Reach Financial Personal Loan Review
. At the same, consider that Reach may not be available where you live.
pros and cons
requirements
doesn’t publish its requirements for minimum credit score, income or debt-to-income ratio, but you will need to provide your gross annual income, employment information and monthly housing payment as part of the application process. You will also need to disclose how you plan to use your personal loan. Keep in mind that a loan can only be used for debt consolidation and credit card refinancing.
If ’s loan options won’t work for your borrowing needs, be sure to shop around for a lender that helps you meet your financial goals and can offer you the best-fitting rates, terms and amounts.
How to get a loan with
offers a straightforward application process and potential borrowers can find out if they prequalify for a loan within minutes.
Prequalify for a loan
allows borrowers to prequalify for a loan. This means that will only run a soft credit pull — which will have no impact on your credit score — so you can see potential rates, borrowing limits, fees and repayment terms.
When you fill out an application, you’ll have to disclose how you plan to use the loan, how much you want to borrow and your financial information.
Verify your information
If you’re prequalified and want to move forward with a loan from , you’ll need to verify the information you provided in your application. In many cases, this can include government-issued identification, bank statements and pay stubs.
Accept your loan agreement
After verifying your personal information, will run a hard credit pull and review the details on your credit report. This credit inquiry can cause your credit score to temporarily drop by a few points.
If officially approves you for a loan, you’ll need to sign a loan agreement, which will outline the details of your personal loan.
If you don’t qualify for a loan, consider taking some time to boost your loan approval odds.
How compares to other personal loan companies
Even if you believe aligns with what you’re looking for in a personal loan, it never hurts to shop around and compare other lenders. Here’s how stacks up against similar personal loan lenders.
How we rated
We evaluate personal loan lenders on more than just interest rates. Our goal is to show how accessible, affordable, transparent and supportive each lender really is.
Our categories
Every lender is scored out of 5 stars, with 5 stars being the highest rating. LendingTree loan experts determine this score using dozens of underlying data points across four weighted categories covering the full borrowing journey.
We assess how easy it is for people to qualify and apply. This includes state availability, soft-credit prequalification, membership requirements, funding speed and whether borrowers with less-than-excellent credit can get a loan.
We evaluate how affordable the loans are based on minimum and maximum APRs, loan fees and rate discounts. Lenders with unclear or potentially predatory costs receive lower scores.
We consider repayment term flexibility, loan amount ranges and whether options like secured loans, joint loans or direct-to-creditor payments are offered — plus whether the lender clearly communicates these options.
We evaluate borrower experience after funding: customer service access, hardship or forbearance programs, payment flexibility and digital tools like mobile apps or credit monitoring.
Our process
We gather data directly from lenders through their websites, disclosures and direct communication with company representatives. Our editorial team verifies and updates information regularly. We value transparency and award less favorable scores when lenders obscure or omit details.
In some cases, our editors may apply a small adjustment (no more than 4% of the overall score) to account for factors not captured by the methodology. This could include J.D. Power customer satisfaction surveys, recent regulatory actions or features that stand out in ways our rubric doesn’t measure directly.
Our editorial team applies the same scoring model and standards to every lender. Lenders cannot pay to influence our ratings.
Frequently asked questions
If you choose to apply for a Reach Financial personal loan, it may have a slight negative impact on your credit score. Like most lenders, Reach will run a hard credit inquiry to check your credit background, which can cause your credit score to drop by a few points. However, you may see your credit score increase as you make your monthly payments on time.
If you obtain a consolidation loan from Reach Financial, they will pay your creditors within 24 hours of your loan approval.
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