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Splash Financial Reviews

8

bestfor-icon Multiple Quotes from a Single Source

andrewo
Written by Andrew Omalley

About Splash Financial | Read More

8

LS Score

8

Credibility

8

Support

8

Accessibility

Get my rate
Opening Hours Opening Hours drop-down-btn
Mon – Fri 9:00 - 9:00 PM EST
Sat - Sun Closed
Contact Information Contact Information drop-down-btn
  • info@splashfinancial.com
  • (800) 349-3938
  • Headquarters: 812 Huron Rd, Cleveland, OH 44115
Social Media Social Media drop-down-btn
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Splash Financial Personal Loans Review

While Splash Financial started out mainly focusing on refinancing student loans, it has since expanded into also being a marketplace for personal loans. It has partnerships with the likes of banks and credit unions to get the best possible deals it can for users. The types of loans on offer at Splash Financial can vary.

Splash Financial Personal Loans Highlight

580

Min Credit Score

8.99-35.97%

APR. Fixed Rate

5.99-35.97%

APR. Variable Rate

$1K-$100K

Loan Amount

Up to 84 months

Repayment terms

Yes

Soft Credit Pull

Marketplace

Lender Type

None

Other Fees

0-9.99%

Origination Fee

None

Prepayment Fee

1-2 days

Funding Time

Pros & Cons

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  • con-icon Quick comparison of available options
  • con-icon Respectable lenders
  • con-icon Relatively low minimum credit score requirements
  • con-icon Prepayment penalties sometimes in place
  • con-icon Origination fees can be high in certain cases

Loan Purpose

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  • Major Purchase
  • Vacation
  • Wedding
  • Other

Loan Type

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  • Unsecured Personal Loans
View rates

Splash Financial Personal Loans Terms & Requirements

As Splash Financial is a marketplace, the exact terms and requirements of the loans will depend on the specific lenders that you are choosing between. However, there are some general terms and requirements that remain consistent.

You will need to have a credit score of at least 580 and you need will be able to borrow between $1,000 and $100,000. The APR will depend on the type of loan you are getting and your credit history.

Qualification Requirements

  • US citizen
  • Minimum 580 credit score
  • At least 18 years old

Required Information

  • How much money you wish to borrow
  • Name and address
  • Current job info
  • Income information
  • Living situation
  • Contact information
  • Social Security Number

Application Steps & Time Frames

The first step will be to answer some simple questions from Splash Financial in order to see what types of loans you can get access to. This process takes under three minutes and does not require a hard credit check. Once completed, you will be shown a comparison of the different loan options you have from various lenders.

If there is a loan option you like the look of, then you can proceed with submitting an official application. This step will require a hard credit check. The exact steps will depend on the specific lender you are dealing with. However, the majority of lenders will approve applications relatively quickly, with time to funding often being within two days of getting approval.

State Availability

- Available in all states

Splash Financial Student Loans Review

Splash Financial came to life in 2013 with the mission of helping bring affordable student loans to the market. Through its marketplace, Splash offers private student loans, student loan refinancing, and medical student loans. Splash has partnered with multiple large financial institutions, such as Laurel Road, PenFed, and U-Fi, to show the options available to people looking for student loan funding.

Splash Financial Student Loans Highlight

650

Min Credit Score

4.49-9.99%

APR. Fixed Rate

4.74-9.99%

APR. Variable Rate

$5K-$500K

Loan Amount

5-25 years

Repayment terms

Yes

Soft Credit Pull

Marketplace

Lender Type

Yes

Other Fees

None

Origination Fee

None

Prepayment Fee

20 days

Funding Time

Student Loan Refinance

Min 4.49%

APR. Fixed Rate

4.74-9.99%

APR. Variable Rate

Min $5K

Loan Amount

Pros & Cons

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  • con-icon Easy pre-qualification with no hard credit pull
  • con-icon Get to search rates from multiple banks and credit unions at once
  • con-icon Great customer service reputation
  • con-icon Reasonable interest rates available
  • con-icon Not available to people with bad credit rating
  • con-icon Terms and requirements vary by lender partner
  • con-icon You may need to join a credit union if you want a loan from that establishment

Student Loan Type

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  • Private student loans
  • Student loan refinance
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Splash Financial Student Loans Terms & Requirements

Splash Financial offers a marketplace service, meaning that when you enquire about a student loan product, the company will search all its partners to see what products are best for you. As such, requirements for private student loans and student loan refinancing may change on a lender-by-lender basis, but the following criteria apply to all lender partners if you use Splash Financial:

  • US Citizen or permanent resident
  • A minimum credit score of 650
  • For private student loans – you must be enrolled at least half-time in a Title IV school
  • For student loan refinancing – you must have completed your degree and graduated
  • Multiple years of credit history (number of years varies by lender)
  • No recent bankruptcies

You can borrow from $5,000 up to the total cost of your course, with repayment terms varying between five and 25 years, depending on the lender partner. None of Splash Financial’s partners charge application or origination fees, but some day charge late charges, which again varies by lender.

