Splash Financial Refinancing Review

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

Updated by Roopsi Gupta on 7th October 2020

Splash Financial Refinancing started 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 loans 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 a 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: 2.63 - 5.49%
Variable: 3.62 - 6.77%
(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 make Splash distinct as a refinancing lender. Following are the advantages of Splash-

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

2- 3 min easy applies - 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.

3 - Leading the market with rates - Splash offers very competitive rates both fixed and variable. These rates are what lures borrowers to consider refinancing with Splash.

4 - The 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. 

5 - Technology up-gradation - Splash performs refinancing online and 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 that you should know 

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

2 - 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.

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

  • The 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

Contact information

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 make 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


                                               Worried about your tuition? Learn more about the best student loans


How do you refinance with Splash

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 estimates 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 apply 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 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.


Looking to refinance your student loans? Find the best student loan refinancing lenders


The general details related to the 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 the loan are 5, 7, 8, 10, 12, 15, and 20 years

  • A 25-year loan term is available for variable rates only

  • Minimum borrowing $5,000 with 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

  • The minimum credit score required is 670 to qualify (with a co-signer) & 700 (without co-signer)

  • The minimum income should be approx $50,000

  • The typical credit score of approved borrowers or co-signers is 750 and above

  • The typical income of approved borrowers is $104,000

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

  • You can qualify if the bankruptcy is filed but not the cosigner 

Repayment options with splash financial

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

  • No academic deferment

  • No military deferment

  • There is no forbearance and 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 respectively

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

  • No discharge on death or disability

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




Frequently Asked Questions

  • 1.Does splash refinance student loans for medical and dental residents?  

    .es.Splash offers medical and dental students refinance their student debt and pay only $100 when they are in residency. The loan term including the grace period should not exceed 20 years. You will not be able to extend the term of the loan after it is disbursed.

  • 2.Can Splash refinance two borrowers loans into a single one?

    Yes.Splash refinances the loans of a married couple and people in an extraordinary situation into a single loan. If you are completing the application as a married couple, it’s better to designate a spouse with the highest degree as the borrower.

  • 3.Is it necessary to become a member of the credit union to refinance with Splash?  

    Splash is supported by banks and credit unions. If the best rates you are eligible for comes from a credit union then you need to become a member.  

  • 4.What kind of interest rates does Splash offer?   

    If you want to attack your student loan you need a better interest rate. Splash's rates change with the market and it offers fixed interest rates ranging from 3.82% to 14.5% for private student loans. You can save a lot with Splash.   

  • 5.How does Splash financial work?

    Splash finance is an online marketplace. Once you complete your application on the Splash website, your information will be shared with lenders in the market to see which lender would refinance your student loans and at what terms and conditions. 

  • 6.Does Splash Financial have any refinance fee?   

    No. There is no refinancing fee, origination fee, and no pre-payment penalty.  

  • 7.What to keep in mind about Splash Financial refinancing?

    Splash Financial requires a credit score of a minimum of 700 to qualify for refinancing your student loans. You can refinance your student loan with a 660 credit score but need a credit-worthy cosigner. Splash student loan refinance is limited to U. S citizens or permanent residents. You should be a graduate.