Pros Explained

• No loan maximums: Many lenders only assist you to refinance your loans as much as a certain point, which is an issue for individuals who’ve accomplished spendy educations like law school or medical school, or if you need to mix your student loans along with your spouse. In that case, Splash Financial is a superb option because it has partner lenders with no limits in your refinance amount.
• Potential for excellent loan options: A few of Splash Financial’s partner lenders offer very competitive rates, lower even than what you may expect by shopping on your personal. The catch is you’ll have excellent credit and to fulfill other criteria so as to get those low rates.
• Easier repayment plans for medical and dental school loans: Medical residents and fellows earn a fraction of what licensed doctors bring home, yet they’re generally still expected to start out making big-time payments on their loans. In these cases, Splash Financial offers refinancing options where you simply need to make $100 monthly payments whilst you’re in training and for a six-month period thereafter.
• May have the opportunity to refinance student loans along with spouse: In case you and your spouse have combined funds, refinancing your loans together can simplify repayment and be cheaper too, should you can get a lower rate. This feature is hit-and-miss amongst lenders should you’re shopping on your personal.
• No origination fees, application fees, or prepayment penalties: Splash Financial doesn’t dictate the rates, fees, or terms of any agreements you sign with its partner lenders—aside from guaranteeing that you simply won’t need to pay any of those pesky fees.

Cons Explained

• May have to affix a credit union: Among the lenders in Splash Financial’s partner network are credit unions, which suggests chances are you’ll need to think about joining them should you’re approved for a loan. It is not normally an enormous deal, but it surely does mean yet one more checking account so that you can manage. 
• Loan options vary amongst lenders: Since Splash Financial is not the one accountable for the loan terms, you’ll have to read the tremendous print fastidiously if there are any vital stuff you’re in search of. For instance, each lender will vary by way of its late payment policies and options for loan discharge, forbearance, and deferment.
• Generally only available to individuals who’ve finished their degree: In case you’re done with school but you didn’t finish your degree, you will not have the opportunity to refinance your loans with Splash Financial’s partner lenders.

Lenders Available Through Splash Financial

Splash Financial doesn’t offer student loans directly. Moderately, it partners up with other lenders and compares your financial details with the necessities of every individual lender in its network to match you with the most effective options. In case you like one among the offers, Splash Financial will facilitate your loan application with the lender, who’ll take it from there after your loan is disbursed.

Unfortunately, Splash Financial is comparatively tight-lipped about what number of—and which—lenders are in its network. That makes things tough should you’re still shopping on your personal, because there isn’t any option to know should you’re reinventing the wheel by checking your rate with a lender you didn’t match with in Splash Financial’s network.

While we aren’t sure of the entire lenders in Splash Financial’s network, we will get clues about a few of its partners from its website and various press releases through the years:

Loan Eligibility and Approval

Specific loan eligibility requirements vary depending on each individual lender in Splash Financial’s network. Nevertheless, whenever you compile all of them together, we do have some details about who’s eligible to use:

• Location: Available in all 50 states, plus Washington D.C., Puerto Rico, and the U.S. Virgin Islands
• Residency: U.S. residents and everlasting residents
• Credit rating: Really helpful minimum of 640
• Varieties of loans: Private student loans, and student loan refinancing for federal and personal loans; parents are in a position to refinance loans they took out for his or her child’s education
• Degree completion: Required, unless you are getting certain associate degrees, you are in your last semester, and you’ve a related job offer 

Are Co-Signers Required?

Splash Financial shouldn’t be currently offering co-signers. Nevertheless, Splash continues to assist you to refinance your spouse’s loans under your personal name to mix all student loans into one loan and one payment. 

Is Loan Pre-Qualification Available?

Yes. You may fill out a form on Splash Financial’s website in a couple of short minutes and get a rate estimate from its partner lenders. Splash Financial uses a soft credit check for this part, so there isn’t any impact in your credit rating. 

Length of Time for Loan Approval and Disbursement

It only takes a couple of minutes to see should you’re pre-qualified for a loan, but after that, Splash Financial doesn’t say how long it actually takes to finish the loan approval process. Typically, with most lenders, it’ll only take a couple of days at most unless they should do extra work to confirm your information. 

When you’re approved for a refinance, nevertheless, it could take between three days to 2 weeks before your old student loans are closed out and your recent account is about up.

Loan Fees and Repayment Options

The precise details of the scholar loans available through Splash Financial vary, but they do have some commonalities. 

