payoff period against the debts you would replace, and read your Truth in Lending disclosure and loan agreement before you sign.

Key Terms

• Annual percentage rate (APR): The yearly cost of credit, including interest and applicable finance charges.

• Debt-to-income (DTI) ratio: Your monthly debt payments divided by your gross monthly income.

• Origination fee: A charge for making the loan that may reduce the proceeds disbursed.

• Soft credit inquiry: A credit-file review that doesn't affect your credit score.

• Hard credit inquiry: A credit check tied to an application that may affect your score.

• Debt consolidation: Combining several debts into one repayment obligation.

• Unsecured loan: A loan that isn't backed by pledged collateral.

• FICO Score: A credit score calculated from the information in your credit report.

Sources

• Reach Financial: Reach Financial: Personal Loans

• Nebraska Department of Banking and Finance: Financial Institutions Division Monthly Activity Report November 2024

• Federal Reserve: Consumer Credit - G.19

• myFICO: What's in your credit score?

• CFPB: What is a debt-to-income ratio?

Parts of this article were created with AI assistance. MoneyLion editors reviewed, fact-checked and edited the final version and are responsible for its accuracy.