Splash Financial Review

Splash Financial is a relative newcomer in the student loan refinancing world. The company was launched in 2013, and its founders were motivated to develop a client-friendly solution after seeing friends and loved ones struggle to manage the burden of high student loan debt. Splash Financial achieves this through a partnership model that gives banks and financial institutions a strong incentive to offer their most competitive refinancing rates and terms through the platform.

How it works

The company offers two main programs: general student loan refinancing plans, and specialized options for students in medical school. Both programs use a similar approach built around the same core steps.

  1. Use the Splash Financial estimator tool to enter your loan details. The system will then generate quotes for your new interest rates and payment terms.
  2. Lock in the quoted rates and terms by completing and submitting a formal application.
  3. Finalize your refinancing plan by authorizing and signing your loan documents.
  4. Make your scheduled monthly payments until you are debt-free.

The key difference between the two programs is that medical school students qualify for special terms. For example, they can have their loan payments capped at just $100 per month while they are engaged in study fellowships or hospital residencies.

Student loan refinancing options

Splash Financial partners with banks and credit unions, functioning as a marketplace that links borrowers with the best rates they qualify for. Here’s a snapshot of what you can expect to find as a Splash Financial customer, as of July 2020:

One noteworthy policy is that Splash Financial imposes a cap on its variable rate loans. Variable-rate loans are, by nature, unpredictable and their rates change according to prevailing economic conditions. However, Splash Financial introduces a helpful element of predictability by guaranteeing that no variable rate will ever exceed a 10% annual percentage rate (APR).

How to qualify

Splash Financial customers must meet several general qualification guidelines to be eligible for the service. These include:

Beyond these standards, you must also meet the following financial criteria:

Finally, keep the following additional factors in mind:

When you use Splash Financial to obtain a rate quote, the company performs what is known as a “soft pull” of your credit file. This means that your credit score will not be negatively impacted by your loan application, which removes a great deal of risk to potential borrowers. You have nothing to lose by applying.

Things to know before you apply

As with any other major financial decision, you should always shop around and compare the rate quote you obtained from Splash Financial against your other options. Splash Financial offers some of the most competitive rates on the market, but even so, personal finance experts universally stress the importance of doing your due diligence by considering multiple lenders.

Also, remember that your government-issued student loans will become private loans as soon as you refinance them through a third-party institution like Splash Financial. Federal borrowers enjoy certain advantages with regard to forbearance, payment deferrals, and loan discharges due to death or disability. These become void when you privatize your loans.

If you have any questions about Splash Financial’s forbearance, deferral, and discharge policies, get them answered before you apply. Splash Financial appears to consider such requests on a case-by-case basis.

Pros and cons of Splash Financial

Professional reviewers and real Splash Financial customers cited the following advantages of the company’s refinancing model:

These advantages were tempered by drawbacks and downsides that include:

On the whole, customers have very positive things to say about Splash Financial. As of July 2020, Splash Financial was accredited by the Better Business Bureau (BBB) and had an A+ rating. On Trustpilot, Splash Financial had an aggregate score of 4.4 out of 5, with 88% of reviewers giving the company a score of 4 out of 5 or better.

The verdict

Splash Financial offers some of the lowest interest rates and most flexible repayment terms of any student loan refinancing marketplace. The company certainly merits close consideration if you qualify. It is especially useful for medical students, students managing high levels of debt, and borrowers who want to maximize their options by comparing quotes from multiple lenders.

Company information

Splash Financial is headquartered at:

812 Huron Road East,
Suite 350,
Cleveland, OH