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At BestMoney, we understand the potential challenges students face when paying for their education, and we want to help them make informed financial decisions. Our experts evaluate student loan companies based on a variety of factors, like interest rates, repayment options, customer service, and eligibility requirements.
We thoroughly research each company and analyze their policies and practices to ensure they meet our high standards for transparency and fairness. Last, our experts use Trustpilot, an unbiased third-party review site, to source information on customer experience.
You can use student loans through Splash Financial to cover all or part of your educational costs, including school fees and housing. Expect the following specific features:
Splash Financial offers a wide range of perks and benefits for borrowers, including:
Splash Financial’s lenders let you refinance your student loan over a period of five to 20 years2. They offer fixed and variable APRs, ranging from 4.96% to 10.99%1, depending on your selected term length, loan amount, and credit score. They provide extra flexible repayment plans for medical and dental school loans, from as low as $100 per month in repayments during residency4, and specific lenders may offer grace periods.
While there are no hidden fees at Splash Financial, there have been a couple of complaints that their APR was slightly higher than initially offered. However, this was the case in less than 2% of online reviews. Your actual rate will depend on a variety of factors, including the term of the loan, a responsible financial history, income, and other factors like the verification of information submitted on your application.
In addition to being a US citizen or Permanent Resident, you'll typically need to meet the following eligibility requirements:
Applying through Splash Financial is easy and entirely digital. Follow these steps to get started:
Splash Financial has one of the best customer support teams we've seen in the financial services industry. Unlike many competitors, Splash Financial's support team is available 24/7 via live chat. You can also contact them via email or by phone at 800-349-3938, Monday through Friday, from 9 a.m. to 9 p.m. (EST). The majority of their customers (over 90%, according to Trustpilot) have been more than satisfied with their support staff's timely responses and clear communication.
Splash Financial is best for borrowers who have good or excellent credit and a degree, especially medical professionals or dental school graduates in training who want affordable loan options while finishing their training. Their term lengths range from five to 20 years2, and their APRs are comparatively low—more than favorable for the vast majority of borrowers. Plus, their customer support team is top-notch, and you may be able to benefit from their autopay and referral bonuses.
If you have a credit score below 650 or a debt-to-income ratio higher than 50%, Splash Financial may not be the best fit for you. In addition, anyone who doesn’t have a college degree may need to look for a loan somewhere other than Splash Financial.
812 Huron Rd. E.
Suite 350
Cleveland, OH 44115
Phone number: 800-349-3938
Email address: contact@splashfinancial.com
All in all, we believe that Splash Financial is a worthwhile option to refinance your student loans. It allows you to shop for many different options in a few minutes. As long as you meet the minimum eligibility requirements for credit and income, Splash Financial's partnership with credit unions, banks, and online lenders comes with strong financial backing and options to refinance your educational loans.
The maximum loan amount through Splash Financial is $500,000. However, some lenders may allow qualified borrowers to go over this amount
No, Splash Financial doesn’t have any fees. This means no origination, prepayment, or application fees.
To apply for a loan through Splash Financial, you need a credit score of at least 650.
Splash Financial, Inc. (NMLS #1630038), licensed by the DFPI under California Financing Law, license # 60DBO-102545
Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Products may not be available in all states. Rates and terms are subject to change at any point prior to application submission. The information you provide is an inquiry to determine whether Splash’s lending partners can make you a loan offer. To qualify, a borrower must be a U.S. citizen or other eligible status and meet lender underwriting requirements. The lowest rates are reserved for the highest qualified borrowers and may require an autopay discount of 0.25%. 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 the term of the loan, creditworthiness, income, and other factors. This information is current as of June 5, 2023. You should review the benefits of your federal student loan; it may offer specific benefits that a private refinance/consolidation loan may not offer. If you work in the public sector, are in the military, or taking advantage of a federal department of relief programs, such as income-based repayment or public service forgiveness, you may not want to refinance, as these benefits do not transfer to private refinance/consolidation loans.
1Autopay Discount. Rates listed include a 0.25% autopay discount.
Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term, and the timing of payments. Fixed APR options range from 4.96% (with autopay) to 11.24% (without autopay). Variable APR options range from 4.99% (with autopay) to 11.14% (without autopay). Variable rates are derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one-hundredth of one percent (0.01% or 0.0001).
2Payment Disclosure. Fixed loans feature repayment terms of 5 to 20 years. For example, the monthly payment for a sample of $10,000 with an APR of 5.47% for a 12-year term would be $94.86. Variable loans feature repayment terms of 5 to 20 years. For example, the monthly payment for a sample $10,000 with an APR of 5.90% for a 15-year term would be $83.85.
3 To check the rates and terms you qualify for, soft credit pull(s) will be conducted that will not affect your credit score. However, if you choose a product and continue your application, your full credit report from one or more consumer reporting agencies will be requested, which is considered a hard credit pull.
4Medical School Loan Refinance Disclosure. Terms and conditions apply. Fixed APR options range from 6.54% (with autopay) to 9.41% (without autopay). Variable APR options range from 6.45% (with autopay) to 9.32% (without autopay). Rates are current as of June 5, 2023. Borrowers employed full-time as an intern, resident, fellow, or similar postgraduate trainee at the time of loan disbursement are eligible to make $100 monthly payments throughout their training (“Residency Period”). The maximum amount of time they can pay $100 per month is 84 months. Residency and fellowship loans offer fixed and variable rate options and have a loan term of up to 240 months, inclusive of an optional 84-month deferment period during residency or fellowship and provide the option to either immediately repay the principal and interest or to defer repayment. Variable interest rates may increase after consummation. The APR range shown assumes the APR, monthly payment, and total payments that would apply to a loan that is made at the end of the residency period in a single disbursement. For example, a refinance loan with a fixed 4.01% APR on a $180,000 principal balance, a 3-month training period with payments of $100 per month, will have a 5-year repayment term after training is complete with payments of $3,343.50 per month. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. The lowest rates are reserved for the highest-qualified borrowers. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including the term of the loan, a responsible financial history, income, and other factors.
