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Splash Financial

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LAST UPDATED: June 9th, 2021

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.

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The Good

  • No Fees
  • Low Rates
  • Easy Prequalification
  • Endorsed by Dave Ramsey
  • Help for Medical and Dental Residents
  • Referral Program

No Fees

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.

Low Rates

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.

Easy Prequalification

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. 

Endorsed by Dave Ramsey

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.

Help for Medical and Dental Residents

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. 

Referral Program

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.


The Bad

  • Varied Loan Policies
  • Must Have Degree

Varied Loan Policies

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. 

Must Have Degree

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.


The Bottom Line

Splash Financial connects borrowers with lenders that can refinance their student loans. Borrowers can receive prequalified rates from multiple lenders in just two minutes through Splash Financial. What’s more, no hard credit pull is required until an application is submitted. Checking rates through Splash FInancial only requires a soft credit pull, so borrowers can check rates and get prequalified as many times as they want without affecting their credit score. 

Splash Financial offers some of the lowest rates in the industry. 

Splash Financial customers don’t pay any fees for their loans, including origination fees, application fees, or prepayment penalties. This isn’t necessarily standard in the student loan industry. This reduces the amount of money borrowers owe, and ensures that they pay the rate they’re quoted. 

One advantage to Splash Financial is that dental and medical residents can receive additional benefits, and customers can earn money for referring their friends. 

There are pros and cons to refinancing through Splash Financial. One the one hand, using a third-party company such as Splash Financial allows a customer to quickly check their rates with multiple lenders.

On the other hand, policies on minimum and maximum loan amounts, forbearance and deferment options, available discounts, and needed application documents can vary widely from lender to lender. Borrowers should research the lenders they’re considering borrowing from before submitting their application to ensure their lender’s policies are compatible with their situation.

Potential borrowers also need to have completed their degree to be eligible to refinance with Splash Financial. This precludes those who didn’t complete their degrees from applying.

Splash Financial’s low rates and lack of fees put it among the most affordable options for refinancing student loans. Additionally, it’s fast, free, and easy to check available rates through Splash Financial. The company’s endorsement from Dave Ramsey adds even more credibility to Splash Financial’s work. We recommend Splash Financial, along with other highly rated student loan companies.

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