Splash Financial Personal Loan Review
8.69%-35.99%
24 to 84 months
$1,000-$100,000
Not specified
LendingTree rating: 4.1/5
- Accessibility: 3.9/5
- Rates and terms: 4.3/5
- Repayment experience: 4.0/5
Splash Financial is a lending platform that offers personal loans through its network of partners. It offers large and small loan amounts as well as a range of repayment terms to choose from.
- Offers loans through lending partners: Loans through Splash Financial aren’t funded by Splash Financial itself. Instead, it connects borrowers with partner banks and credit unions.
- Rates and features vary by partner: Splash’s partners have their own interest rates and fees. This makes it hard to nail down what loan features you might get without prequalifying first.
- No same-day loans: Splash Financial will not send you your loan on the same day that you apply. Expect to wait up to 2 business days, although some loans take up to two weeks.
- Big loans and long repayment terms: Splash offers loans as high as $100,000 with repayment terms ranging from 24 to 84. This is longer than some lenders ($50,000 and 60 months are more common).
- Don’t need perfect credit: Splash Financial generally suggests a credit score of at least 660, but some of its partners may work with lower scores. However, be prepared to pay a rate as high as 35.99%.
- Best if you have good (not excellent) credit: Thanks to a higher starting annual percentage rate (APR), you can probably find lower rates elsewhere if you have a 740+ credit score.
Splash Financial pros and cons
Unless you refinance your personal loan (or pay it off early), you could be working with Splash Financial for years to come. Check out its pros and cons before signing on the dotted line.
| Pros | Cons |
|---|---|
Can check rates with multiple Splash Financial partners by filling out one form Could get a 0.25% autopay discount if the partner you choose offers it Able to get help via live chat | Can’t add a second person to your loan Customer service isn’t available on weekends No mobile app Some partners charge an origination fee |
There’s a lot to like about Splash Financial. Splash Financial is an online loan marketplace that shops its partner lenders for you. That means you only need to fill out one form to prequalify with more than one lender. Plus, you don’t need excellent credit (although rates can get high).
Rates, terms and discounts vary by partner. You might need to do some sifting to find a loan that you’re interested in. For instance, Splash Financial might send you offers from lenders that charge origination fees even if you’d like to avoid them.
None of Splash Financial’s partners offer joint loans, or a loan that includes two people. Applying for a joint loan can boost your approval odds because you and the other person are equally responsible for the loan.
Splash Financial requirements
Every Splash partner sets its own requirements. Generally, personal loan lenders look at factors including your current debt, income and payment history.
The best way to see if you’re eligible for Splash Financial is to prequalify for a personal loan. Prequalification is like a miniature version of a loan application. It only requires a Soft Pull so it doesn’t hurt your credit score.
At minimum, you must meet the below requirements to get a Splash Financial personal loan.
| Minimum credit score | Not specified |
| Citizenship | Be a U.S. citizen or green card holder, or have a valid visa |
| Administrative | Have a Social Security number and a savings or checking account |
| Required documents | Varies by partner, but generally a pay stub, a government-issued ID and if the partner is a credit union, proof of membership |
If you meet the basic requirements listed above, you may need to disclose how you plan to use your personal loan. While Splash Financial does allow borrowers to use its funding for a variety of purposes, there are certain expenses you cannot put the money toward.
| Splash Financial loans CAN be used for… | Splash Financial loans CANNOT be used for… |
|---|---|
Debt consolidation Credit card refinancing Home improvement Major purchases Moving expenses Medical and dental bills Cars and transportation Special occasions If the partner allows it, starting a business | Buying or refinancing real estate Securities and investments College expenses Illegal purposes |
If Splash Financial’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 personal loan with Splash Financial
The application process may differ a little from partner to partner. Still, getting a loan with Splash Financial is straightforward.
Check rates
To see what kind of rates you could get from a Splash Financial partner, you must prequalify with an online application. You’ll provide personal information like your income, employment status and housing situation. You’ll also have to let it know how many credit card cash advances you’ve taken over the six months, if any.
