Splash Financial Personal Loans Review

Splash Financial is an online lending marketplace that connects borrowers with loans offered by banks and credit unions across the country. Originally focused on student loan refinancing, Splash has since expanded into personal loans and HELOCs. Their marketplace model allows borrowers to compare multiple offers through a single application, with personal loans ranging from $1,000 to $100,000. While the wide loan range and quick funding times are attractive, the exact terms, fees and eligibility requirements can vary significantly depending on the partner lender.

Loan Options

• Splash Financial offers unsecured personal loans between $1,000 and $100,000.

• Loan lengths range from 2 to 7 years.

• Splash Financial acts as a marketplace rather than a direct lender, so loan features such as cosigners or eligibility criteria may vary depending on the lending partner.

Interest & Fees

• APR: Splash Financial advertises fixed APRs ranging from 8.99% to 35.99%, depending on creditworthiness and the lender selected.

• Origination Fees: Personal loans offered through the Splash network have an origination fee of 0% to 15%.

• Prepayment Penalty: There is no prepayment penalty for any loan funded through the Splash marketplace.

• Late Payment: Fees and grace periods depend on the issuing lender.

• Unsuccessful Payment: Returned payment fees may apply depending on the lender and your banking institution.

Geographical Availability

Splash Financial personal loans are available in most U.S. states, though availability and loan terms may vary depending on the partner lender.

Loan Eligibility

Splash Financial does not publicly disclose a minimum credit score requirement. Borrowers can check their rates through a soft credit inquiry, which will not impact their credit score.

Income Requirements

No publicly stated minimum income requirement.

Are they legit?

Yes. Splash Financial is a legitimate financial technology company founded in 2013 and headquartered in Cleveland, Ohio. It is not a direct lender but instead operates a marketplace that connects borrowers with loans issued by banks and credit unions. Splash Financial initially focused on student loan refinancing before expanding into personal loans and other financial products.

Reviews & News

At the time of writing, Splash Financial had approximately 92% 5-star reviews on Trustpilot from just over 2,000 reviews.

On their A+ accredited BBB profile, they have an average rating of 1/5 from just 2 reviews, with only 4 complaints closed in the last year. The number of customer reviews is unusually low compared to other personal loan providers.

Do They Report to the Credit Bureaus?

Yes. Loan activity through Splash Financial lending partners is generally reported to the three major credit bureaus: Equifax, Experian and TransUnion. Regular on-time payments may help build your credit score, while missed payments may negatively affect it.

Get in touch

Splash Financial customer support can be reached by phone at (800) 349-3938 Monday-Friday 9am-9pm EST or via their online chat portal.

What we like?

Large Loan Amounts: Splash Financial offer personal loans up to $100,000, which is significantly higher than many competitors. This flexibility could appeal to borrowers financing large expenses such as home improvements or debt consolidation.

Check your Rate: Borrowers can check their rate through Splash Financial without impacting their credit score. A single application may return multiple offers from different lending partners, making it easier to compare rates and terms.

Fast Funding: Approved borrowers may receive funding in as little as one business day, depending on the lender and banking institution.

Marketplace Model: Splash Financial's marketplace approach may help borrowers access lenders and credit unions they would not have otherwise considered. This could potentially improve approval chances or produce more competitive offers.

What we don't like?

Limited Transparency: Splash Financial does not clearly disclose many important loan details upfront, including origination fee ranges, late payment fees or minimum borrower requirements. Because terms vary by lender, borrowers may need to progress through the application process before seeing key information.

Marketplace Variability: Since Splash Financial is not the direct lender, the borrowing experience can vary significantly depending on which lending partner funds your loan. Customer service quality, fees and underwriting standards may differ across lenders.

Potential Origination Fees: Some partner lenders may charge origination fees, which reduce the amount of money you actually receive after funding.

No Mobile App: Unlike many modern online lenders, Splash Financial does not currently appear to offer a dedicated mobile app for managing personal loans.

Summary

With risk-free prequalification, large loan amounts and access to multiple lending partners through a single application, Splash Financial offers a convenient way to compare personal loan offers online. However, the marketplace structure means loan terms, fees and customer experience can vary considerably depending on the lender you are matched with.