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Splash Financial vs SoFi: Student Loan Refinancing Comparison

SoFi and Splash Financial are in a very tight race with one another. SoFi is a well-known brand and the market leader. Splash is a newcomer that is grabbing attention.

Lenders were unable to compete with SoFi’s exceptional interest rate selection and high acceptance rate. 

The market finally caught up to SoFi during the past few years. Splash Finacial, for example, currently offers cheaper interest rates than SoFi to many consumers. The borrower’s situation will determine which company is superior.

The Comparison between Splash Financial vs SoFi

Splash FinancialSoFi
Interest Rates1.89%* – 11.82% 2.49% – 9.00%
Loan Terms5, 7, 8, 10, 12, 15, 20, and 25 Years5, 7, 10, 15, and 20 Years
Minimum Loan$5,000$5,000
Signup BonusUp to $500 $150

In terms of consistency, the lenders are also fairly good. There are no significant issues with either lender from the perspective of loan servicing, and neither company levies origination costs or prepayment penalties.

Last but not least, both businesses refinance both public and private loans. Federal loan borrowers should give refinancing serious thought

All government benefits, like income-driven repayment programs and student loan forgiveness, are permanently gone once federal loans are refinanced with a private lender.

SoFi Benefits

SoFi has expanded significantly from its beginnings as a company that refinanced student loans. SoFi now provides mortgages, personal loans, and financial management services.

Student loan borrowers should eventually become mortgage and wealth management clients, according to SoFi. Customers are referred to as “members.” 

The advantage for customers is that they may anticipate better service. SoFi must treat its customers fairly if they want its customers to use other services.

The career guidance offered to all clients is one of the benefits of being a SoFi “member.” By assisting borrowers in finding employment, lenders can increase the likelihood that they will be paid back. Those borrowers who lose their jobs could find this to be a useful resource.

Splash Financial Benefits

Splash offers the finest combination of low-interest rates and high approval rates, which is the only explanation for its placing.

Splash collaborates with a wide range of financing sources. Splash consumers are therefore more likely to be authorized and to receive a cheap credit rate.

Splash’s $500 Bonus offered to clients who refinance student debts totaling at least $50,000 is the last perk. 

Still, borrowers should look for the lender with the best interest rate since even a little amount of savings over the life of a big loan—say, $500—can be achieved. The incentive, however, is an excellent benefit of the refinancing procedure.

A Comparison of Splash Financial and SoFi

At the end of the day, not much divides the two businesses.

However, most judgments should be made by the lender offering the cheaper interest rate. Borrowers who receive equal rate offers may want to choose SoFi because of the member benefits.

The lender with the greatest rates over the past 12 months has consistently been Splash. But since every borrower is unique, every lender has a distinct method for determining what rate to provide.

It is advisable that they search around for the greatest pricing for this reason. Both Splash and SoFi are deserving of attention when comparing prices.

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