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Splash Financial

2022 review

Splash Financial is an online marketplace for student loan refinancing. Its rates are lower than average and some of its lending partners have no loan maximum, making it a great option if you have a large amount of debt. 

9.0 / 10
Editorial Score
Ginny Dorn
Ginny Dorn
Personal finance and mortgages specialist
January 13, 2022

Overview

Splash Financial offers low interest rates for student loan refinancing. It has an A- rating with the Better Business Bureau and is a BBB accredited business, making it a reputable company.

Splash Financial is a loan marketplace – meaning, it matches you with lenders that fit your needs. You can check your rate without a hard credit pull before submitting a full application. Then, you can review offers from multiple lenders before choosing the best one for you.

While it does offer in-school student loans and personal loans, Splash Financial stands out for student loan refinancing. It is best for students looking to save money on their student loan payments, promising competitive rates and full transparency from each of its lenders.

Best Choice 2022
9.0 / 10
Editorial Score
Splash Financial
Quick view:
Editorial Score
9.0 / 10
Online Services
Applications, Quote management, etc.
10.0 / 10
Customer Service
9.0 / 10
Available in all states
10.0 / 10
Available loan types
8.0 / 10
Products
7.0 / 10

See Student Loan Refinancing Options on Splash Financial

Products & Services

Student Loan Refinance

With Splash Financial, you can refinance federal, private, and Parent PLUS student loans. Although it varies by lender, the minimum loan amount is generally $5,000, and some lenders have no maximum. If you have substantial student loan debt and are struggling to find a refinance lender, Splash Financial could be a good fit.

Some lending partners give you the option to add a cosigner to your loan for a better rate or help getting approved. Your cosigner must be a U.S. citizen. Keep in mind that each lender has its own cosigner release policy. You may be able to request a cosigner release after 12 or 24 months of consecutive, on-time payments.

Late fees and penalties, as well as deferment and forbearance options, will depend on your lender’s policies. Before completing your application, you might benefit from checking with your chosen lender to find out more about these policies. Splash Financial will ensure that you pay no application, origination, or prepayment fees.

It’s also important to note that some of Splash Financial’s lending partners are credit unions. If you are matched with and choose to apply with a credit union, you may be required to become a member before you can proceed with the loan.

If you’ve already refinanced, you could refinance again with Splash Financial if you qualify. However, doing so more than once could lower your credit score.

Splash Financial also offers specialized refinance options. If you’re a parent, you could refinance loans in your name or your child’s name after they have earned their degree. You might be able to refinance student loans jointly with your spouse. Lenders will look at your income as a couple, which could improve your approval odds and available interest rates.

See Student Loan Refinance Options on Splash Financial

Medical Student Loan Refinance

You must be in a residency or fellowship program to refinance medical student loans with Splash Financial. Most medical school refinance loans have a minimum of $5,000 and no maximum borrowing limit.

Residency and fellowship refinance loans have a fixed interest rate ranging from 3.06% to 6.47% APR or a variable interest rate ranging from 2.53% to 6.37% APR. You can choose a loan term ranging from 5 to 20 years. With Splash Financial, you can opt to pay $100 per month during your training and take advantage of a 6-month grace period after training is complete before making full payments.

You can apply for an optional 84-month student loan deferment period during medical residency or fellowship. You can choose to defer payment during this time completely, pay $100 per month, or begin immediate, full payments on both the principal and interest. To qualify for the $100 monthly payment option, you must be employed as an intern, resident, fellow, or similar trainee full time.

Rates and Terms

Since Splash Financial is a marketplace, rates and terms vary among its lending partners. Variable rates begin at 1.87% APR, and fixed rates begin at 2.30% APR for highest qualified borrowers. Some lenders also offer a 0.25% autopay discount, included in these rates. Loan terms vary from 5 to 25 years.

Splash Financial loans never have application, origination, or prepayment fees, but other fees such as late fees may apply from your chosen lender. Review the fine print of the offer from your lender to learn about fees before you decide to sign.

Get Started with Splash Financial

Application Process and Qualifications

Splash Financial offers an online preapproval process. It takes just minutes to find your matching lenders. Preapproval only requires a soft credit pull, which does not impact your credit score. If you do decide to move forward with a full application, Splash Financial will do a hard credit pull, which can affect your credit score.

For preapproval, you’ll provide basic information including your name, date of birth, email, address, education level, income, the loan amount you want to refinance, and citizenship status. Be prepared to provide the following information:

  • Photo ID
  • Housing costs
  • Employer information
  • Tax return or pay stubs to verify your income
  • A copy of your transcripts or diploma to certify that you’ve graduated
  • Verification statements showing that your payment history with your current loan servicers

To qualify for student loan refinancing with Splash Financial, you’ll need a minimum credit score of 650. You must be a U.S. citizen or a permanent resident. You also must have graduated with your associate degree in an eligible field or with a 4-year degree from a Title IV accredited institution.