Review your offers
Assuming you qualify, Splash Financial will then send you offers from its partner lenders. Since offers vary by lender, pay attention to the fine print and compare APRs, fees and discounts.
Formally apply
Once you find an offer you like, it’s time to formally apply. Splash Financial will walk you through this, but a formal loan application isn’t too much different than prequalification. Do prepare to upload supporting documentation like a pay stub and your ID through Splash Financial’s website.
Sign your loan agreement and get your money
If the lender approves you, you’ll sign your loan agreement. Your loan agreement will show you how much you owe and when. Most people get their loan funds within 2 business days, but it could take up to two weeks with some partners.
How Splash Financial compares to other personal loan companies
Even if you believe Splash Financial aligns with what you’re looking for in a personal loan, it never hurts to shop around and compare other lenders. Here’s how Splash Financial stacks up against similar personal loan lenders.
| Lender | Splash Financial | Upgrade | First Tech Credit Union |
|---|---|---|---|
| LendingTree’s rating | 4.1/5 | 4.6/5 | Not yet rated |
| Minimum credit score | Not specified | 580 | Not specified |
| APRs | 8.69%-35.99% | 9.99%-35.99% (with discounts) | 8.14%-18.00% |
| Loan amount | $1,000-$100,000 | $1,000 - $50,000 | $500-$50,000 |
| Repayment terms | 24 to 84 months | 24 to 84 months | 6 to 84 months |
| Origination fee | 0.00% - 12.00% | 1.85% - 9.99% | None |
| Funding timeline | Receive funds as soon as one business day. | Receive funds as soon as the next business day. | Receive approval as soon as the same day. |
| Bottom line | Because it’s a marketplace, Splash Financial can make it easy to shop for a loan. On the other hand, loan features vary by partner. You’ll need to prequalify for partner-specific information. | Lending platform Upgrade has a slightly higher starting APR and charges a mandatory origination fee. But if you’re interested in both banking and borrowing, Upgrade-branded Rewards Checking Plus accounts come with sweet perks. | First Tech Federal Credit Union offers a wide range of loan amounts, lower rates and no origination fees. It also sometimes accepts bad credit. However, you have to join the credit union to borrow. |
How we rated Splash Financial
To come up with our star rating for personal loan companies, LendingTree considered 22 data points across three categories:
- Accessibility: We paid attention to whether lenders offered loans to nontraditional borrowers, as well as those without excellent credit scores. We also checked if lenders offered soft credit pulls and whether they were transparent about eligibility criteria other than credit scores.
- Rates and terms: We wanted to know if lender rates, terms, amounts and fees were not only transparent but also competitive.
- Repayment experience: We based this category on lenders’ reputations, customer support availability and unique benefits.
The data points reflect every step of the process to shop and apply for, borrow and repay personal loans. A five-star lender, for instance, has flexible eligibility requirements, offers you the chance to prequalify without commitment and supports you in zeroing your balance.
The 22 data points, culled from the lenders themselves, determine the overall rating. We score lenders consistently, sometimes awarding partial points, so that you can make apples-to-apples comparisons when shopping around.
LendingTree isn’t paid for conducting these reviews, and lenders don’t have control over their content. With our reviews and ratings, we aim to give our users the objective and exhaustive information they need to make the best possible decisions.
Frequently asked questions
Yes. Splash Financial is a legitimate company. This loan marketplace started in 2013, and at that time, it only offered student loan refinancing. Today, it has partners that offer personal loans, student loans and medical student loan refinancing alongside student loan refinancing.
Just because a company is legitimate doesn’t mean it’s right for you, though. Use this Splash Financial review and the Consumer Financial Protection Bureau’s complaint database to get an idea of what the marketplace has to offer.
Splash Financial doesn’t specify the absolute lowest score its partners will accept. It generally recommends that you have a score of at least 660, which is right on the cusp of fair and good.
You can still qualify if your score is lower than that, but the worse your credit, the more likely you’ll end up with Splash Financial’s maximum APR — 35.99%. Use a personal loan calculator before borrowing to make sure you can afford your monthly payment.
Yes. With Splash Financial, you can pay off your personal loan early with no prepayment penalty.