Splash Financial Reviews

Splash Financial is a student loan refinancing marketplace and technology platform that can help you find a more affordable rate on your existing loan(s). It works with credit unions and banks to provide refinancing options for students, and it has over 100,000 accounts and more than $6 billion in refinancing requests.

Splash Financial offers refinancing for federal, private and Parent PLUS student loans. Splash Financial’s partnerships with credit unions, banks and other lenders let it work almost like a broker (though it isn’t one). You can use Splash Financial to compare your options through its marketplace and choose the loan that works for you.

Because each of its partners sets its own rules, there aren’t consistent rates, maximums and other terms, so you will have to compare your options to figure out which one makes the most sense for you. The minimum you can refinance is usually around $5,000, although it depends on the lender.

To check your rates with Splash Financial, use its online pre-qualification system. This system does require personal information, like your Social Security number, birthdate and income, but it will not check your credit right away. Your personal information is used to figure out what options are available to you from which companies. You can then compare your options online to find the right choice.

If you’re ready to proceed, you can submit a full application. Splash Financial will conduct a hard credit check at this point, and you’ll need to provide some documents to verify your other information.

At the time of publishing, Splash Financial’s lowest variable interest rate is 1.88%, including a 0.25% discount for automatic payments, and its fixed rates start at 2.54%. There are no application or origination fees with Splash Financial.

However, each lender sets its own interest rates and fee schedules. Because Splash Financial works with a variety of companies, there isn’t much more upfront information available regarding its refinancing costs. When you compare your options, you’ll be able to see more detailed information to help inform your decision, though.

Splash Financial is a good option for people looking to refinance their federal, private or Parent PLUS student loans. Its online application allows you to view your options and better understand what’s available in the marketplace for each specific situation. However, this may cause some confusion related to terms and rates since you’re dealing with more than one company. If you have existing student loans and want to refinance, check out Splash Financial to see what it and its lending partners can offer you.