Our reviewers evaluate products and services based on unbiased research. Top Consumer Reviews may earn money when you click on a link. Learn more about our process.

Splash Financial Review

Thursday, May 30th

2024 Personal Loan Reviews

Splash Financial Review 3.5 Star Rating

Splash Financial

3.5 Star Rating
  • Operates as a loan referral service
  • Primarily works with student loans, but expanded to include personal loans
  • 0.25% discount when you set up autopay
  • Origination fees of 0 to 12%, depending on the chosen lender
  • "A+" rated and accredited by the BBB
  • In business since 2013

Founded in 2013, Splash Financial emerged from a desire to alleviate the burden of debt experienced by friends and family. Operating from a modest office in Cleveland, OH, this company established a marketplace connecting individuals with banks and credit unions eager to assist in refinancing student loans, offering competitive rates nationwide. Over the years, Splash Financial has evolved into a prominent player in the student loan refinancing arena, facilitating over 100,000 accounts and managing over $6 billion in refinancing requests.

Service now offers personal loans

Expanding its services, Splash Financial has successfully launched personal loans, maintaining its dedication to customer service. Despite its growth, Splash Financial remains committed to its initial goal: empowering individuals to conquer their debt. Utilizing innovative automated underwriting technology, Splash Financial streamlines the loan process, offering personalized solutions and connecting customers with a diverse range of lenders, including small banks and credit unions, all accessible online for a seamless and efficient experience.

Some application questions go beyond the norm

You can find out what personal loans you qualify for in as little as three minutes. You'll start by creating an account (not our favorite intro, to be honest) with your email address and desired password. Indicate your requested loan amount and what you intend to use it for (pay off credit cards, make a major purchase), employment situation, and so forth. One question we got here that we didn't see elsewhere: "In the last 6 months, how many credit card cash advances have you taken?" We were also surprised to see an option to enroll in autopay, even before knowing which lenders we might be matched with; fortunately, you can always click on "decide later" , if you wind up opting to work with a financial institution who gives you a discount on your interest rate for doing so.

Best Personal Loans

Personal loans funded anywhere from 1 business day to 2 weeks

Once Splash Financial verifies your identity from the information you provided, you'll be shown multiple offers from their financial partners. Many of the lenders they work with can get you your loan proceeds within one business day after you complete the full application, but Splash has a disclaimer that it can take as long as two weeks. As you'd anticipate, it depends on your situation and the lender you choose.

Gets high marks for customer service

We're happy to note that Splash Financial is "A+" rated and accredited by the Better Business Bureau, with only 5 complaints filed there over the last three years. While most of the people leaving feedback with the BBB and in other places like Trustpilot are typically commenting on student financial products (like loans and refinancing), it's still worthwhile to point out that over 800 people have given Splash Financial a 5-star rating. One commenter sang this company's praises for being able to get them a personal loan when every other service rejected their application. Several others gave Splash Financial kudos for having knowledgeable and friendly customer representatives: "it was nice to talk to an actual person" and "it's true when they say "we'd love to talk'" are just some of the compliments that stood out to us.

Could be more open about their lending partners

But, there are a couple of downsides to Splash Financial that are worth mentioning. First, they're extremely tight-lipped about which lenders they use to fund personal loans. While most of their rival referral platforms not only tell you who they use upfront, but they also give you ample information and reviews from borrowers, Splash Financial says next to nothing. Digging around online, we found that some of their lending partners are probably credit unions, and taking out personal loans there typically comes with a membership requirement (which is usually easy enough to do by creating a savings or checking account).

Best Personal Loans

Higher-than-average rates and fees are possible

Second, Splash Financial's partners had a starting interest rate that was several percentage points higher than many competitors' published rates. Granted, most people aren't going to qualify for loans at that end of the spectrum anyway, and Splash's partners' high end was the same as what you'll see in most other places (35.99% APR at the time of this evaluation). But, we also noticed that the origination fees through Splash's network can go as high as 12%, and that definitely won't save you money in the long run.

Not closely focused on personal loans

Finally, this service is heavily focused on student loans and refinancing them. Yes, they've expanded into personal loans and we're here for that. But, it keeps them from competing with some of our higher-ranked options that have a strong emphasis on personal loans (and thus with a broader, more transparent network of lenders who specifically offer this type of financing).

Good but not quite great

Generally speaking, there's nothing overly concerning about Splash Financial. You could definitely use this referral service to get a personal loan, and if you need any guidance along the way, you can certainly count on receiving personable help from their reps. But, if you really like the idea of completing a single online application to get offers from an openly-disclosed set of financial institutions, you should check out some of Splash's competitors first.

Where Can You Find the Best Personal Loans?

Personal loans are a type of borrowing where you can get money from a bank, credit union, or online lender and pay it back over time with interest. Why would you want to take out a personal loan? There are plenty of reasons. Typically, people turn to personal loans for big purchases or expenses you can't afford to pay for all at once, like buying a car, paying for a wedding, or covering unexpected medical bills.

Personal loans can also be helpful if you want to consolidate high-interest debt from credit cards into one lower-interest loan, which can save you money in the long run. Some people also use personal loans to fund home improvement projects or even to take a much-needed vacation.But before you go rushing off to apply for a personal loan, there are a few things you should consider.

