Splash Financial is a strong choice if you have good credit and want to consolidate high-interest debt with a personal loan.
Checking rates is free and won't impact your credit score
Splash Financial offers personal loans for almost any expense, but these loans are an especially good option for consolidating high-interest debt like credit cards.
When you receive a debt consolidation loan, Splash sends the loan funds directly to your creditors, eliminating the temptation to use the money for something else. It even offers a rate discount of 0.50 to 1.00 percentage point for opting into this direct pay feature. Though many lenders offer direct payment to creditors, it’s less common to find a corresponding rate discount.
While Splash can approve your application the same day you apply, it takes four days or longer to send loan funds to your creditors, so be sure to confirm that each account has been paid off. If you don’t opt into direct pay, or you want to use the loan for something else, Splash can send the loan funds to your bank account the day after you’re approved.
Splash’s credit score requirement (680) is higher than other top-rated debt consolidation loans, and its average borrower has excellent credit and a six-figure annual income. I recommend pre-qualifying with Splash, then comparing any loan offer you receive with other lenders. Pre-qualification only requires a soft credit check, so it won’t hurt your credit score.
COMPARE: Best personal loan lenders
The total cost of your Splash Financial loan depends on the amount borrowed, annual percentage rate and loan term. Here’s an example of how different rates affect the costs of a $25,000 loan with a four-year term. The lender told NerdWallet its average borrower typically gets an APR from 10% to 14.99%.
APR | 10%. | 15%. |
Monthly payment | $634. | $696. |
Total interest cost | $5,435. | $8,397. |
Total loan cost | $30,435. | $33,397. |
» MORE: Use our personal loan calculator to estimate your costs
Splash says it looks for borrowers with excellent to fair credit (usually a 630 credit score or higher). But it recommends a minimum credit score of 680, so you’ll probably need good credit to qualify.
Splash personal loans are available in all states except Vermont.
For an idea of where you would fit in among other borrowers and what to expect, we asked Splash about its average borrower. Here’s what the lender told us.
» MORE: How to get a personal loan
Q: What can I use a Splash personal loan for?
A: Splash’s personal loans can be used for almost any expense, including debt consolidation, home improvement projects, emergency expenses, vacations and other large purchases. You can’t use a Splash loan to pay for college tuition, business expenses (including bridge financing), investing, gambling or illegal activities.
Q: How long do I have to repay my loan?
A: Splash offers five repayment terms to choose from: two, three, four, five and six years. The shorter the term, the less interest you’ll pay, but your monthly payment will be higher. I recommend choosing the shortest term where you can still afford the monthly payment amount.
Q: Does Splash charge any fees?
A: In addition to its origination fee, Splash also charges a fee if you miss a payment by 10 days or more or if you have non-sufficient funds in your account when it collects payment. In both cases, Splash says the maximum fee amount is $33. Though these types of fees are common, there are a few lenders we looked at that charge zero fees, including Discover, Earnest, LightStream and SoFi.
|  |  |  |  |
|---|---|---|---|---|
Est. APRFrom 8.99% to 35.99% | Est. APRFrom 6.99% to 35.49% | Est. APRFrom 5.96% to 35.99% | Est. APRFrom 7.24% to 24.89% | Est. APRFrom 7.74% to 35.99% |
Loan amountFrom $1,000 to $100,000 | Loan amountFrom $5,000 to $100,000 | Loan amountFrom $1,000 to $75,000 | Loan amountFrom $5,000 to $100,000 | Loan amountFrom $1,000 to $75,000 |
Min. credit score680 | Min. credit scoreNaN | Min. credit score600 | Min. credit score660 | Min. credit score600 |
NerdWallet’s editorial team rates lenders using a rubric with five weighted categories and 29 subcategories. Here are the factors we prioritized, plus why this lender received each score.
Splash offers standard APRs compared to other lenders, with two opportunities for a rate discount. But it may charge a hefty origination fee.
Our Method: We review lenders’ rates and fees, plus any opportunities for rate discounts.
Splash lets you choose and change your payment due date and offers hardship options if you fall behind. But customer service is only available Monday through Friday, and it doesn’t offer a mobile app to manage your loan.
Our Method: We look at factors such as customer service availability, monthly payment flexibility and whether the lender reports on-time payments to major credit bureaus.
Splash only offers basic unsecured loans, so you can’t add collateral or a co-applicant. These loans come in a wide range of amounts, though, which make them a good fit for most expenses.
Our Method: We assess loan amount and term ranges and whether lenders offer multiple loan types or direct payment to creditors on debt consolidation loans.
Splash lets you qualify for its loan with a soft credit check, which helps protect your credit score. Its loan product is also available in 49 states.
Our Method: We consider how widely available and accessible the loans are and how lenders review applicants’ credit.
This lender shows a detailed loan offer during the pre-qualification process. Once you’re ready to apply, Splash can approve applications instantly and send the funds the next day.
Our Method: We evaluate loan approval and funding times and the lender’s transparency throughout the application process.
Read more about our ratings methodologies for personal loans.
The process went smooth. I just, I don't know, I'm not sure the exact terms. I don't know if If I pay it off sooner, if I still have to pay all that interest or if I pay it off sooner, if not all that interest would be added.
Would you recommend this product? Yes
It was very quick and I really have nothing negative to say.
Would you recommend this product? No
Fairly easy. Website was intuitive and then the follow-up after that was definitely professional.
Would you recommend this product? Yes
Very quick. Very satisfied.
Would you recommend this product? Yes
It was digital forward and very efficient and cut out seemingly any undue process. So that I appreciate it.
User reviews are displayed for informational purposes only and are not monitored for accuracy. These reviews do not reflect the opinions of NerdWallet or the financial institutions referenced and are not endorsed by them. Neither NerdWallet nor the financial institutions are responsible for the content of any review, nor are the financial institutions obligated to respond to or address any user posts.
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