Splash Financial is a third-party student loan company based in Cleveland, Ohio, that helps borrowers refinance their student loans by connecting them with lenders from its network, such as banks and credit unions. Founded in 2013, the company has more than 100,000 accounts and $6 billion in refinancing requests.
Splash Financial shows borrowers their pre-qualified rates for refinancing their student loans after they answer just a few questions, and with no hard credit pull. Borrowers can then choose the best option for them from among the offers Splash Financial presents.
Although Splash Financial’s loans come through a variety of lending partners, none of them charge any fees, including application fees, origination fees, or prepayment penalties. This assurance helps customers know that the rate they’re quoted is what they’ll really end up paying.
Splash Financial’s rates start at 1.88 percent variable or 2.49 percent fixed APR, which is among the lowest in the student loan industry.
Checking student loan rates through Splash Financial is quick and easy. All a borrower has to do is take two minutes to answer a few questions to receive rates from multiple lenders. Checking one’s rates doesn’t require a hard credit pull, so there’s no negative effect on the borrower’s credit as a result of checking rates.
Splash Financial is one of the companies endorsed by Dave Ramsey, who has been doling out advice on getting out of debt since 1992, with millions of weekly listeners and families who have used his guided money plan.
Medical and dental residents can qualify to pay only $100 per month while they’re in residency and up to six months after their residency and fellowships.
Splash Financial customers can earn money by referring their friends to the company. Splash Financial customers receive up to $20 for each friend who checks their rates with Splash and gets a prequalified rate, and $200 for each friend who refinances through Splash.
Because Splash Financial connects borrowers with lenders in its network, rather than disbursing funds directly, there isn’t a cohesive set of policies that applies to all Splash Financial customers. Policies such as minimum and maximum loan amounts, forbearance and deferment options, autopay discounts, and application documents vary from lender to lender.
Although application criteria depend on the lender the borrower ultimately chooses to go with, one policy that Splash partners have in common is that borrowers must have obtained a four-year degree, or an associate degree in an eligible field, from an accredited institution. Those who didn’t complete their degrees aren’t eligible to refinance.