Splash Financial Refinancing Review

Read on to find out what Splash Financial offers its customers and why you should pick Splash Financial as your refinancing lender.

Updated by Roopsi Gupta on 31st October 2019

Splash Financial started off by providing refinancing options to young medical professionals and was successful in doing so. They captured the market well which led them to start expanding and providing lending options to non-medical professionals as well.

Consolidating and refinancing your federal and private student loan with Splash will qualify you for a lower interest rate based on your credit score. It should be noted that they do not carry any hard credit checks on a prospect’s credit score.

One quality that makes them outperform the rest is refinancing loans of married couples. Though they do not have any terms of forbearance or deferment on case basis Splash Financial offers this service to its borrowers and can postpone the payments for the time being.

There are so many other reasons for Splash to be amongst the best lenders in the market even though they started only in 2013. 

Table of Contents

Splash Refinancing Review

Here is an overview of what you can expect to receive when you refinance with Splash. As given below there is no maximum amount a borrower can refinance with Splash.

 Splash Financial Refinancing Overview 
Interest Rates Fixed: 3.48% - 7.02%
Variable: 2.43% - 7.6%
(includes autopay discount of 0.25%)
Terms of Loan 5, 7, 8, 10, 12, 15, 20 or 25 (variable rate only) years
Amounts of Loan $5,000 to no maximum
Release of Cosigner Yes
Transferability Yes

Due to the option of releasing of a cosigner, most borrowers take advantage of this along with the transferability for easy management of debt.


Advantages of Refinancing with Splash

Apart from what every lender is providing, here are some points which makes Splash distinct as a refinancing lender. Following are the advantages of Splash-

Personalized banker 

A banker will be assigned to you to assist you further while going for the services with Splash.

3 min easy apply

With easy credit checks, you can know the rates given to you if you qualify for the refinancing and it will only take 3 minutes to do it.

Leading market with rates

Splash offers very competitive rates both fixed and variable. These rates are what lures borrowers to consider refinancing with Splash.

Satisfaction of customers

When splash decides rates for its customers, analysis shows that more than 90% of the customers are satisfied with the new rates that they get when they apply for refinancing options. 

Technology upgradation

Splash performs refinancing online and in order to facilitate this they need to have an updated version of their website to make the procedure hassle-free for the users. New and improved technological upgradations are introduced to help ease the process which also enhances the experience for their customers.


Disadvantages of Refinancing with Splash

Here are the disadvantages of Splash -

Forbearance options

No options of forbearance or deferment are offered if the scenario arises the company may make certain clauses for it.

Credit union membership

If you are not a member of the credit union, it is difficult to get approved for refinancing. Hence borrowers who are not members of the credit union will end up struggling for approval.


How Do I Refinance with Splash

In order to refinance with Splash, you have to go through a series of steps including estimation of your new rates & initiation of your newly furnished loan.

Here are the following steps to be considered while going for it-

Step1 - Rate estimations

Splash make a soft check on your credit score and then makes an estimation of the interest rates that they can offer for refinancing without affecting your credit score. 

But if you decide to go ahead with Splash then a hard credit check will be done & it may impact the credit score depending upon the report. 

Step2 - Submit application

Once the rates are decided, you should submit the application quickly so that the interest rate will get secured to pursue refinancing.

Step3 - Initiate your loan

If you have several loans then Splash gives you an option to first consolidate and then refinance your loan. Then you can go ahead and choose a lender out of the several ones available. Choosing a lender is crucial as they play a crucial role in the borrower's repayment journey.

A single lender will ease out not only payments but will also give you a lower rate of interest to pay off.

Step4 - Save your money and time

When several loans are combined together which results in making a single payment, this will not only save your time but also it will save your money. As the combined loans will give a lower interest rate than before.


The general details related to refinancing of student loans Loans with Splash like the Rates, terms, repayments and other options are as follows-

Interest rates, fees and other terms

Following are the basic details like fees, terms and more about Splash’s Refinancing

  • You can easily check the rates and see if you qualify through the soft credit check initially done

  • Terms of loan are 5, 7, 8, 10, 12, 15 and 20 years

  • 25-year term is available for variable rates only

  • Amount of loan starts from $5,000 till no limit

  • Easy transferability to parents

  • No application or origination fee is charged

  • No penalty on prepayment

  • Late fees: Yes; a fee equal to 20% of the interest portion of the monthly payments if the borrower delays it for more than 5 days, the minimum late fee is $5 and the maximum is $25

Requirements for refinancing 

Given below are the requirements to be fulfilled while opting to refinance with Splash

  • Minimum credit score required is 670 (with a co-signer) & 700 (without co-signer)

  • Minimum income should be $42,000

  • Typical credit score of approved borrowers or co-signers is 778

  • Typical income of approved borrowers is $104,000.

  • Maximum debt-to-income ratio: Ranges from 35% to 50% depending on your income, highest degree earned and loan amount.

  • You can qualify if the bankruptcy is filed by borrower but in that case the cosigner should not have filed any bankruptcy

Repayment Options with Splash Financial

Student loan repayment is vital as it can either improve a borrower's credit score or bring it down. Given below are the repayment options a borrower can expect with Splash

  • No academic deferment

  • No military deferment

  • Forbearance: there is no such terms of forbearance or deferment but in case the borrower loses their job or some other mishappening is done, then they can postpone the payments for the time and take actions accordingly

  • After making 12 consecutive on-time payments, the borrower can get release from cosigner

  • No discharge on death or disability

Customer Service

Customer service is another important factor a borrower should take into consideration while refinancing. Here is what a borrower can expect with Splash-

  • The various servicers are U-Fi or Pentagon Federal Credit Union known as PenFed (depending on which lender finances your loan)

  • Customers are provided with inhouse services

  • You can easily escalate any concerns with the management

  • Borrowers do get assigned a dedicated banker, advisor or representative

  • Average time from approval to payoff is 30 days

Extras

Apart from the usual terms and benefits here are some extra features associated with refinancing with Splash

  • Refinancing for married couples - Married couples can refinance the loan under Splash Financials, they can also transfer the loan to their spouse’s name by simply submitting the signed affidavit.

  • Referral bonus offered - $250 is the direct referral bonus you got if you refer anyone towards Splash Financials


Worried about your tuition? Learn more about student loans


Splash Refinancing: Scope for Improvement

No refinancer is perfect but Splash is on its way to becoming one. Here are the concerned areas of improvement-

  • Splash should start providing specific policies for forbearance for borrowers who are facing financial hardship during their repayment journey.

  • Introduction of academic deferment targeted those borrowers who are returning to school. 

  • Introduction of Refinancing of loans for the permanent and law-abiding citizens of the United States of America. 


Conclusion

Although you might be convinced that refinancing is the best option for you, it is always important to have a complete understanding of what a lender can do for you. And the benefits you can gain with them. Be aware of all the options out there before you go ahead and take a decision.

If you wish to contact Splash you can contact them by the following ways

Address- 

812 Huron Rd. E.

Suite 350

Cleveland, OH 44115

Phone No. - 

1-800-349-3938

E-Mail -

contact@splashfinancial.com

Website - 

Splashfinancial.com