Reach Financial Personal Loan

Reach Financial offers unsecured personal loans issued by FinWise Bank, from $3,500 to $40,000, with fixed APRs of 5.99% to 35.99% and terms of 24 to 60 months. It lets you customize your monthly payment amount, includes a free monthly credit score, and says checking your rate will not impact your credit score. Reach says it has helped customers consolidate $3 billion in debt. The origination fee ranges from 0% to 8% and is part of the total approved loan amount. Reach's own example: a $10,000 loan with an 8.93% interest rate and a $500 origination fee has an 11.15% APR and 60 monthly payments of $207.20, for $12,435 in total payments. Your actual rate depends on your credit history, loan amount and term. Reach states that its loans are issued by FinWise Bank, a Utah chartered commercial bank and member FDIC, and that all loans are subject to eligibility criteria and review of creditworthiness and history. Reach's main page publishes no minimum credit score, no funding time and no statement on joint applications, and it states no prepayment policy. That leaves the APR range, the fee range and the example as the figures to compare against other lenders, and the ceiling of 35.99% as the one to weigh if your credit is not strong.