Company Profile
Reach Financial aims to help consumers pay
down debt faster and take control of their finances. According to its website,
this lender has helped clients save an average of $9,473 in interest. Up to
now, Reach Financial has enabled people to pay off $1 Billion in debt. Moreover,
the company states it even helped customers raise their credit score by an
average of 50 points with a debt consolidation loan. Reach Financial was
founded in 2015. It is accredited by the Better Business Bureau and boasts an
A+ rating from the BBB.
Services and Features
Reach Financial provides unsecured personal
loans. They are issued either by the Metabank® National association or FinWise
Bank, a Utah bank, both of which are FDIC members, which makes this lender a
safe choice.
Reach Financial offers personal loans that
help pay off debt in two situations – via debt consolidation or credit card
debt refinancing. The minimum loan amount is $3,500 and maximum amount is $40,000. A highlight of
this company is that it could allow clients to pause their payments for up to
90 days. For this, you will have to send a hardship request. However, you’ll
continue to accrue interest on your loan during the 90 days. You can also get a
free monthly credit score check if you become a Reach Financial customer.
Another advantage is that you can customize your loan terms between 24 to 60
months before submitting the loan application and there are not prepayment
penalties.
Application Process
The entire application process to access a
Reach Financial loan takes place online, on the company’s website. The service
is fast and intuitive, it takes minutes to complete the necessary form. The
initial form submission uses a soft credit check so it will not hurt your credit
score to see if you qualify for a loan.
To start, choose the loan amount you need and
the loan purpose. The minimum amount is $3,500 and the maximum is $40,000. After you select
the amount you wish to borrow and loan purpose, click on check rate and
continue by providing your personal and financial details. The latter category
includes your gross annual income, employment type and length, and monthly
housing payment. After you complete the initial form, you can expect to receive
your pre-qualification decision right away.
Filling out the initial form to check your
rate won’t impact your credit score. However, later, during the actual application,
Reach Financial can run a hard credit pull to find out your credit score. If
Reach Financial approves your application, 90% of their loans are funded within
1 day*.
After your loan request is approved, you
get access to all the information you need from your account online. You’ll
find options for:
·
Additional
payments
·
Changing
the bank the company withdraws money from
·
Turning
automatic payments on
·
Changing
your next payment date
·
Changing the
amounts of your auto payments
·
Calculating
the remaining amount until you pay off your loan
Loan Types and Terms
Reach Financial loans come with a fixed
annual percentage rate (APR) that can vary between 5.99% and 35.99%. With most
private lenders using minimum APRs of 5%, Reach Financial places itself in a favorable
position. The rates are determined based on each borrower’s creditworthiness,
the amount they apply for, and the term they choose. The total approved loan
will be subject to origination fees between 0% and 5%. Nonetheless, some
lenders don’t apply an origination fee at all.
Customer Support
Reach Financial’s customer support team is
based exclusively in the U.S. You can reach out to this lender via email at support@reach.com or phone at 800-606-8200.
The customer service department works Monday through Friday between 9 AM and 8
PM EST. An FAQ section is also available.
Summary
Reach Financial is an option you might want
to consider if you need a loan for debt consolidation or refinancing credit
card debt. This option is fast and easy to access online. The company also offers
plenty of choices that allow you to customize your repayment plan.