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Splash Financial vs Earnest: Student Loan Refinancing Comparison

There are many commonalities between these two businesses. Each promotes cheap rates and fair credit conditions, and both are reasonably well-known.

These two lenders, however, are substantially unlike one another. Which lender is better for borrowers can be significantly influenced by the fundamental distinctions between Splash and Earnest.

Earnest and Splash have extremely same fundamental terms and conditions. Generally speaking, the figures are pretty similar, despite Splash’s propensity to claim marginally greater interest rates.

Neither lender levies application costs, prepayment penalties, or loan origination fees. The absence of additional costs isn’t exactly a selling feature, either, as the majority of reliable refinancing lenders don’t charge them.

Splash Financial vs Earnest: Where Should I Refinance My Student Loans?

Splash FinancialEarnest
Interest Rates1.89% – 11.82%2.49% – 7.99%
Loan Terms5, 7, 8, 10, 12, 15, 20, and 25 Years
5 – 20 Years
Loan Amounts$10,000 to $500,000$1,000 up to your entire cost of attendance for the academic year, on approved credit.

The two lenders will finally refinance federal student loans. This choice could be practical for some borrowers, but it would be disastrous for others. Those who are thinking about borrowing should proceed with caution.

Splash Financial Advantages

Splash Financial has a lot of different funding options at its disposal, which is a huge benefit.

Although the borrower is not immediately aware of this kind, the effects are severe. Splash routinely offers the lowest interest rates across a wide range of loan types, which is by far its most significant advantage. 

Splash consistently places towards the top of our rankings for refinancing rates across a wide range of loan kinds since this site began tracking rate offers. 

Furthermore, because there are so many various funding options available, borrowers are more likely to be accepted.

Earnest Advantages

Earnest differs from the other refinancing providers in one area of its business approach.

Earnest digs further into a candidate’s financial situation before deciding on a rate and approval. Earnest considers education level, earning potential, savings, and spending patterns instead of just credit score and income.

Earnest, for instance, is interested in knowing how much money you save up for retirement, but the majority of lenders are not. 

Earnest does not demand that borrowers have 401(k) funds in order to obtain a loan, but they do view these borrowers favorably. 

They believe that saving for retirement demonstrates financial responsibility. These candidates have a higher chance of being accepted and of receiving a cheaper interest rate.

Earnest had a well-deserved reputation for having a complex application when it initially joined the market in 2013. 

But the Earnest program became more user-friendly as time went on and Earnest’s technology advanced. Earnest applications may now be finished in around 10 minutes, which is similar to most other lenders.

Hint: Navient purchased Earnest as a standalone subsidiary in 2017. Earnest was not permitted to refinance Sallie Mae’s debts due to an agreement between Navient and Sallie Mae Bank. 

How to Decide Among Earnest and Splash Financial

Splash Financial is the lender with the lowest interest rate and is ultimately the most advantageous to most borrowers. The best course of action is to compare rates from several lenders and shop around.

Due to their regular practice of providing applicants with the greatest rate, Splash now holds the top spot in our website’s lender rankings. Nevertheless, many borrowers will discover Earnest offers the best rate because of the distinctive strategy they employ.

If you have a minimal credit history but solid spending habits, Earnest might be a smart place to start. Splash is generally where most other borrowers should begin.

Frequently Asked Questions