Splash Financial Personal Loans: 2024 Review

Splash is best for flexible credit union loans nationwide

With no published credit score minimum, Splash may be a good choice for large loan amounts that typically require a good to excellent credit score to qualify. The company’s affiliations with small banks and credit unions may give you access to personal loan funds with terms between two and seven years and no prepayment penalties. You can pay your loan off quickly if your budget allows or choose a longer term with lower payments for higher amounts.

Splash’s lowest advertised rate includes a 0.25 percent automatic payment discount.

Splash personal loan purposes

Although Splash encourages users to consolidate debt with their funds, the higher loan limits may make it a good choice for major purchases like a boat or RV. The longer terms may give you lower payments for big renovation projects like putting in a pool or replacing your roof. Some Splash lenders offer financing options for borrowers who want to start a business. 

Where Splash stands out

• Wide loan amount limit range: Most personal loan limits are capped at $50,000, but Splash partners with lenders that give you up to $100,000 worth of borrowing power. Splash also works well for small loan needs, with some partners offering amounts down to $1,000. That may come in handy for emergency home or car repairs. 
• Flexible loan terms: Splash lenders offer terms between two and seven years, which gives you more options to choose a repayment period that fits your budget.
• Available nationwide: Lending partners are connected to Splash nationwide to give customers a wide variety of personal loan options regardless of where they live.

Where Splash falls short

• High APRs: Splash doesn’t offer rates below the double digits, making it a more expensive option than other lenders that offer similar loan amounts and terms. Splash’s lowest rate is 10.72 percent, which is significantly higher than the best on the market.
• No app available: Splash doesn’t offer an app for tracking your account. Everything must be done online. 
• Qualifying requirements unknown: The company’s website doesn’t provide much information about the credit scores or income needed for approval. Requirements likely vary based on what’s available at credit unions and banks in your area.
• Potentially high origination fees: Lenders in Splash’s network charge origination fees of up to 12 percent — tied with Upstart for the highest fees among lenders Bankrate has reviewed.

How this lender compares

Splash vs. LightStream

Both companies offer loan amounts as high as $100,000, but Splash is better if you need less than LightStream’s $5,000 minimum. You’ll also need at least a 695 credit score to qualify for a LightStream personal loan, while Splash doesn’t specify a minimum credit score.

LightStream offers much lower rates to qualified borrowers. Its lowest rates clock in more than 3 percent points below the lowest rates Splash advertises on its website. Its maximum rate is also 10 percentage points lower than Splash’s 35.99 percent cap.

Splash vs. SoFi

Splash and SoFi both offer personal loans up to $100,000 for well-qualified borrowers, but Splash is better if you need less than $5,000. If your score is below SoFi’s 680 minimum, you may want to check out Splash, since it doesn't publish a minimum credit score for its loan offerings. 

SoFi’s minimum and maximum rates are significantly lower than Splash. You can prequalify with both to see if one gives you a better offer.

Do you qualify for a Splash personal loan?

Splash lists only basic requirements for qualifying with their partner lenders. 

• Proof you have a checking or savings account
• Paystubs and other proof of income
• A valid ID
• The reason you want the loan

Depending on the bank or credit union you’re matched with, additional requirements may apply. 

How Bankrate rates Splash