Loan Fees

Splash Financial itself doesn’t charge any fees. Nor are you able to expect its partner lenders to charge any application, origination, or prepayment fees. Nevertheless, after that, each lender may differ by way of what loan fees they charge, if any (akin to late fees, or returned payment fees). 

Loan Discounts

Since Splash Financial doesn’t charge you anything for its service, there are not any discounts it may well offer. Among the individual lenders may offer autopay or other discounts, but you’ll have to confirm that based in your lender match results.

Repayment Options

The precise repayment options available to you rely on the lender that Splash Financial matches you with, and so they could vary. Nevertheless, we do have some details about what you may have the opportunity to expect.

• Grace period: In case you’re applying for brand spanking new private student loans, you may profit from a nine-month grace period before you’ve to start out repaying your loans after you graduate (six months is the norm). During this time, your payments are deferred, but interest will still accrue.
• Term lengths: Chances are you’ll have the opportunity to decide on loan term lengths of 5, 7, 10, 12, or 15 years should you’re applying for personal student loans whilst you’re still at school.
• Medical and dental school repayment: Refinance your med or dental school loans and you will only need to make fixed monthly payments of $100 whilst you’re in a residency or fellowship, and for a six-month period after you allow those programs.

Rewards

In case you like Splash Financial and you’ve some friends or relations who might profit from it too, you may give them a custom referral link. 

In the event that they check their rate and get pre-qualified for a refinance student loan (with no obligation to use), you may receives a commission between $10 and $20 per person, depending on how many individuals use your referral link. In the event that they use Splash Financial to refinance no less than $30,000 in student loans, you and your friend might be paid an extra $200. 

Loan Forbearance and Discharge Options

Each partner lender that Splash Financial matches you with will vary by way of their forbearance and discharge policies. You’ll be wanting to be sure that to know under what circumstances your loan might be discharged, if any, and what your forbearance options are before you sign on any dotted lines.

In case you’re applying for brand spanking new private student loans, Splash Financial’s partner Earnest will discharge your student loans in case you die or change into permanently disabled. Earnest offers options for loan forbearance should you run into financial problems, and you too can skip a payment annually should you’ve often been making on-time payments. 

Is Student Loan Refinancing Available?

Yes. Although Splash Financial does assist you to apply for personal student loans through Earnest should you’re still at school, it’s mainly utilized by people trying to refinance the scholar loans they have already got. 

Splash Financial’s partner lenders offer the next terms on student loan refinances:

• Fixed rates: 4.49%–9.99% APR (with autopay)
• Variable rates: 4.74%–9.99% APR (with autopay)
• Term lengths: Varies by lender; you’ll have to use and see what you are offered
• Loan amounts: $5,000 minimum, no upper limit on loan amount

Customer Service

It’s fairly easy to get ahold of a live person with Splash Financial. Customer support hours are 9 a.m. to 9 p.m. Eastern Time, which is kind of a broad range. There are also plenty of how to contact customer support.

• By phone: (800) 349-3938
• By email: contact@splashfinancial.com
• By mail: Splash Financial, 812 Huron Rd E Ste 350, Cleveland, OH 44115
• By live chat: On Splash Financial’s website

It is important to notice that Splash Financial shouldn’t be who you may be working with your entire time you’ve the loan. Its customer support team will only have the opportunity to essentially help navigate the sometimes-tricky means of getting the loan in the primary place. After that, your most important contact might be whoever services your student loan.

Reviews for Splash Financial are mixed. The corporate has an awesome status on Trustpilot, where it maintains a 4.8 rating out of 5, based on over 600 reviews. Nevertheless, the corporate has had three formal complaints filed against it up to now two years with the CFPB.

Applying for a Splash Financial Student Loan

To start, you may create an account and fill out a transient pre-qualification form on Splash Financial’s website. From there, Splash will present you with a spread of pre-qualified offers from lenders inside its network. You may keep shopping around on your personal, or you may start an application for one among your pre-qualified offers.

The precise information and documents you’ll have to offer in your application rely on the lender. Nevertheless, most lenders would require the identical few items. Take a couple of minutes to get these documents together before you apply so you may speed up the applying process:

• Most up-to-date pay stub
• Copy of your official photo ID
• Most up-to-date tax return, should you’re self-employed
• Payoff Verification Statement out of your current student loan lender

In case you’re still at school and in search of private student loan options, remember to fill out the Free Application for Federal Student Aid (FAFSA) before getting any private loans. This helps you to apply for federal student loans first, which normally offer a lot better terms and advantages than private student loan lenders. 

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