Splash Financial Review [2024]: One-Stop Shop for Borrowers

Splash Financial¹ <p>Splash Financial, Inc. (NMLS # 1630038), licensed by the DFPI under California Financing Law, license # 60DBO-102545. Equal Housing Lender. Terms and conditions apply. Products may not be available in all states. Splash reserves the right to modify or discontinue products and benefits at any time without notice.</p> is an online marketplace² <p>The information you provide to us is an inquiry to determine whether Splash’s lending partners can make you a loan offer, but does not guarantee you will receive any loan offers.&nbsp;</p> that connects you with multiple lenders, whether you want to apply for a new student loan or refinance an existing one. You can also shop for personal loan offers through Splash Financial’s platform.

If you’re looking for competitive rates on a new or refinanced student loan, Splash Financial can help you compare your options with a prequalification that has no impact on your credit score.³ <p>To check the rates and terms you qualify for, Splash conducts a soft credit pull that will not affect your credit score. To obtain a loan, a hard credit pull will be requested by the lender which may affect your credit.&nbsp;</p> Learn more about Splash Financial so you can decide whether it would be a useful loan marketplace for you.

An overview of Splash Financial

Founded in 2013, Splash Financial states that its mission is to “create a faster and less expensive financial world.” It originally offered a student loan refinancing marketplace to help borrowers save money on their student loan debt.

Since that time, Splash has grown to offer student loans and personal loans in addition to refinancing. It also connects borrowers to specialized student loan refinancing products for medical school graduates.

Based in Cleveland, Ohio, Splash Financial’s lending partners include banks, credit unions, and other lenders. According to one of its February 2022 press releases, Splash saw a 52% year-over-year increase in student loan requests in 2021.

Which loan products does Splash Financial offer?

Splash Financial doesn’t directly offer any loans. It’s a marketplace where you connect with various lenders. With Splash Financial, you can get quotes for four types of loans from various financial institutions. If you opt for a credit union loan, you’ll likely need to become a member of the credit union before you borrow.

If you decide to move forward with one of Splash Financial’s partners, you’ll need to complete a loan application. The partner will let you know if you meet its underwriting requirements, which may require your full credit report, which is considered a hard credit pull and could impact your credit score.

Note: The rates Splash displays include a 0.25% autopay discount. If you decide not to have payments automatically withdrawn you’ll pay 0.25% more for your loan.

Student loans

You could find a private student loan through the Splash Financial platform to pay for college or graduate school. It offers both student and parent loans.

Note: Private student loans are not eligible for federal repayment plans or forgiveness programs.

Student loan refinancing

If you already owe student loans and want to find a lower interest rate, Splash Financial could help you find a student loan refinancing offer. If you have strong credit (or apply with a cosigner who does), you may qualify to exchange your existing student loans for a new one with a better rate.

Important: If you have federal student loans and you refinance with a private lender, it becomes a private student loan without federal protections.⁴ <p>Refinancing or consolidating private and federal student loans may not be the right decision for everyone. Federal loans carry special benefits not available for loans made through Splash Financial, including, but not limited to, public service loan forgiveness and economic hardship programs, fee waivers and rebates on the principal, which may not be accessible to you after you refinance.</p>

Medical school loan refinancing

The average medical school debt was $194,280 for those who graduated from a public college in 2021, according to Forbes. Splash Financial connects you with medical school refinancing offers. Along with potentially lowering your interest rate, you may be able to reduce payments to $100 per month during training and for six months afterward.

Personal loans

Finally, Splash Financial also lets you see rates from multiple personal loan lenders. You can use a personal loan for a variety of purposes, from home renovations to debt consolidation to travel. Splash Financial’s partner lenders offer personal loans between $1,000 and $50,000, though some allow qualified borrowers to take out up to $100,000.

Splash Financial student loan refinancing

If you’re looking for better rates on your student loans, Splash Financial could help you find and compare student loan refinance offers.⁵ <p>Savings over the life of your loan assumes the same or shorter loan terms and/or interest rates on your refinance, and may not be representative of your situation. Actual savings, if any, may vary based on interest rates, balances, remaining repayment of terms and other factors.</p> You can typically check your loan rates with no impact on your credit score and no commitment.³ <p>To check the rates and terms you qualify for, Splash conducts a soft credit pull that will not affect your credit score. To obtain a loan, a hard credit pull will be requested by the lender which may affect your credit.&nbsp;</p> You also don’t have to worry about origination, prepayment, or application fees.

To be eligible, you must be a U.S. citizen or permanent resident who graduated from a Title IV school with your bachelor’s degree or associate degree. You may also be eligible if you left school before earning your degree or are in your final year of an associate program, have an offer of employment in your field, and are studying nursing or an approved allied health field.

