Splash Loans

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Splash Loans

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Easy to apply

4.0/5

Approval time

5.0/5

No hidden condition

5.0/5

Renewal rules

4.0/5

Service quality

5.0/5

Customer support

4.0/5

Borrower requirements

You must be 18+
Valid U.S. residential address
Stable and sufficient income
Min. Credit Score 700

Optional

Valid U.S. bank account

Contact information

Phone number: (800) 349-3938

Email: [email protected]

Shedule
Mon-Fri: 9am-5pm ET

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Splash Financial, commonly known as Splash, is a financial technology company that specializes in student loan refinancing and personal loans. Founded with the mission to simplify the loan process and provide competitive rates, Splash has quickly become a trusted name in the lending industry.

Splash Financial was founded in 2013 and is based in Cleveland. Splash Financial connects borrowers with a variety of lenders, offering competitive rates and flexible loan options.

Types of Loans Offered by Splash

Student Loan Refinancing: Splash offers student loan refinancing options designed to help borrowers reduce their monthly payments, lower their interest rates, and simplify their debt management. Both federal and private student loans can be refinanced through Splash, potentially resulting in significant savings over the life of the loan.
Personal Loans: In addition to student loan refinancing, Splash provides personal loans for various financial needs, such as debt consolidation, home improvements, medical expenses, and significant purchases. These loans are unsecured, meaning they do not require collateral, and they come with competitive interest rates.

Where Does Splash Operate?

Splash Financial personal loans are available in all 50 states, providing wide accessibility for borrowers across the United States.

Loan Terms and Conditions

Loan parameters

Loan Amount

$5,000-$35,000
APR

10.95 - 24.51%
Term

36 to 60 months
Min. Credit Score

700
Income - minimum

$25,000
Time to receive funds

1-3 business days

Borrower Requirements for Splash Personal Loans

Age: Must be of legal age in your state.
Citizenship: Must be a U.S. citizen or permanent resident.
Income:
- Must have verifiable income.
- Recent pay stubs may be required.
Credit History:

Typically requires a credit score of 660 or higher.
Applicants with lower scores may qualify but likely with higher interest rates.

Bank Account: Must have a basic checking or savings account.
Identification: Valid ID required (e.g., driver’s license, passport).
Purpose: Must provide a stated reason for wanting a personal loan.

How to Apply for a Splash Financial Personal Loan

Splash Financial is a loan marketplace that works with a network of bank and credit union partners to provide borrowers with competitive rates and loan products. Here’s how you can apply for a personal loan through Splash Financial:

Prequalify Online:

Visit Splash Financial’s website to prequalify for a loan.
Provide some personal information to see available products and rates.
This step does not affect your credit score as it involves a soft credit inquiry.
Keep in mind that rates can change.

Select a Loan:

Review the loan offers presented to you.
Choose the loan that best suits your needs.

Submit an Online Application:

Complete the full application on Splash Financial’s website.
This step will involve a hard credit inquiry, which could temporarily reduce your credit score by up to five points.

Provide Required Documentation:

Ensure you have a basic checking or savings account.
You may need to supply pay stubs, a valid ID, and the reason for your loan request.

Application Review:

The lender will review your application and decide if you are approved for a loan.
Splash Financial saves your application and any submitted documents, allowing you to access them at any time.

Approval and Funding:

Once approved and after signing all necessary documents, you should typically receive your funds within one to two business days.
In some cases, it may take up to two weeks to receive the funds.

Why Splash is the Best Choice?

Splash Financial is a leading loan marketplace that connects borrowers with a network of reputable lenders to offer competitive rates and flexible loan options. Here’s why Splash is the best choice for personal loans:

Competitive Rates: Splash partners with multiple lenders, ensuring borrowers receive some of the best rates available in the market.
Wide Range of Loan Amounts: Borrowers can access loans ranging from $1,000 to $100,000, accommodating various financial needs.
Simple Application Process: The entire application process is online, making it quick and easy to apply for a loan.
No Hidden Fees: Splash loans come with no application fees, origination fees, or prepayment penalties, ensuring transparency.
Flexible Terms: Splash offers flexible repayment terms, allowing borrowers to choose a term that best fits their financial situation.
Multi-Lender Network: The multi-lender approach increases the likelihood of finding the best loan option tailored to your needs.
Excellent Customer Support: Splash provides comprehensive customer support and educational resources to help borrowers make informed decisions.

Pros and Cons of Splash Loans

Pros

Competitive Interest Rates
Partners with multiple lenders to offer competitive rates.
Wide Range of Loan Amounts
Loans from $1,000 to $100,000.
No Hidden Fees
No application, origination, or prepayment fees.
Variety of terms to fit different financial needs.
Simple Online Application Process
Quick and easy online application.
Excellent Customer Support
Provides strong customer support and educational resources.

Cons

Credit Score Requirements
Generally requires a credit score of 660 or higher.
Potential for Higher Rates with Lower Scores
Lower credit scores may result in higher interest rates.
No Co-Signer Options
None of the partner lenders accept co-signers.
In some cases, it may take up to two weeks to receive funds.
Income Verification Required
Must provide verifiable income, such as pay stubs.

Splash Personal Loans FAQs

What is Splash Financial?

Student Loan Refinancing: Splash allows borrowers to refinance both federal and private student loans, potentially lowering their interest rates and monthly payments.
Personal Loans: Splash offers unsecured personal loans for various purposes, including debt consolidation, home improvements, medical expenses, and major purchases. Loan amounts range from $1,000 to $100,000

Are there any fees associated with Splash loans?

Splash loans come with no application fees, origination fees, or prepayment penalties. This transparency ensures that borrowers are aware of the full cost of their loan without any hidden charges.

How long does it take to receive the funds?

Once your loan is approved and you have signed all necessary documents, funds are typically deposited into your bank account within one to two business days. However, in some cases, it may take up to two weeks to receive the funds, depending on your bank’s processing times.

Can I pay off my loan early?

Yes, Splash Financial allows you to pay off your personal loan early without incurring any prepayment penalties. This can help you save on interest costs if you are able to repay your loan ahead of schedule.

What if I have a lower credit score?

Borrowers with lower credit scores may still qualify for a Splash loan, but they should expect to receive higher interest rates compared to those with higher credit scores. It’s advisable to improve your credit score before applying to secure better rates.

How does Splash Financial compare to other lenders?

Marketplace Model: Splash connects borrowers with multiple lenders, increasing the chances of finding the best rates and terms.
No Hidden Fees: Transparency in fee structure ensures no unexpected charges.
Fast Funding: Quick approval and fund disbursement process.
Wide Range of Loan Amounts: Loans ranging from $1,000 to $100,000 cater to various financial needs.

What states does Splash operate in?

Splash Financial offers personal loans in all 50 states, providing nationwide coverage for borrowers across the United States.

How do I contact Splash Financial?

Splash provides comprehensive customer support via phone and email. They also offer educational resources on their website to help borrowers make informed financial decisions.