Splash Financial - Anyone heard of them?

[LawStudentCivilis]

As I pay off balances  and my scores continue to increase I now receive more and more pre-screened solicitations or pre-approvals.  I did a quick search on the forum and have not heard of Splash Financial.  According to Nerd Wallet, "Splash Financial offers student loan refinance loans originated by Nelnet Bank, Laurel Road and Pentagon Federal Credit Union, known as PenFed." 

This makes sense as I have seen Laurel Road sp'ing my report for a few months, but I have not received anything in the mail from them.  If it is true regarding PenFed, that also makes sense as I hold membership with them.  The only tidbit I found to be interesting is when I flip to the back of the solicitation letter it states "First Technology Federal Credit Union c/o Splash Financial."  First Technology is not listed as one of the banks for Splash on the Nerd Wallet website.   

This is where I now turn to the many experts on this forum to see if any of you have experience, opinions, or comments regarding Splash Financial.  It is being compared to credible, which I also have limited to no knowledge of.  Maybe this thread can serve as general info since it appears it has not been discussed.

[tparks5961]

Hey,

I've never heard of Splash Financial, but through research, I understand that quite often when "financial" is in the company name it may be  listed as a consumer finance account on your reports.

This can have an adverse affect on your credit report for up to 10 years.

[LawStudentCivilis]

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@tparks5961 wrote:

Hey,

I've never heard of Splash Financial, but through research, I understand that quite often when "financial" is in the company name it may be  listed as a consumer finance account on your reports.

This can have an adverse affect on your credit report for up to 10 years.

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Yes, that is a possibility.  However, it appears you are submitting an app that would be funded through one of the banks listed in the original post.  I am not pursuing them or anyone at present.  I do want to understand what is out there for my own knowledge though.

[designated_knitter]

Sounds like one of those loan sites where you put in your data, they blast it out to a bunch of banks and you either get a loan offer from them or not... kind of like loan depot for student loan refinancing.  Basically, they broker your data.

The problem is that those sites sell your data to lots of other companies that sell your data and pretty soon you're getting spam from Tunesia. 

If you want to refinance, I would start with Penfed and limit your search to direct lenders only.

[LawStudentCivilis]

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@designated_knitter wrote:

Sounds like one of those loan sites where you put in your data, they blast it out to a bunch of banks and you either get a loan offer from them or not... kind of like loan depot for student loan refinancing.  Basically, they broker your data.

The problem is that those sites sell your data to lots of other companies that sell your data and pretty soon you're getting spam from Tunesia. 

If you want to refinance, I would start with Penfed and limit your search to direct lenders only.

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Thank you, you make points I have not considered.  I wonder if they already have my data to sale because I checked again they defintely have sp'd me in the past.