The interest rates offered by Splash Financial are reasonable and on the lower end of the scale when compared to the market as a whole. Unfortunately, to take advantage of these rates, you will need to have a good credit score – people with a score under 650 will not qualify.

How to Apply

We wanted to reduce the monthly payments on our student loans, as our credit profile had improved significantly since entering into the original loan agreements. We were recommended Splash Financial due to the company’s low rates, so we decided to go through the application process.

The process was easy to start; we simply went to the Splash Financial website and clicked on the “Student Loan Refinancing” section. From here, we chose “Check Your Rate”.

Splash’s website boasted an indicative rate and pre-qualification in three minutes, so we wanted to put this to the test. To start the process, we had to create an account with Splash Financial. After doing so, we started the application by answering some basic questions.

Splash step 1: get my rate
Step 1

Get my rate

Splash step 2: about yourself
Step 2

Information about yourself

Splash step 3: about your job
Step 3

Information about your job

We entered our name and stated that we wanted to refinance our existing loan. We then answered questions about the degree obtained, the college attended, and the year of graduation. We then had to answer several questions about our current employment status.

Information required included the date that work commenced, salary and savings. Finally, we had to detail our address, housing situation, and phone number, followed by our citizenship status, the amount we wanted to refinance, and our SSN. After entering this, we selected “Check My Rate” and had our options presented to us within a minute.

The process was as easy as advertised, completed within three minutes, and the rates returned were good. For these reasons, we recommend checking out what Splash Financial has to offer.

After pre-qualifying through Splash, we were directed to the lender partner site where we wanted the loan from. We didn’t have to re-enter our personal details, but we had to upload all the required documentation. While this took a little longer than the three minutes for pre-qualification, we had the process finished in ten minutes.

Required Information

You need to provide several pieces of information to proceed with a loan through Splash Financial’s marketplace. These documents are not required for pre-qualification, but to take out a loan with one of Splash Financial’s lender partners, you must provide the following information at a minimum. Terms can change between direct lenders, so you may have to provide additional information to what is listed here:

  • Name
  • Address
  • Date of birth
  • Social Security Number
  • Proof of identification
  • Proof of address
  • College details
  • Degree details
  • Phone number
  • Email address
  • Income verification

State Availability

- Available in all states

andrewo
Written by Andrew Omalley facebook-icon twitter-icon

Andrew is a freelance writer who has been crafting valuable pieces of content relating to personal finance for more than five years. Previously, he studied Economics & Finance at university and he has professional qualifications relating to financial advice.

faq-icon

FAQ’s

What credit score do I need to get a loan with Splash Financial?

It varies by the direct lender, but as a general guideline, you will need a minimum credit score of 650 to qualify for a loan from Splash Financial.

Does Splash Financial charge applications or origination fees?

No, these fees are not charged by Splash Financial or any of its partners.

Is Splash Financial a legitimate company?

Yes, Splash Financial partners with major financial institutions via its marketplace and is a recognized lender.

Customer Support

Splash Financial makes it easy to contact its dedicated customer support team, with customer care available through email, phone, and live chat. We had heard good things about the live chat service offered, so we decided to test it out.

Clicking on “Chat Now” opened a new desktop window where we could ask questions after providing our name and email. The chat was picked up within two minutes, and the helpful customer service agent answered our questions quickly and easily. If you are comfortable going through a customer care process without directly speaking to someone, we found it to be an excellent option.

Privacy & Security

Splash has a solid reputation among student loan refinance companies. It has been advertised by financial expert Dave Ramsey and is Top Rated by Student Loan Hero. Nerdwallet also named the company the 2019 Best Student Loan Refinancing for Customer Service.

With over 550 reviews on Trustpilot, this company has a 4.8 out of 5-star average rating. Reviewers call the service “painless” and say the process was “quick and seamless”. Splash Financial’s website also has SSL Verification to help protect your sensitive personal information.

In Conclusion

If you are looking for a private student loan or to refinance your existing student loan (or loans), then Splash Financial is an excellent place to start looking. The company’s marketplace provides quotes from several different banks and credit unions. This, coupled with competitive rates and excellent customer service, means you could find out whether you can save on your student loan payments in minutes.

Brand Disclaimer

Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are subject to change at any point before application submission. Your pre-qualified rate is based on the information you provided. All final offers require verified credit information which could impact your qualified rate. The information you provide to us is an inquiry to determine whether Splash’s lending partners can make you a loan offer.

Some lending partners may require less info if you apply directly on their website. If a lending partner has an available loan for you, you will be invited to submit a loan application to the lender for its review. Please be advised that a lending partner with an available loan offer for you may conduct another soft credit pull as part of its application review process.

To qualify, a borrower must be a US citizen or other eligible status and meet lender underwriting requirements. The borrower must meet applicable underwriting requirements based on specific lender criteria. Not all borrowers receive the lowest rate as advertised. Also, the lowest rates are reserved for the highest-qualified borrowers.

Splash does not guarantee that you will receive any loan offers or that your loan application will be approved. If approved, your actual rate will be within a range of rates. It will depend on various factors, including the term of the loan, a responsible financial history, income, and other factors. Variable rates are subject to change.

For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33.