Splash Student Loan Refinancing
Splash Financial is a marketplace and lending platform specializing in refinancing student loans. Their lending partners are banks, credit unions, and other lenders that offer loans to college graduates that can help borrowers pay off balances faster, lower their monthly payments, or get a lower interest rate.
Student loan refinancing is the first financial service offered by Splash. They specialize in connecting people with multiple student loan debts with lenders who may offer lower interest rates and better terms so they can make just one monthly payment and get their student loans paid off faster. Splash also offers personal loans.
Splash Student Loan Refinance Overview
|APR (fixed interest rate)||1.99% – 7.84%|
|APR (variable interest rate)||1.74% – 7.49%|
|Eligible loan types||Federal and private student loans, Parent loans (even if the child hasn’t graduated)|
|Refinance amount||Minimum $5,000, Some lenders have no maximum|
|Repayment terms||Between 5 and 25 years, depending on the lender|
|Minimum credit score||640|
|Good for:||Those who want a quick and easy way to refinance their student loans with a marketplace lending platform that has a great reputation|
Splash Financial’s Pros
- Easy prequalification process with soft credit pull (hard credit pull with full application)
- Find out if you are prequalified in minutes
- Potentially receive multiple offers from lenders to compare with just one prequalification form
- Excellent reputation among financial professionals and customers
Splash Financial’s Cons
- Application requirements vary by lender
- Some lenders do not allow deferment or forbearance of refinanced student loans.
Checking your rates takes just a few minutes to complete on Splash’s website. You’ll know right away if you pre-qualify. Splash Financial conducts a soft credit pull to determine your potential eligibility. If you qualify, they match you with a few lenders, and you can choose the terms that meets your needs.
If you decide to proceed with a formal application for student loan refinancing through one of Splash’s partner lenders, you’ll have to complete a more in-depth application and grant permission for the lender to check your credit. A hard credit pull may affect your credit score. Most loans take between three and 14 days to fund.Get my rate
Terms & Requirements
Since Splash Financial is a marketplace lender, the terms and requirements are set by the individual banks and credit unions in their network.
- Most Lenders require at least an associate degree, or they require the student to be in their final term of a program with an offer of employment in their degree specialty
- Some lenders require a bachelor’s degree from a Title IV accredited school
- A credit score of 640 or higher (some lenders may require better credit scores than others)
- Degree requirements vary according to the lender
- Must be a U.S. citizen, legal resident, or visa holder of the United States
Credit-challenged borrowers may not be able to qualify for student loan refinancing without a co-signer. Following the application, some lenders will require you to add a co-signer who has a stable income and good credit in order to secure the loan. In the case of getting assistance from a co-signer, you may have the option of releasing them after making 12 on-time consecutive payments. With some lenders in the Splash Financial network, the borrower doesn’t have to go through the application process a second time to release the co-signer.
Lenders in the Splash Financial marketplace determine the terms of their loans. In general, you can choose a term between five and 25 years.
The minimum total loan amount is $5,000, and some lenders have no maximum amount.
There are no application fees with Splash Financial. You also won’t pay origination fees or pre-payment penalties on student loan refinancing with any of Splash’s lending partners. So, if you want to pay off the loan earlier than the term you choose, you’ll only pay interest that has accrued up to the date you pay off the balance.
With Splash Financial’s lenders, you may be able to combine student loan debts from two borrowers into a single loan. For example, married couples may want to have a single loan payment to simplify their finances.
Each lender determines whether they will offer forbearance or deferment. Some lenders may provide students who return to school full-time the opportunity to make smaller payments each month. If you think you may return to college, talk with lenders about this potential option.Get my rate
Privacy & Security
Splash has a solid reputation among student loan refinance companies. They’ve been advertised by financial expert Dave Ramsey and are Top Rated by Student Loan Hero. Nerdwallet named them the 2019 Best Student Loan Refinancing for Customer Service.
With 273 reviews on Trustpilot, this company has a 4.8 out of 5-star average rating.
Reviewers call the service “painless” and say the process was “quick and seamless.”
Splash Financial’s website has SSL Verification to help protect your sensitive personal information.
If you have questions about the pre-qualification application or your formal application after you choose a lender, you can call the Splash Financial customer service team at (800) 349-3938. Their email address is email@example.com. This is one of the few companies that also offer customer service via text at (216) 930-2269. You can also contact them via Facebook or Twitter. Customer support is available from 9 am to 9 pm Eastern Monday through Friday.
Splash customer service is available to you even during the time between the loan’s approval to the actual funding. Although after you choose a lender and get funded for student loan refinancing, you’ll take your inquiries directly to that lender’s customer service department.
Even if you’ve already refinanced your loans through a private lender, you can explore the option of further reducing your interest rates or shortening your loan term to save money. With Splash, finding out if you prequalify for lower rates takes just a few minutes.
812 Huron Road East
Cleveland, OH 44155Get my rate
Disclaimer: The following Fixed Rate examples are based on a $10,000 loan amount using the lowest APR for each application term listed above. All student loan rates used in calculating the examples are shown without the autopay discount (.25%). The monthly payment for a sample $10,000 loan with an APR of 1.99% per year for a 5-year term would be $175.23. The monthly payment for a sample $10,000 loan with an APR of 2.69% for a 7-year term would be $130.74. The monthly payment for a sample $10,000 loan with an APR of 2.70% for a 8-year term would be $115.94. The monthly payment for a sample $10,000 with an APR of 2.74% for a 10-year term would be $95.37. The monthly payment for a sample $10,000 with an APR of 2.92% for a 12-year term would be $82.40. The monthly payment for a sample $10,000 loan with an APR of 2.99% for a 15-year term would be $69.01. The monthly payment for a sample $10,000 loan with an APR of 3.34% for a 20-year term would be from $57.18.