Splash Financial Review: Student Loan Refinancing
People looking for student loan refinancing options might want to consider a newer company―Splash Financial. Both federal and private student loans can be refinanced through Splash Financial, and you can get a rate in less than three minutes.
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- Splash Financial offers student loan refinancing for both federal and private student loans.
- You can refinance to either a fixed or variable rate.
- There’s no minimum income, but you’ll need a cosigner unless you have a credit score of at least 660.
- Cosigner release is available after 12 months of on-time payments.
What we like:
Availability of customer support
|Fixed Rates||3.75% – 7.03%|
|Variable Rates||3.05% – 7.79%|
|Loan Terms||5, 8, 12, 15 years|
|Loan Amounts||$7,500 – $300,000|
If you took out your student loans when you were young and unemployed, there’s a good chance you didn’t get the most competitive interest rates. If you’ve graduated and landed a job since then, your credit score has probably improved.
If that’s the case, a student loan refinance could help you score a lower interest rate. On the other hand, if you’re struggling to keep up with loan payments, a refinance could be used to extend your loan term, so you can save a little extra cash each month.
Splash Financial offers student loan refinancing that could help either type of borrower. This Splash Financial review will take a closer look at the company and what it offers, so you can decide if a Splash refinance is right for you.
In this review:
- What is Splash Financial?
- Pros & cons of Splash Financial
- Eligibility & application requirements
- Splash Financial’s customer support
- Splash Financial alternatives
|Splash Financial student loan refinancing|
|Minimum loan amount||splashfinancial-refi-12-amountlow|
|Maximum loan amount||splashfinancial-refi-12-amounthigh|
|Fixed APRs||splashfinancial-refi-12-fixlow% – splashfinancial-refi-12-fixhigh%|
|Variable APRs||splashfinancial-refi-12-varlow% – splashfinancial-refi-12-varhigh%|
|Minimum credit score||splashfinancial-refi-12-mincreditscore|
|Minimum annual income||splashfinancial-refi-12-minannualincome|
|Fees||Application fee: splashfinancial-refi-12-applicfee|
Origination fee: splashfinancial-refi-12-origfee
Prepayment fee: splashfinancial-refi-12-prepayfee
What is Splash Financial?
Splash Financial started in 2013 as a way to help graduates and medical residents who were struggling with medical student loan debt, which can feel like a crushing burden to those just starting out in their career. Since then, the company has expanded its services to all graduates.
The company has a mission of helping graduates manage their student loans―giving them more options and freedom so they can create a splash in their world instead of being overly-burdened by debt.
What does Splash offer?
Splash Financial offers student loan refinance options for federal loans and private student loans. Refinancing with Splash might help reduce your interest rate or your monthly payment—especially if your credit score has improved since you first took out your loan.
Having a lower monthly payment is crucial for some graduates who may otherwise make career choices based solely upon their income, or for those who may need a little extra money each month for other expenses such as car payments or housing.
Refinancing your student loans can also help if you’re currently paying more than one lender. By bundling all of your loans under one new loan, you’ll only have to worry about one payment every month.
Pros & cons of Splash Financial
- There are no prepayment penalties, origination fees, or application fees.
- There is a cosigner release option if you keep up with your payments for long enough.
- The loans you can take out are sizable, with no maximum limit, which is nice for students doing more than four years of college.
Eligibility & application requirements: How to get a loan from Splash Financial
Splash Financial doesn’t impose any minimum income amount when issuing refinance student loans. That means you may qualify even if you’re just leaving school. However, you’ll need a credit score of at least splashfinancial-refi-12-mincreditscore to do so.
If you don’t meet this minimum, applying with a cosigner can improve your chances of being accepted. While having a cosigner on your loans isn’t ideal, you can apply to have your cosigner released from the loan after you make one year of on-time, consecutive payments.
How to apply
You can easily apply online at SplashFinancial.com. You can get a rate quote in as little as three minutes by supplying Splash with a few basic details about yourself and your loans.
Splash Financial does ask for your Social Security number in order to provide a more accurate rate quote, but they’ll only use a soft credit pull for the initial inquiry, so it won’t affect your credit score.
Once you’ve got a rate quote, you should compare it with rates from a few other student loan refinancing companies. If you decide to move forward with splash, you’ll have to complete the application and submit to a hard credit check.
Splash Financial’s customer support
Splash makes it easy to get in touch. You can contact their support team via:
- Phone: 1-800-349-3938
- Email: [email protected]
- On Facebook: Facebook.com/SplashFinancial/
- On Twitter: @splashfinancial
Splash Financial alternatives
Splash Financial can be a solid option for anyone’s student loan refinancing needs. Whether you want to proceed with a loan through Splash is largely dependent upon the rate you’re quoted though.
If you want to compare Splash’s rates with a few other lenders, check out these other top-rated student loan refinance providers:
How we rated Splash Financial
LendEDU gave Splash Financial a rating of 3.72 / 5.00. We rate student loan refinancing companies based on the weighted average of 12 data points, including:
- BBB Rating (5%)
- Variable APR Rates (22.5%)
- Fixed APR Rates (22.5%)
- Discounts (10%)
- Loan Amounts (5%)
- Term Lengths (15%)
- Cosigner Release (2.5%)
- Forbearance (2.5%)
- Deferment (2.5%)
- PLUS Transfer (2.5%)
- Initial Soft-Credit Pull (5%)
- Customer Support (5%)
Author: Shannon Serpette
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