Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). In some cases, we receive a commission from our partners; however, our opinions are our own.
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Who is Splash Financial Best For?
Splash Financial is best for borrowers who want to refinance their student loans and get a lower rate — especially borrowers who have improved their credit score since they initially took out a student loan. Splash Financial recommends a credit score of about 640 to qualify for a loan, so only borrowers with good credit are likely to be eligible.
Types of Student Loans Offered by Splash Financial
Splash Financial only offers student loans refinancing in two forms, including:
- Student loan refinancing
- Medical student loan refinancing
Splash Financial Student Loan Refinancing Details
To get a loan, you must meet the following qualifications:
- A low debt-to-income ratio (no more than 30%)
- A history of on-time payments
- Good to excellent credit (preferably 640 or higher)
Always consider your federal student loan options before refinancing into any private student loan, including one with Splash Financial, as you can often get better terms and protections through the government.
You can contact customer support by phone Monday through Friday from 9 a.m. to 9 p.m. ET. You may also email the company at its support account.
Pros and Cons of Splash Financial Student Loans
How to Apply for Splash Financial Student Loan Refinancing
1. Put in an application on Splash Financial's website. You'll enter your email address, name, phone number education level, Social Security number, and income history. You'll get an estimated monthly payment and rate range with no impact on your credit score.
2. Sign loan agreement and get your new loan. After you sign your loan agreement, you may get your new loan soon after with Splash Financial. Remember, refinancing a loan means you replace your old loan with a new one.
3. Work loan payments into your budget. Figure out how to adjust your budget to fit in your new loan payments. Make sure you have enough money to cover all of your financial responsibilities.
Splash Financial Frequently Asked Questions
Splash Financial recommends a credit score of at least 640 in its eligibility requirements listed on its website.
Applying for a loan with Splash Financial affect impact your credit score — the lender will only conduct a soft credit pull to get your rates. However, your payment consistency once you get the loan will affect your score.
Yes, you can pay off loans early with Splash Financial with no additional fees.
Splash Financial Trustworthiness
Splash Financial has a A+ rating from the Better Business Bureau. The BBB is a nonprofit organization focused on consumer protection and trust. It determines its grades by focusing on a business' response to consumer complaints.
The lender hasn't been involved in any recent controversies, so you may feel comfortable borrowing from them.
Splash Financial Competitors
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Splash Financial Student Loan Refinancing
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Laurel Road Student Loan Refinancing
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Earnest Student Loan Refinancing
Splash Financial Student Loan Refinancing vs. Laurel Road Student Loan Refinancing
Laurel Road offers a rate discount of up to 0.55% when you open a checking account with the company and make a certain amount of monthly direct deposits.
Both refinanced and new loans from Laurel Road come with a repayment term length of five, seven, 10, 15, or 20 years. Splash Financial has term lengths ranging between five to 20 years.
Splash Financial Student Loan Refinancing vs. Earnest Student Loan Refinancing
Earnest originates undergraduate and graduate loans, while Laurel Road only refinances those loan types. You won't pay origination fees or prepayment penalties with either company.
Earnest's loans have a unique perk: the ability to skip one payment every year. You can request your first skip once you've made at least six months of consecutive on-time, full principal and interest payments, as long as your loan is in good standing. However, interest will accrue during this time, and the lender will extend the final payoff date of your loan by the length of the skipped payment period.
Methodology: How We rated Splash Financial Student Loan Refinancing
We rate all student loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths (15% of rating)
- Repayment options while in school (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is determined based on its importance to your borrowing experience. Rates and fees have the most significant impact on the total cost of your loan, so we weigh those the most heavily. Customer support and ethics are still crucial parts of the borrowing experience, but do not directly tie to a student loan's terms, so they have less of an impact on the overall rating.
Read more about how we rate student loans >>
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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