Skip links

Splash Financial

Splash Financial

Additional information

Fixed APR

1.99-5.79%

Variable APR

2.49% to 11.97%

Minimum Credit Score

640 (or your co-signer)

Loan amounts

$25,000 to $500,000

Term Duration

5, 7, 8, 10, 12, 15 or 20 years.

Financeive’s rating

4.9/5

Splash Financial

Splash Financial loans are ideal for people (or their cosigner) with good or excellent credit since they will be able to obtain the best rates and terms.

They’re known for their incredibly low student loan rates, which may help qualified borrowers save money on interest, pay off their student loans sooner, or both.

You can read our full Splash financial review to help you inform your decision-making process.

Pros and Cons of Splash Financial Student Loans

Splash Financial is a fantastic student loan provider to look into, but there are certain benefits and drawbacks to consider before you apply.

Before you refinance your student loans, think about these pros and cons:

Pros:
– No loan maximum: Splash Financial does not have a cap on how much you may refinance, unlike most other lenders.
– Quick Loan prequalification: Splash Financial offers a quick rate quote to consumers with only a soft pull on their credit report, which does not affect their score.
– Low-interest rates: It offers some of the most appealing interest rates accessible, with variable rates starting at 1.74% and fixed rates beginning at 1.99%.
– Spouses can refinance loans together: Splash Financial is one of the few lenders that allows couples to refinance their debts together.
– No fees: There are no costs to borrow money through Splash Financial, and there are no hidden charges.
– Autopay Discount: When you make your student loan active for automatic payments, you can save 0.25% on your interest rate.

Cons:
– High variable rates and elastic conditions: Lenders’ terms might differ considerably, from repayment terms to financial difficulty and forbearance to cosigner release.
– Limited choice of lenders: You have no option of lenders because Splash simply matches you with the best one for your situation—and you only discover who it is after you’ve completed an entire application.
– Membership in a credit union may be necessary: If you apply for refinancing after taking out a loan from one, you’ll need to join a credit union first.
– Death and disability discharge may not be available: Splash Financial, unlike Direct Loans, does not have a standard policy for discharging loans. Death and disability discharge may or may not be an option depending on the lender.

Who Is the Best Fit For Splash Financial?

Splash Financial loans are ideal for people (or their cosigner) with good or excellent credit since they will be able to obtain the best rates and terms.

Splash Financial is also excellent if you want to refinance multiple student loan debts since it doesn’t have a maximum loan amount.

It also fits:

  • Couples who want to refinance their student loans together.
  • Borrowers looking for a marketplace of student loan refinancing choices.
  • Physicians and dentists who are in training need flexible financing terms.

Splash Financial Student Loan Requirements

In general, Splash Financial accepts applications from US citizens and permanent residents, however, the loan conditions vary by lending partner.

Graduates of Title IV-accredited institutions with 4-year degrees are eligible for refinancing, as well as those with associate degrees.

You can refinance parent PLUS loans If your kid earned their degree. To be eligible for Splash Financial refinancing, you must have at least a 640 FICO score.

The lender also looks at debt-to-income ratios, which should be no higher than 45%.

You must have an annual salary of at least $30,000 to prequalify without a cosigner.

Fees and Penalties

The main advantage of Splash Financial is that its loans don’t have any application or origination fees. Other costs, such as late penalties, may be imposed by the lender that services your loan.