Splash Student Loan Refinancing
Splash Financial is a marketplace lender specializing in refinancing student loans. Their lending partners are banks and credit unions that offer loans to college graduates to help borrowers pay off balances faster and get a lower interest rate.
Student loan refinancing is the only financial service offered by Splash. They specialize in helping people with multiple student loan debts get a lower interest rate and better terms so they can make just one monthly payment and get their student loans paid off faster.
Splash Student Loan Refinance Overview
|APR (fixed interest rate)||3.48% – 7.27%|
|APR (variable interest rate)||2.27% – 6.85%|
|Eligible loan types||Federal and private student loans, Parent loans (even if the child hasn’t graduated)|
|Refinance amount||Minimum $5,000, no maximum|
|Repayment terms||Between 5 and 25 years, depending on the lender|
|Minimum credit score||660+|
|Good for:||Those who want a quick and easy way to consolidate their student loans with a marketplace lending platform that has a great reputation|
Splash Financial’s Pros
- Easy rate check process with soft credit pull (hard credit pull with full application)
- Find out if you are approved in three minutes
- Lowest offers from multiple lenders to compare with just one application
- Excellent reputation among financial professionals and customers
Splash Financial’s Cons
- Every lender has different application requirements
- 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. They match you with a few lenders, and you can choose the terms that best meet 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 scores by a few points. Most loans take between three and 14 days to fund.
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.
- 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
- Credit score of 660 or higher (some lenders may require better credit scores than others)
- Degree requirements vary according to the lender
- Must be a U.S. citizen or legal resident of the United States
Applying with a co-signer who has a stable income and good credit could help you get the best possible loan terms. Credit-challenged borrowers may not be able to qualify for student loan refinancing without a co-signer.
If you choose to get help 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 there is no maximum amount.
There are no application fees with Splash Financial. You also won’t pay origination fees or pre-payment penalties 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 potential lenders about this option.
Privacy & Security
Splash has a solid reputation among student loan refinance companies. They’ve been formally endorsed by financial expert Dave Ramsey and are Top Rated by Student Loan Hero. Nerdwallet named them 2019 Best Student Loan Refinancing for Customer Service.
With only 31 reviews on Trustpilot, this company has a 4.5 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 firstname.lastname@example.org. 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.
After you choose a lender and get approved 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 qualify for lower rates takes just a few minutes.
812 Huron Road East
Cleveland, OH 44155