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Credible vs. Splash Financial vs. Earnest: Which Lender Is Right for You?

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triple battle
Chris
Chris Muller
Aug. 03, 20232 min read
When it comes to refinancing your student loans, it can become confusing on which lender to go with - especially when the personalized prequalified rates, terms, and options are all so similar. So in this article, we’ll pit three of them against one another - Credible, Splash Financial, and Earnest - so you can determine which one is right for you.

About Each Company

Credible

Credible is an online student loan marketplace - meaning they aren’t the lender, but rather connect you with other lenders. You can compare different lenders and their personalized prequalified rates for both private student loans, as well as existing student loan refinancing.

Read the full Credible review >>

Credible Credible Visit Site

Splash Financial

Splash Financial is a lending platform that displays competitive student loan refinance offers from multiple banks, credit unions and online lenders. A single qualified application will get you multiple loan options and repayment terms.

Read the full Splash Financial review >>

Splash Financial Splash Financial Visit Site

Earnest

Earnest is an online student loan lender, providing both private student loans and refinancing of existing student loans. They’re not a marketplace, so you’ll get the loan directly through Earnest. 

Read the full Earnest review >>

Earnest Earnest Visit Site

Credible vs. Splash Financial vs. Earnest - Quick Highlights


CredibleSplash FinancialEarnest

APR from

5.28% - 12.43%

5.19% APR (with autopay)

5.09%

Loan types

Private student loans and refinancing

Student loans refinancing, medical resident and fellow refinancing

Consolidation for federal and private student loans

Refinance amount

Up to 100% of the outstanding debt amount

No maximum

Minimum $5,000

Repayment terms

5 to 20 years

5 to 20 years

5, 10, 15, or 20 years

Minimum credit score

n/a

640

650

Suitable for

Students looking to compare several options for loans or refinancing

All degrees, medical professionals

Fast applications

Direct Lender or Marketplace

Marketplace

Marketplace

Direct lender

Standout Features

Credible

Since Credible is a loan marketplace that connects you with a variety of other lenders, their standout features really come down to their simple to use platform. You can get a free personalized prequalified rate quote without a hard pull on your credit and compare multiple lenders on one, intuitive table -- making it easy to compare your loan options.

Splash

One of the unique benefits of Splash Financial is the ability of married couples to refinance their student loans into one, single loan. We also like the fact there is no application fee or prepayment penalty.

Earnest

Earnest allows you a high degree of customization with your payment amount and terms. They also give you the option to skip a single payment every 12 months.

Winner: 

Splash Financial

The ability to consolidate loans is helpful enough, but to be able to combine loans with a spouse is unique and will be a big draw to a lot of borrowers who are married.

Splash Financial Splash Financial Visit Site

Requirements

Credible

Because they’re a loan marketplace, the credit score and other requirements you’ll need to qualify depend on the lender you choose. It’s important to note that the free personalized prequalified rate quote with Credible is not a full application - therefore, they don't have your complete credit history. So, it’s possible that you may end up getting some lenders you don’t qualify for after your credit is pulled and reviewed.

Splash

If you’re applying on your own, you’ll need a credit score of at least 640 to qualify (note: if you’re not there yet, you can follow these simple steps to improve your credit score quicker). You also need to make at least $42,000 a year and have a debt to income ratio no higher than 65%, depending on the lender.

Earnest

Earnest requires a minimum credit score of 650 to qualify. Other things to be aware of include that Earnest will not allow you to apply with a co-signer and if you live in Kentucky, Nevada, or Delaware, their loans are not available at this time.

Winner:

Earnest

A minimum credit score of 650 isn’t too high, and as long as you don’t live in one of the three states that don’t offer loans, your odds of qualifying are good.

Earnest Earnest Visit Site

Personalized Prequalified Rates & Terms

Credible

Credible offers both fixed and variable personalized prequalified rates that start at   5.28% - 12.43% , and you can get a loan term between 5 and 20 years. One thing to note is that Credible offers a Best Rate Guarantee, where you’ll get $200 if you find a lower rate elsewhere. Terms apply.

Splash

Splash offers both fixed and variable rates, starting at 5.19% APR (with autopay), through the lenders they work with, and you can get a loan term of 5, 7, 8 10, 12, 15, or 20 years.

Earnest

Earnest offers fixed and variable rates, starting at 5.09% APR (with autopay), and you can get a loan term of 5, 10, 15, or 20 years.

Winner:

Splash Financial

Splash offers the lowest rates and a wide range of loan terms. We also like the ability to refinance medical school loans for up to 20 years.

Splash Financial Splash Financial Visit Site

Support

Credible

Credible has highly-accessible customer service -- open seven days a week. You can connect with them via phone, email, or live chat. They also have a great Frequently Asked Questions section to address any common questions you have beforehand.

Splash

Splash has a dedicated customer service team to help you with any questions you have. You can reach them via phone Monday through Friday from 9 AM to 6 PM EST, but we also like that they have other options to get in touch, such as a live chat, email, as well as social media accounts.

Earnest

Earnest has its own, in-house customer service team, available 8:00 AM to 5:00 PM PST, Monday through Friday. They also have a Frequently Asked Questions section to help you answer common questions before contacting them.

Winner:

Credible

Customer service any day of the week, plus a chat option is a winner in our book.

Credible Credible View Site

Bottom Line

Overall, all three of these are excellent choices. It really just comes down to which one gives you the most attractive personalized prequalified rate and repayment terms. Also, if there are any unique features (such as Splash Financial’s ability to combine spouse loans), make sure you’re taking those into consideration.

Want to do some more research? Feel free to check out the rest of our articles and lender comparison chart.

Chris
Written byChris Muller

Chris has an MBA with a focus on advanced investments and has been writing about all things personal finance since 2015. He’s also built and ran a digital marketing agency, focusing on content marketing, copywriting, and SEO, since 2016. He writes for BestMoney and enjoys helping readers make sense of the options on the market.‎

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