You may also be eligible if you meet all of the following criteria:

  • You are in the final term of an associate’s degree program.
  • You have an employment offer in your field.
  • Your degree is in one of these areas: Cardiovascular Technologist (CVT); Dental Hygiene; Diagnostic Medical Sonography; EMT/Paramedics; Nuclear Technician; Nursing; Occupational Therapy Assistant; Pharmacy Technician; Physical Therapy Assistant; Radiation Therapy; Radiologic/MRI Technologist; Respiratory Therapy; or Surgical Technologist.

Get Started with Splash Financial

Approval Time

Before you begin your application with Splash Financial, you can select Check my rate to see available interest rates before completing a full application. The preapproval process takes just a few minutes.

After completing a full student loan refinance application, you will typically receive a decision within three days. If approved, it could take about three weeks to receive your funds from the application date, on par with the market standard for student loan refinancing.

Customer Service

Splash Financial is available via phone, email, or live chat Monday through Friday, 9 a.m. to 9 p.m. EST. I reached out to the customer service team through the chat function, posing as a potential customer who wanted to ask a few questions.

Upon entering my email, I was immediately connected with a live agent.

Customer Service

Customer Service

The person I spoke with replied immediately to each of my questions. They were polite, friendly, and knowledgeable. While I did have to enter my email to begin the chat, I appreciated that the representative didn’t try to sell me anything – they simply answered my questions honestly and quickly.

Summary

Splash Financial holds true to its mission to save you money and make student loan refinancing easy for all. With super competitive low rates and no origination, application, or prepayment fees, you could most likely save money when you refinance existing loans through Splash Financial.

The prequalification option lets you check your rates without a hard credit pull, so your credit score will be unaffected. With no cap on how much you can borrow and the option to potentially combine your student loans with your spouse, Splash Financial makes it easy to refinance no matter what your unique situation entails.

Since Splash Financial only matches you with lenders, it does not have control over the final terms of your refinance loan. Some lending partners are credit unions, so you may have to become a member to qualify for a loan. Deferment and forbearance options vary, and other charges such as late fees could apply. It’s important to research the lender you match with thoroughly before completing your application.

Although there are some drawbacks, Splash Financial is a reputable company that puts you first by providing excellent customer service and lots of opportunities to save money. It has proven itself trustworthy, making the student loan refinance process easy and accessible.

See Student Loan Refinance Options on Splash Financial

FAQ

Does Splash Financial affect your credit score?

You can prequalify with Splash Financial to get personalized rates without a hard credit pull, so it won’t hurt your credit score. However, choosing to move forward with your application requires a hard credit pull which can lower your credit score.

What credit score does Splash Financial require?

You need a minimum FICO credit score of 650 to qualify for Splash Financial’s student loan refinancing.

Does Splash Financial allow cosigners?

Some of Splash Financial’s lending partners do accept cosigners. Both you and your cosigner must be U.S. citizens to qualify.

Does Splash Financial offer forbearance?

Forbearance policies vary by lender. After prequalifying, be sure to check the forbearance policy of your selected lender before submitting your loan application.


* Fixed Rate options range from 2.30% (with autopay) to 6.62% (without autopay). Variable rate options range from 1.87% (with autopay) to 5.45% (without autopay).
The borrower is required to meet applicable underwriting requirements based on specific lender criteria. Not all borrowers receive the lowest rate as advertised. Lowest rates are reserved for the highest qualified borrowers. Splash does not guarantee that you will receive any loan offers or that your loan application will be approved. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, a responsible financial history, income and other factors. Variable rates subject to change.

** To check the rates and terms you qualify for, Splash Financial conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

Ginny Dorn
Written by
Ginny Dorn

Ginny Dorn is a freelance personal finance writer. She specializes in credit card debt, personal loans, and mortgages. She graduated from Western Illinois University with a bachelor's degree in family and consumer sciences.

Pros:
  • No borrowing limit
  • Competitive interest rates below market average
  • Joint refinance with spouse available
Cons:
  • Loan terms and policies vary widely
  • You may have to join a credit union to qualify
  • Lender options are somewhat limited
Bottom Line

Splash Financial is a trustworthy company with an excellent rating with Trustpilot.   

It offers competitive interest rates on student loan refinancing from multiple lenders with one easy application. Since it is a marketplace, final loan terms vary from lender to lender. 

Some of Splash Financial’s lending partners have loans with no maximum, so it’s worth exploring if you have a large amount of student debt. It also offers the option for married couples to refinance jointly, which is especially helpful if only one of you is a wage-earner.