The Best Personal Loans Compare Personal Loans Compare Personal Loan Reviews What are the best Personal Loans Best Personal Loan Reviews

Personal Loan FAQ

Any way you like! Personal loans typically don't come with restrictions on how they're used. Paying off high-interest credit cards, splurging on a luxury item you've always wanted, taking a much-needed family vacation: you can use your personal loan for all of that and more.
Most banks and credit unions offer personal loans, but your financial institution might not offer the most competitive rates. There are many lesser-known sources that want to earn your business with lower APRs and more personalized attention over the life of the loan.
That depends on a number of factors, such as your credit history and income. It's definitely worth shopping around, just like you would when buying a car or other big-ticket item. Consider using a service that allows you to get loan offers from multiple lenders with a single application: that will make it more likely that you'll get the best possible rate and terms on your personal loan.
When you're making an initial inquiry to see if you qualify for a personal loan, it usually involves a "soft pull" on your credit - verifying your identity, credit score, and current debts. That will not lower your credit score. However, if you take the next step and apply for a specific loan, expect that your credit score may dip a (but only temporarily).
Most lenders allow you to complete the process online, from beginning to end. That's a big perk for people who can't get to a brick-and-mortar bank during regular business hours.
Personal loans are available in amounts ranging from $100 to $100,000. Before you get too excited and start planning how you'll spend the money, keep in mind that the amount you'll actually be approved for depends on your financial situation. The higher your credit score and the lower your outstanding debts, the more likely it is that you will qualify for a bigger loan.
The application process can be extremely fast: some lenders can approve your loan in just a few minutes. Once you accept a personal loan offer, most providers will direct deposit the funds within 1-5 business days.
As with any kind of loan, it's important to keep track of the details: don't borrow more money than you can comfortably repay, make on-time payments every month, and communicate with your lender if unforeseen circumstances arise (e.g. unemployment, natural disaster, disability) and you need forbearance or other accommodations. It's also wise to check out the reputation of the lender: reviews from previous clients and a rating from the Better Business Bureau can be very informative as you decide which provider to use for your personal loan.
Compare the Best Reviews

Continued from above...

First, think about whether you really need the money and if you can afford to pay it back. Taking out a loan is a big responsibility, and you don't want to get in over your head with debt. Take a look at your budget and make sure you can comfortably make the monthly payments.

Next, you'll want to shop around and compare loan offers from different lenders to make sure you're getting the best deal. Pay attention to things like interest rates, fees, and repayment terms. You can usually get prequalified for a loan online without affecting your credit score, which can help you see what kind of offers you might be eligible for.

Speaking of applying online, should you do it? Absolutely. It's super convenient to apply for a personal loan online since you can do it from the comfort of your own home and compare offers from multiple lenders without having to visit a bunch of banks or credit unions in person.

Plus, many online lenders offer quick approval and funding, so you can get the money you need fast. Just make sure you're dealing with a reputable lender and that you understand all the terms and conditions of the loan before you sign on the dotted line.

Now that you're ready to apply for a personal loan, which lender or website is best? Here are some things to look for as you make the decision:

  • Can the lender offer you the amount you're thinking of borrowing? Some personal loan providers only go up to $10K, while others go as high as $100K.
  • Rates and fees. It's important to know not only how much you'll be paying in interest but also in fees (like origination). Fees are often taken out of the loan money before it hits your account, which can affect the amount of the loan you need to request.
  • Funding timeframe. How long will it take for your loan money to get to you? Can you get it deposited into your bank account in a day or less? If you need the money quickly, choose a lender that can get it done fast.
  • Reputation. Does the lender or referral service have a good reputation? Do people who have used it to borrow money recommend it? Has the Better Business Bureau given the company a good grade?

To help you find the best option for getting a personal loan, the experts at Top Consumer Reviews have reviewed and ranked some of today's most popular lenders and referral platforms. Use our research to start your journey with a trustworthy company and get the funds you need!

Compare Personal Loans

Select any 2 Personal Loans to compare them head to head

  • Upstart
  • SuperMoney
  • Discover
  • Happy Money
  • SoFi
  • Splash Financial
  • LendingTree
  • Prosper
  • Bad Credit Loans
  • Ace Cash Express
  • Personal Loans
Upstart vs SuperMoney Upstart vs Discover Upstart vs Happy Money Upstart vs SoFi Upstart vs Splash Financial Upstart vs LendingTree Upstart vs Prosper Upstart vs Bad Credit Loans Upstart vs Ace Cash Express Upstart vs Personal Loans SuperMoney vs Discover SuperMoney vs Happy Money SuperMoney vs SoFi SuperMoney vs Splash Financial SuperMoney vs LendingTree SuperMoney vs Prosper SuperMoney vs Bad Credit Loans SuperMoney vs Ace Cash Express SuperMoney vs Personal Loans Discover vs Happy Money Discover vs SoFi Discover vs Splash Financial Discover vs LendingTree Discover vs Prosper Discover vs Bad Credit Loans Discover vs Ace Cash Express Discover vs Personal Loans Happy Money vs SoFi Happy Money vs Splash Financial Happy Money vs LendingTree Happy Money vs Prosper Happy Money vs Bad Credit Loans Happy Money vs Ace Cash Express Happy Money vs Personal Loans SoFi vs Splash Financial SoFi vs LendingTree SoFi vs Prosper SoFi vs Bad Credit Loans SoFi vs Ace Cash Express SoFi vs Personal Loans Splash Financial vs LendingTree Splash Financial vs Prosper Splash Financial vs Bad Credit Loans Splash Financial vs Ace Cash Express Splash Financial vs Personal Loans LendingTree vs Prosper LendingTree vs Bad Credit Loans LendingTree vs Ace Cash Express LendingTree vs Personal Loans Prosper vs Bad Credit Loans Prosper vs Ace Cash Express Prosper vs Personal Loans Bad Credit Loans vs Ace Cash Express Bad Credit Loans vs Personal Loans Ace Cash Express vs Personal Loans
Compare the Best Personal Loans
- VS -
Review the Best Personal Loans
See the Best Personal Loan
The Best Reviews of Personal Loans