Splash Personal Loans Review: What You Need to Know
Quick take: Splash is a personal loans marketplace that offers a wide range of repayment terms and funding in as little as one business day.
MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $100,000 from our top providers. You can compare rates, terms, and fees from different lenders and choose the best offer for you.
Pros & Cons
Pros
Offers funding in as little as one business day
Repayment terms from 2 to 7 years
Loan prequalification available
No prepayment penalty
Cons
It’s a marketplace rather than a direct lender, so terms, rates and fees will vary
An origination fee may be required with certain lenders in its network
Company Overview
Splash Financial was founded in 2013 in Cleveland, Ohio, as a marketplace connecting customers with banks and credit unions to refinance their student loans.
Splash expanded to personal loans in 2022, and added a home equity line of credit product in 2025. The company says it’s helped more than 125,000 customers refinance over $6 billion in loans.
Key Features
Interest Rates
Personal loans through the Splash Financial marketplace have interest rates (APRs) ranging from 8.99% to 35.99%.
To qualify for the lowest APR, you’ll need an excellent credit score. Other factors that impact the rate you qualify for include credit usage history and the specific loan term.
Splash says the lowest rate may include a 0.25% autopay discount, but only for the shortest loan term option (2 years).
Loan Amounts
Splash Financial offers personal loans ranging from $1,000 to $100,000. This is a standard range, though some smaller lenders only offer loans up to $35,000 or $50,000.
There are higher personal loan minimums in a handful of states:
Massachusetts: $6,000
New Mexico and Ohio: $5,000
Georgia: $3,001
Repayment Terms
Personal loans available through Splash Financial have repayment terms from 2 to 7 years (24 to 84 months). However, you may not be eligible for every term length within that range.
Funding Speed
Splash Financial maintains that once a personal loan application has been completed, funding usually takes one to two business days. That said, funding can take as long as two weeks.
Splash doesn’t share specific details on why certain loans could take longer to fund, but this typically is a result of the lender needing to verify the applicant’s information or documents. Plus, Splash Financial is a loan marketplace rather than a direct lender, so it relies on partners to review applications separately.
Prequalification
You can check your rate without a hard credit pull by providing some personal details on the Splash Financial website. This is a good way to get a preview of the APRs you’d receive before applying in earnest.
Costs & Fees
Since Splash partners with a variety of lenders, the origination fee depends on the particular lender. You could qualify for a personal loan with no origination fee at all, or you could be required to pay a fee of up to 15%.
Luckily, there’s no fee for paying off your loan early, no matter which lender you choose through the marketplace.
Eligibility Criteria
Splash Financial doesn’t share a minimum credit score requirement, but it recommends applicants have a score of 680 or higher to optimize their chances of approval. Splash also acknowledges that you may be approved with a lower credit score, but you’ll pay a higher interest rate as a result.
Other requirements include having a basic checking or savings account as well as income information, a valid ID and the reason why you’re looking to take out a loan.
How To Apply
Start by checking your rates through the marketplace’s prequalification option.
Provide details, including your name, income and employment information.
Select the loan amount and why you’re looking to borrow money.
Review the rates you’re eligible for, then complete the actual application.
Submit the application and wait to hear back.
Comparable Options
We compared Splash Financial to two other options: another marketplace, Credible and a direct lender, Lightstream. Here’s how those competitors stack up.*
Feature | Splash | Credible | LightStream |
|---|---|---|---|
APR Range | 8.99% - 35.99% | 6.49% - 35.99% | 6.49% - 25.39% |
Loan Amounts | $1,000 - $100,000 | $1,000 - $250,000 | $5,000 - $100,000 |
Repayment Terms | 24 - 84 months | 12 - 120 months | 24 - 240 months |
Origination Fee | 0% - 15% | 0% - 15% | None |
Credible
Credible offers personal loan rates that start lower than Splash Financial’s options, and Credible also offers a wider range of loan amounts. If you need to borrow more than $100,000, Credible is worth exploring, as its loans top out at $250,000.
LightStream
The main advantage of LightStream over Splash and Credible is that it doesn’t charge origination fees on its personal loans. Like Credible, it also offers slightly lower interest rates, but you’ll need a high credit score and autopay enabled to qualify.
When Credible might be better: You need to borrow more than $100,000
When LightStream might be better: You want to avoid an origination fee, you want a wide range of repayment term options
Who Splash Financial Is Best For
Splash Financial is best for borrowers who want to explore their personal loan options across a variety of lenders. If you need to borrow up to $100,000 and you want to check your rates without a hard credit pull, it’s worth a look.
If you want to avoid an origination fee, you might want to explore other options like LightStream, though you may not have to pay a fee with every lender through Splash. You’ll also want to look elsewhere if you need to borrow a larger sum, like $250,000.
Final Take
Splash Financial could be worth considering for a personal loan if you want to see what rates and terms you prequalify for across a variety of lenders. Its main downsides are an origination fee (charged by certain lenders) and a lower maximum loan amount than some other marketplaces.
FAQs
Are Splash personal loans legit?
Yes, Splash Financial is a legit loan marketplace, working with a variety of banks and credit unions to offer customers personal loans. Splash has an A+ rating from the Better Business Bureau.
How long does Splash Financial take to approve a loan?
Splash generally provides loan decisions (and funding) in one or two business days. However, depending on the partner lender, the process can take up to two weeks.
Does Splash require proof of income?
Yes, Splash Financial requires proof of income, such as paystubs, as part of the verification process when applying for a personal loan.
Sources
www.splashfinancial.com - Official Splash Financial website
https://www.credible.com - Official Credible website
https://www.lightstream.com/ - Official LightStream website
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