Our take on Splash
We rated Splash 4.4 out of 5 stars for outstanding customer service and low rates for borrowers with good credit. The online personal loans marketplace connects personal loan applicants with partner lenders, including small banks and credit unions.
Splash Financial's Trustpilot rating is an impressive 4.9 out of 5 stars. However, borrowers with very good or excellent credit may be eligible for loans with lower rates from lenders such as LightStream or LendingClub.
Who is Splash best for?
- Borrowers with good or better credit: Borrowers with FICO scores of 670 or higher received some of the lowest average rates on personal loans through Splash, according to 12 months of Credible marketplace data.
- Borrowers who put a premium on customer service: More than 200 of Splash Financial's 5-star reviews on Trustpilot specifically mention customer service, using descriptions such as fast, reliable, and courteous. Borrower support is available by email, phone, and online chat.
Advertiser Disclosure
We receive compensation from the companies below if you purchase a product. Amount of compensation does not impact the ranking or placement of a particular product. Not all available financial products and offers from all financial institutions have been reviewed by this website. This content is not provided by Credible or any of the Providers on the Credible website. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by Credible.
Splash: Best for customer service
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. We collected thousands of data points on dozens of lenders for personal loans, mortgages, and student loans. Specific criteria vary by loan type, but generally include interest rates, loan terms, eligibility requirements, transparency, funding times, repayment options, fees, discounts, customer service, cosigner options, and more.
Read our full methodology.
Est. APR
-
Loan Amount
$3,000 to $50,000
Min. Credit Score
680
Who is Splash not best for?
- Borrowers with fair or poor credit: With a minimum credit score requirement of 680, Splash isn't a good option if you have a fair or bad credit score. However, you may be able to qualify for a loan directly through Splash’s website with a credit score below 680.
- Borrowers looking for very small loans: Splash's minimum loan amount is $3,000. The minimum for borrowers in Ohio and New Mexico is $5,000 and $6,000 for borrowers in Massachusetts. For borrowers in Georgia, the minimum is $3,001.
Note
If you're looking for a loan of more than $50,000, you'll need to apply directly on the Splash website rather than through Credible. Splash offers loans of up to $100,000 to well-qualified borrowers on its website.
Pros and cons of Splash personal loans
Pros
- Next-day funding available
- Flexible repayment terms
- Excellent customer reviews
- Large loan amounts available
Cons
- Origination fee
- Higher starting APRs for excellent credit
- No cosigners
Pros
- Next-day funding available: With Splash, there’s a quick application process with funding available as soon as the next business day.
- Flexible repayment terms: Splash advertises terms between 2 and 7 years on its site. If you apply through Credible, terms between 2 and 6 years are available.
- Excellent customer reviews: Splash has a high rating on Trustpilot, with many 5-star reviews praising its customer service.
- Large loan amounts available: Loans are available up to $100,000 when you apply directly on Splash’s website.
Cons
- Origination fee: Origination fees on Splash loans range anywhere from 0% to 12% of the loan amount. However, on the Credible platform, they range from 3.99% to 7.49%.
- Higher starting APRs for excellent credit: Splash’s APR range starts a few percentage points higher than some other lenders. But borrowers with excellent credit are most impacted by this and should compare rates from other lenders before applying with Splash.
- No cosigners: Like most lenders, Splash doesn’t offer cosigned loans. (A cosigner can help you qualify if you have bad credit or trouble qualifying on your own.)
How to qualify for a Splash personal loan
The requirements for a personal loan from Splash vary from lender to lender, but you generally must meet the following criteria:
- A minimum credit score of 680 is needed to apply for a personal loan through Credible, but you may qualify with a lower credit score if you apply directly with Splash.
- A minimum income requirement of $25,000 makes Splash one of several options available for low-income personal loans. You may be asked for pay stubs or other proof of income or employment during the verification process.
- A DTI below 30% will improve your chances of qualifying with one of Splash’s lenders. Lenders typically prefer a debt-to-income ratio (DTI) below 36% for personal loans.
Tip
To calculate your DTI, add up your minimum monthly debt payments (minus rent or mortgage), and divide that number by your gross monthly income. Multiply by 100 to get a percentage.
Prequalifying for a Splash personal loan
A good first step with any lender is to prequalify to get a sense of the rates and terms you may be eligible for. For instance, Credible offers this option if you “Check Rates” through any of the links on this page.
If you prequalify on Splash’s website, you’ll be asked for:
- Personal identifying information
- Loan amount you’re applying for
- Purpose of the personal loan (debt consolidation, vacation, pay off credit cards, home improvement, major purchase)
- Employment (currently employed, unemployed, self-employed, contractor, retired, student)
- Whether or not you’ve taken cash advances from your credit card in the last six months
- Amount of your housing or rent payment
Once you’ve filled out the information, you’ll be presented with the loans you’re prequalified for. From there, you can choose a loan option and complete a full application with that lender.
Good to know
Prequalification won’t hurt your credit, but it’s not a formal loan offer. You’ll need to submit a full application to get official rates and terms, which typically involves a hard credit pull and could ding your credit score for up to a year.
Learn More: Prequalifying for a Personal Loan: What To Know
Splash personal loan purposes
Splash personal loans can be used for a number of purposes, including:
- Debt consolidation
- Credit card refinancing
- Home improvement
- Bills or rent
- Large purchases
Splash prohibits using personal loans for:
- Business expenses
- Post-secondary education
- Short-term bridge financing
- Illegal activity
- Purchasing or refinancing the purchase of real estate, securities, or other investments
Learn More: What You Can't Use a Personal Loan For
Splash fees and penalties
- Loan origination fees: Splash’s origination fees depend on the lender and can range from 0% to 12% when you apply directly on Splash’s website. If you apply through Credible, the range is 3.99% to 7.49%.
- Late fees: Fees for late payments vary by lender.
As with most lenders, there's no penalty for repaying a Splash personal loan early.
Splash vs. other lenders
Splash is comparable to other fintech lenders that have an automated lending process, such as LendingClub and Upgrade. Here’s how they compare.
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more.
Read our full methodology.
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more.
Read our full methodology.
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more.
Read our full methodology.
Splash company details and history
Splash is an online loan marketplace founded in 2013 in Cleveland, Ohio. It connects loan applicants with a wide range of partner lenders, including small banks and credit unions.
In addition to personal loans, the company also offers student loan refinancing, in-school student loans, and medical school refinancing.
How to contact Splash
If you want to contact Splash Financial directly, you can call, email, or message the company.
General information
- Phone: 800-349-3938 from 9 a.m. to 9 p.m. EST Monday through Friday.
- Email: [email protected]
Borrower support
- Phone: 877-357-5756 from 9 a.m. to 8 p.m. EST Monday through Friday.
- Email: [email protected]
- Chat: From 10 a.m. to 8 p.m. EST Monday through Friday. Follow the link here.
Methodology
Credible evaluated 32 lenders across 1,216 data points based on customer experience, minimum fixed interest rates, maximum loan amounts, funding times, loan terms, fees, discounts, third-party reviews, and more. Credible's team of experts gathered information from each lender's website and from our partners directly. We also considered each of our partner lenders' statistics over a 12-month period — including average funding times, average credit scores for approved applicants, and average rates.
Learn more about how Credible rates lenders by exploring our personal loans lender rating methodology.
Where we get our data
Why you can trust Credible
FAQ
Is Splash a trustworthy company?
Open
What credit score is needed for a Splash loan?
Open
Does a loan from Splash hurt your credit?
Open
Is it hard to get a loan through Splash?
Open
How long does Splash take to approve a loan?
Open
