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Splash Financial

Splash Financial

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About Splash Financial

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Splash Financial is a student loan refinancing marketplace that partners with credit unions, banks and other lenders to help its customers save money on their student loan repayments. The company provides a number of refinancing options, including fixed and variable interest rates, and it doesn’t charge refinancing fees or prepayment penalties.

Pros

  • Multiple refinancing options
  • Online application
  • Fixed and variable rates
  • Generally no maximum loan amounts

Cons

  • No original student loans
  • Unclear terms

Bottom Line

Splash Financial provides an assortment of student loan refinancing options from third-party lenders. As a result, transparency is limited at first. However, you may appreciate its flexibility and variety of options.

What is Splash Financial?

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.

How does Splash Financial work?

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.

How to apply for a Splash Financial loan

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.

Splash Financial rates

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 FAQ

Is it hard to get a Splash Financial student loan?
Splash Financial doesn’t offer initial student loans; it offers student loan refinancing.
Does applying for a Splash Financial loan hurt my credit?
It depends. Checking your rates won’t impact your credit because it’s a soft inquiry. Once you do decide to move forward with a loan, you will have to undergo a hard credit check that will impact your credit score, though.
How long does it take to get money from Splash Financial?
It generally takes between three and 14 days for Splash Financial to pay off your old loan(s).
Where is Splash Financial headquartered?
Splash Financial is headquartered in Cleveland, Ohio.

Is Splash Financial good?

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.

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Splash Financial Company Information

Company Name:
Splash Financial
Website:
splashfinancial.com