Frequently Asked Questions
Most of the time, lenders look for credit that ranges from average to excellent. Typically, this means that you should have a credit score of 660 or higher. However, if your credit score is lower than that, you still may be able to qualify for a personal loan with a higher interest rate.
The amount of time you have to pay back a loan varies from lender to lender.
If your repayment period is longer, your monthly payment could be less expensive than if it were a shorter time period. Longer term loans may make you repay more interest over the life of the loans and may charge a higher interest rate.
Aside from having a basic checking account or savings account, you may need to supply some pay stubs, a valid ID, and the reason why you want a personal loan. From there, the lender will decide whether or not they can approve you for a loan.
Your previous loan history may not automatically disqualify you from receiving a personal loan. Many people have student loans, auto loans or home loans in conjunction with a personal loan.
Your creditworthiness is an integral part of your personal loan application. Your credit score can affect the number of offers you receive along with the term and rate.
Refinancing your loans may transfer them to a different lender and could potentially give you a lower interest rate.
The interest rate refers to the annual cost of a loan to a borrower and is expressed as a percentage. APR refers to the loan’s annual percentage rate and represents the total cost of borrowing for a year. APR includes fees and interest rate. For example, your lender may charge an origination fee for processing your personal loan application, so APR would include both the origination fee and the interest rate.
We know that there are many possible reasons why you might need a personal loan, which is why funds can be used for a variety of purposes. Our borrowers commonly seek loans to consolidate existing debt, finance major purchases, or renovate their home. Some lending partners may provide funds even to start a business.
If you’re wondering how to get low personal loan rates, you’re not alone. While each lender evaluates borrowers differently and uses its own method to determine rates, all of our lending partners offer their lowest rates to only the most qualified borrowers for the shortest loan term.
Your online application, loan terms, credit score and approval, and other factors considered by the lender determine whether you qualify for a loan as well as the interest rate presented to qualified borrowers. You can shop and compare different lender options for you through Splash Financial’s personal loan marketplace.
We conduct a soft credit pull to get you pre-qualified rates. The soft pull allows us to quickly offer you an accurate estimate of your rates, and it does not affect your credit score. Once you have submitted your application, we or our lending partners complete a hard credit inquiry to verify the identity and information of all people signing the application. This allows Splash and our lending partners to ensure that you’re receiving the best rate possible on your loan! Note: A hard credit inquiry appears on your credit report and can influence your credit scores.
Some Splash lending partners offer an autopay discount. Your rate offer through Splash will include details of any available autopay discount. If your rate has an autopay discount available, you will have the opportunity to sign up for autopay after your loan is finalized.
Typically, you can pay off a personal loan early with no pre-payment penalties. However, you should confirm the terms and conditions with your lender, as some lenders may have associated fees for early payoff of personal loans.
Some lending partners charge origination fees and the amount of the origination fees, if any, vary by partner. Any applicable fees will be disclosed and will be part of the APR calculation.
An unsecured personal loan is money you can borrow from a financial institution, such as your bank, credit union, or favorite online lending partner. Unlike a secured loan, an unsecured personal loan doesn’t require collateral – like your home or car. Like any personal loan, if you are approved, you will make monthly payments to pay it back in full (plus interest) over a set duration of time. The loan terms and interest rate vary based on the lending partner you choose, your personal credit history, and other factors.
Once you qualify and are approved for your loan, and have signed all documents, the process to receive your funds typically takes one to two business days. However, in some cases it may take up to two weeks to receive funds.
Our lending partners each have their own minimum and maximum loan amounts. In general, the minimum loan amount is $1,000, and the maximum loan amount is $50,000. Some lending partners on the Splash Financial marketplace offer personal loans up to $100,000 for qualified borrowers. Any loan amount offered is based on the information on your application and credit report, your intended usage, and an assessment of your ability to repay.
Checking your rate for a personal loan through Splash Financial is fast and easy. Simply create an account with us using your email address, answer a series of questions about yourself and your loan request, authorize a credit check and see the rates you may qualify for!