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Splash Financial Review
Jason Lee – Contributing Writer Last Updated: August 19, 2020
Students looking to secure new loans will need to look elsewhere, but borrowers looking for standard student loan refinancing or medical school loan refinancing can use Splash Financial.
Undergraduate & Graduate
3.5 / 5.0
SimpleScore Splash Financial 3.5
Max Fixed APR 4
Max Variable APR 3
Founded in 2013 , Splash Financial is a student loan refinancing company based out of Cleveland, Ohio. While many financial companies offer refinancing as an afterthought, refinancing is all Splash Financial does.
Fixed APR: Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rate options range from 2.88% (without autopay) to 7.27% (without autopay) and will vary based on application terms, level of degree and presence of a co-signer. Rates are subject to change without notice. Fixed rate options without an autopay discount consist of a range from 2.88% per year to 6.21% per year for a 5-year term, 3.40% per year to 6.25% per year for a 7-year term, 3.45% to 5.08% for a 8-year term, 3.89% per year to 6.65% per year for a 10-year term, 4.18% per year to 5.11% per year for a 12-year term, 4.20% per year to 7.05% per year for a 15-year term, or 4.51% per year to 7.27% per year for a 20-year term, with no origination fees. The fixed interest rate will apply until the loan is paid in full (whether before or after default, and whether before or after the scheduled maturity date of the loan). Variable APR: Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Variable rate options range from 1.99% (with autopay) to 7.10% (without autopay) and will vary based on application terms, level of degree and presence of a co-signer. Our lowest rate option is shown with a 0.25% autopay discount. Our highest rate option does not include an autopay discount. The variable rates are based on the Variable rate index, is based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of April 27, 2020, the one-month LIBOR rate is 0.43763%. The interest rate on a variable rate loan is comprised of an index and margin added together. The margin is a fixed amount (disclosed at the time of your loan application) added each month to the index to determine the next month’s variable rate. Variable rate options without an autopay discount consist of a range from 2.01% per year to 6.30% per year for a 5-year term, 4.00% per year to 6.35% per year for a 7-year term, 2.09% per year to 3.92% per year for a 8-year term, 4.25% per year to 6.40% per year for a 10-year term, 2.67% per year to 4.56% per year for a 12-year term, 3.44% per year to 6.65% per year for a 15-year term, 4.75% per year to 6.93% per year for a 20-year term, or 5.14% per year to 7.10% for a 25-year term, with no origination fees. APR is subject to increase after consummation. Variable interest rates will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. The maximum variable rate may be between 9.00% and 16.00%, depending on loan term. The floor rate may be between 0.54% and 4.21%, depending on loan term. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
Splash Financial itself is not a lender, but a lending marketplace that connects people with student loans to prospective refinancing lenders. This allows borrowers to shop for multiple options without filling out multiple applications with separate companies. While you may not see every option available, it is a great place to start research.
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In this article
Splash Financial at a glance
as low as 2.88% fixed
5 – 20 years
Access to multiple lenders
What we like about it
When it comes to Splash Financial’s student loan refinancing programs, there are several things to note. First, borrowers get instant access to multiple lenders by only filling out one application. If you’re not sure what the range of options available to you are, this is a great jumping-off point to get a wide-lens view of the lay of the land.
Additionally, Splash works with federal loans, medical school loans, private loans and Parent PLUS student loans, so no option is excluded. For people with higher balances of outstanding loans, Splash has no loan maximum to hinder borrowers from refinancing the amounts they need. The company also boasts that it’s willing to refinance already-refinanced loans, which could be something you’re interested in if rates are lower or your financial picture has changed since your most recent refinance.
Married couples looking to refinance two loans together can get help from Splash Financial as well. The company does request, though, that you call one of its loan specialists before filling out an application to ensure you get the proper results.
Things to consider
Be aware that most lender referral companies have established partnerships and networks of lenders they are comfortable working with. While this can be positive because it adds an extra layer of vetting, it may also exclude some quality lenders that are a better fit for you.
Those with smaller student loans or near the end of paying off a larger loan may be out of luck with Splash Financing. The company’s minimum loan they’re willing to work with is $5,000. While this amount is fairly standard across the industry, there are some lenders willing to help out with smaller loans.
What you need to know
It’s important to note that Splash Financial only works with the refinancing of existing loans. Additionally, make sure you’re aware that Splash Financial is not actually a lender. Instead, it’s a lender marketplace that connects prospective refinancers with lenders.
What this means is that the terms, rates and lending amounts will vary depending on which lenders you qualify for. Make sure if you find a lender you like through Splash that you do take some time to research the company independently to confirm you’re comfortable with its terms and rates.
Lenders are available to refinance amounts starting at $5,000 with no maximum, rates on variable loans start at 1.98% APR, and rates on fixed loans start at 2.88% APR. These rates do reflect a 0.25% discount for using an autopay function. The actual rates you receive will depend on which lenders you qualify to use, your creditworthiness, the type of loan you choose, and the size and type of your existing loan.
For variable rate loans, the interest cap is 9.00% on 5-, 8- and 10-year loans. For 12-, 15- and 20-year loans, the cap is 10.00%. The lowest rate available is 2% but is only accessible to the most qualified borrowers.
Those interested in applying can apply directly from the company’s website. You will need to provide copies of income verification, photo ID, payoff verification statements from your existing loan(s), and graduation verification documents. Splash will run a soft pull on your credit during the approval process, which won’t affect your credit score.
Fees and penalties
Splash Financial does not charge application fees, origination fees, or pre-payment penalties on any of the loans it connects you with. Additionally, the company offers a 0.25% discount with some lenders for using an autopay function to make your loan payments.
Collateral and criteria
Splash Financial does not directly state if it works with secured or unsecured loans. This determination will be up to the particular lender that you choose to work with. Keep in mind that secured loans will typically have much better interest rates as the risk to the lender is decreased. If you’re unable to provide the necessary collateral or cosigner for a secured loan, there may be options for an unsecured loan to help with your refinance.
Too long, didn’t read?
Whether you’re looking to take advantage of lower rates, capitalize on an improved financial picture, or work to get more manageable payments with your student loans, refinancing may be an option. Splash Financial can help to connect you with all different types of prospective banks, lenders, and credit unions offering refinancing loans.
If you’re looking for a brand-new loan, you will need to look elsewhere. Splash Financing is a specialty company focusing on all of its efforts on refinancing. When you work with a company that specializes in one area, you can expect to get a much more specialized and high-quality experience.
Jason Lee is a U.S.-based freelance writer with a passion for writing about dating, banking, tech, personal growth, food and personal finance. As a business owner, relationship strategist, and officer in the U.S. military, Jason enjoys sharing his unique knowledge base and skill sets with the rest of the world. Follow Jason on Facebook here