Splash is an online loan marketplace that connects personal loan applicants with partner lenders, including small banks and credit unions. Funds can be issued to eligible borrowers as soon as the same business day.
Splash offers flexible repayment terms and has excellent customer reviews on Trustpilot, but some borrowers may be eligible for loans with lower rates and fewer fees from other lenders. Here’s how to decide if Splash is right for you.
Best for: Quick loans for good credit
Most personal loan applicants can receive loan funds from Splash or its partners within one to two business days, and some may qualify for same-day funding. However, depending on where you bank and the lender you’re paired with, it could take up to two weeks to receive the money. Still, Splash is a good option for borrowers who need speedy funding for an unexpected expense, like a home or auto repair bill.
While excellent credit borrowers may be eligible for lower rates and fees elsewhere, good credit borrowers are a good fit for Splash’s lenders.
Great for: Customer service
Splash offers weekday evening customer service hours, a 24/7 chat feature, and email support. Additionally, the company has received excellent reviews from customers on Trustpilot. Many borrowers cited the ease and speed of the application process as reasons for their positive review.
Best quick loans for good credit
Splash
4.3
Credible Rating
Est. APR
-
Loan Amount
$5000 to $35000
Min. Credit Score
700
Pros and cons
More details
Splash pros and cons
Pros
- Funding as soon as the same business day: Splash offers a convenient application process with relatively quick funding.
- Flexible repayment terms: Splash advertises terms between 2 and 7 years on its site. If you apply through Credible, terms up to 5 years are available.
- Excellent customer reviews: Many customers agree that Splash has a quick and easy application process.
- Large loan amounts available: If you apply directly on Splash’s website, loans are available up to $100,000.
Cons
- Origination fee: Depending on the partner you qualify for, you may be charged an origination fee. Splash indicates its partner lenders may charge anywhere from 0% to 12% of the loan amount. For loans originating on the Credible platform, origination fees range from 3.99% to 7.49%.
- Higher starting APRs than other lenders: Some other lenders offer an APR range that starts lower than Splash’s. In other words, excellent-credit borrowers may want to closely compare rates with other platforms before applying through Splash.
- No cosigners: Splash doesn’t allow cosigners. However, if you have bad credit, you may still be able to qualify for a loan with a higher APR.
Check Out:
What to consider before applying for a Splash personal loan
Depending on your credit and other underwriting criteria, you may be quoted a loan with an origination fee as high as 12% (unless you apply via Credible, where the max is 7.49%). If your quote includes an origination fee, ensure you can still meet your financial need with the remaining funds, and compare the APR to a few other lenders to ensure you’re getting the lowest possible borrowing cost.
Note that you can’t use a personal loan from Splash for real estate, investments, business expenses, college expenses, short-term bridge financing, or anything illegal.
Additionally, you can prequalify with multiple lenders, which won’t impact your credit. However, once you formally apply, it may affect it. Prequalification is not an offer of credit, and your final rate may differ from the quote.
Since Splash is a loan marketplace, the company may share your information with its partner lenders so that they can provide you with quotes. This could result in marketing emails from those lenders, even if you aren’t approved for a loan. But you can always opt out of emails with the lender directly.
A note on APR
The APR represents the total cost of borrowing, expressed as a percentage. It accounts for the interest rate and upfront fees, which makes it better for comparing loan rates, instead of relying on the interest rate alone.
How to qualify for a personal loan through Splash
You must meet the following requirements to qualify for a personal loan with Splash.
- Credit score of at least 700: If you get a Splash loan via Credible, you’ll need a minimum score of 700. But the company says that some borrowers with lower credit scores may be approved at a higher APR.
- Live in an eligible state: Currently, Splash does not offer personal loans in Vermont.
- Must be a U.S. citizen: To check your rate, you must be a U.S. citizen or have another eligible status.
Learn More: What Credit Score Do You Need for a Personal Loan?
How to apply for a personal loan through Splash
- Prequalify: To get an estimate of the rates you may qualify for, you’ll need to provide your Social Security number, and answer a few questions about what you’re looking for in a loan. Prequalification won’t impact your credit score, but once you apply, it could ding it temporarily. Note that prequalification is not an offer of credit, and your final rate may differ from the estimate.
- Review your loan quotes: If you prequalify for a loan from one or more of Splash’s partner lenders, you’ll have a chance to review your options before formally applying. Ensure you’re satisfied with the APR, term, and monthly payment of the quote you select.
- Formally apply: You may need to provide documents, such as pay stubs and a valid form of ID. You’ll also need to authorize a hard credit check, which could temporarily decrease your credit score.
- Sign your loan documents: Read the fine print and if everything looks good, sign the loan documents to accept the loan.
- Get the cash: Loan funds are often disbursed within one to two business days after you submit your application. But depending on the lender and your bank, you could get the money the same day or it may take up to two weeks.
Learn More: How Long Does It Take To Get a Personal Loan
How to contact Splash Financial
Splash offers great options for contacting customer representatives, including 24/7 chat support and extended phone support hours on weekdays from 9 a.m. to 9 p.m. EST.
Email: [email protected]
Phone number: Call 800-349-3938 to speak with a representative
How Splash compares to other lenders
Here’s how Splash compares to two other lenders.
Credible rating
Credible rating
Credible rating
Splash personal loan FAQs
What can I use a Splash personal loan for?
You can use a Splash personal loan for almost any purpose, including debt consolidation and emergency household expenses. However, you can’t use one for investments, business, post-secondary education, or real estate expenses. This may go without saying, but you also can’t use the funds for anything illegal.
Learn More: What Are Personal Loans Used For?
How does a Splash personal loan affect my credit?
Checking prequalified rates with Splash won’t impact your credit, but formally applying with one of Splash’s partner lenders will require a hard credit check, which could cause your credit score to dip slightly and temporarily. This is true of most online lenders. On-time payments, on the other hand, should improve your score, while missed or late payments can hurt it.
Can I repay a personal loan from Splash early?
Splash offers loans through a variety of partner lenders. You’ll need to check with the lender that directly issues your loan for prepayment rules and penalties. Most lenders don’t charge a fee for repaying your loan early, but Splash notes that some may, so check the terms and conditions.
Methodology
Credible evaluated the best personal loan lenders based on factors such as customer experience, minimum fixed rate, maximum loan amount, funding time, loan terms, and fees. Credible’s team of experts gathered information from each lender’s website, customer service department, in-house resources, and via email support. Each data point was verified to make sure it was accurate at the time of publication.
Learn more about how Credible rates lenders by exploring our Personal Loans Lender Rating Methodology.
Read More:
- Personal Loans Guide
- Personal Loan Requirements
- How Do Personal Loans Work?
- How Much of a Personal Loan Can I Get?
- How To Get Approved for a Personal Loan
- How Does a Personal Loan Affect Credit Score?
- APR vs. Interest Rate on a Personal Loan
- Best Personal Loans for Bad Credit
- Best Personal Loans for Fair Credit
- Best Personal Loans for Good Credit
