Reach Financial Debt Consolidation Loan Review. Soft Credit Check. $3,500 to $40,000.

Breach Financial is an online lender that focuses their efforts on helping borrowers consolidate debt. I believe they are owned by National Debt Relief, which means that they are focused on people who are struggling to get out of debt. Breach Financial offers personal loans ranging from $3,500 to $40,000 with loan terms between 24 and 60 months. The company claims that their interest rates range from 5.99% to 35.99%, but that lower number just isn't realistic. Nobody is getting personal loans for 5.99%. That's meaningfully lower than prime mortgage rates right now. I suspect that their loans will have an interest rate between 20% and 35.99%. Breach Financial charges an origination fee up to 8% of the loan amount. This fee is deducted from the loan proceeds before disbursement. Origination fees are not reimbursable if you pay back your loan early, so if two loans have the same APR, pick the one with the lower origination fee. Late payment fees and insufficient funds fees may also apply, as stated in the loan agreement, so you'll want to pay particular attention to the fine print. Borrowers should carefully review all fees associated with the loan before they accept an offer. You can complete the application entirely online, but it's more likely that you will work with one of their customer service representatives. Breach Financial's loan application often requires a lot of information. You will likely need to share your credit report, your bank account data, bank statements, credit card statements, copies of pay stubs, debt payoff amounts, and a government-issued ID. Borrowers can pre-qualify with a soft credit check, which does not impact their credit score. If you accept the loan, a hard inquiry will be placed on your credit report. After you sign the loan agreement, you can receive your funds as quickly as the next business day. To qualify for a Reach Financial personal loan, you must be at least 18 years old, have a valid social security number, and provide proof of income and employment. Reach Financial does not specify the minimum credit score requirement, but third-party websites suggest that you would need at least a 640 to be approved. Many of Reach Financial borrowers come to the company through National Debt Relief, a debt settlement company. They often are encouraged to consolidate their loans as part of their debt relief program. They might recommend that you take a Reach Financial personal loan at the end of the debt settlement process as a way of rebuilding your credit score. There are cheaper and easier ways of rebuilding your credit though, and you shouldn't need to take a personal loan to do it. National Debt Relief might also encourage you to consolidate all of your credit card debt to simplify your monthly payment obligation. Debt consolidation can be a very effective tool in helping you get out of debt, but there are a couple of rules of thumb to stick to. First, do not consolidate unless the personal loan will give you a lower APR. You should try to get two to three percentage points lower. The second rule of thumb is that you should never extend out the term of your debt through consolidation. Any money you might save on your monthly payment or a lower interest rate will be lost if you're paying your debt over a longer period of time. Whether you take a loan with Reach Financial, you owe it to yourself to shop around. You should try to get two or three approvals before you make a decision which lender to go with. This will guarantee that you're getting the best deal that you can get. At The Yukon Project, we've tried to make shopping around easy. On our marketplace page, you can apply to one of our premium lenders, and we will check your rate with up to 40 other lenders. You will see all the offers so that you can select the lender that's best for your situation. If you have ever used Reach Financial or applied for one of their loans in the past, please leave us a comment below with some of the details so others can benefit from your experience. If you found this video useful, please like the video and subscribe to our channel. Thanks for watching.