Most lenders set a minimum student loan refinancing amount of $5,000 with no maximum. If you have a cosigner for refinancing, you may be able to request a cosigner release after 12 consecutive months of on-time payments. This varies by lender, however.

Loan amount	$5,000 and up
Loan term	5-20 years if you choose a fixed APR6 <p class="">Student Loan Refinance: Fixed loans feature repayment terms of 5 to 20 years depending on the lender and your qualifications. For example, the monthly payment for a sample $10,000 with an APR of 5.47% for a 12-year term would be $94.86. Variable loans feature repayment terms of 5 to 25 years. For example, the monthly payment for a sample $10,000 with an APR of 5.90% for a 15-year term would be $83.85.<br></p> 5-25 years if you choose a variable APR6 <p class="">Student Loan Refinance: Fixed loans feature repayment terms of 5 to 20 years depending on the lender and your qualifications. For example, the monthly payment for a sample $10,000 with an APR of 5.47% for a 12-year term would be $94.86. Variable loans feature repayment terms of 5 to 25 years. For example, the monthly payment for a sample $10,000 with an APR of 5.90% for a 15-year term would be $83.85.<br></p>
APR	Variable APR from 4.99%-10.89% (as of August 3, 2023) Fixed APR from 5.28%-10.24% (as of 07/01/24)7 <p>Rates are subject to change without notice. Not all applicants will qualify for the lowest rate. Lowest rates reserved for the most creditworthy applicants and will depend on credit score, loan term, and other factors. Lowest rates may require autopay. The 0.25% autopay discount will not be applied if autopay is not in effect. See loan agreement for details.</p>
Credit needed	640 or higher

Student loans at Splash Financial

If you’re in need of a private student loan to pay for college or graduate school, you could find a loan through Splash Financial.

If you can’t qualify on your own, you could apply with a cosigner to boost your chances. You won’t be required to make payments until after you graduate, but you could choose to make a flat monthly payment, interest-only payments, or interest and principal payments while in school to cut down on interest charges.

Before looking into how to get a loan from a private lender, however, it’s usually a good idea to max out your eligibility for federal student loans. Federal student loans come with relatively low, fixed interest rates and are eligible for various protections, including income-driven repayment, deferment, forbearance, and forgiveness programs. Plus, you can typically qualify without a cosigner.

Federal student loans come with borrowing limits, however. If you need additional funding to cover your cost of attendance, a private student loan could make sense.

Just remember that each lender sets its own terms, and private student loans are not eligible for federal repayment options or forgiveness programs.

Loan amount	Up to $300,000 for undergraduates; no maximum for certain advanced degree holders
Loan term	5-20 years (fixed rate)6 <p class="">Student Loan Refinance: Fixed loans feature repayment terms of 5 to 20 years depending on the lender and your qualifications. For example, the monthly payment for a sample $10,000 with an APR of 5.47% for a 12-year term would be $94.86. Variable loans feature repayment terms of 5 to 25 years. For example, the monthly payment for a sample $10,000 with an APR of 5.90% for a 15-year term would be $83.85.<br></p> 5-25 years (variable rate)6 <p class="">Student Loan Refinance: Fixed loans feature repayment terms of 5 to 20 years depending on the lender and your qualifications. For example, the monthly payment for a sample $10,000 with an APR of 5.47% for a 12-year term would be $94.86. Variable loans feature repayment terms of 5 to 25 years. For example, the monthly payment for a sample $10,000 with an APR of 5.90% for a 15-year term would be $83.85.<br></p>
APR	Variable APR from 5.62%-16.85% (as of 07/01/24) Fixed APR from 4.29%-16.49% (as of 07/01/24) 7 <p>Rates are subject to change without notice. Not all applicants will qualify for the lowest rate. Lowest rates reserved for the most creditworthy applicants and will depend on credit score, loan term, and other factors. Lowest rates may require autopay. The 0.25% autopay discount will not be applied if autopay is not in effect. See loan agreement for details.</p>
Credit needed	650 or higher

Personal loans at Splash Financial

You could use a personal loan for a wide variety of purposes, including consolidating debt or financing a major purchase. After you borrow, you’ll pay back the loan with a fixed monthly payment over a certain period of time.

Splash Financial lets you check your rates with multiple personal loan lenders to find one that meets your needs. Its lenders offer fixed rates starting at 10.95%-35.99% (as of 07/01/24) APR. Borrowers with the best credit tend to qualify for the lowest rates.

Lenders may also require you to pay an origination fee, which typically ranges from 1% to 8% of the loan amount.

Loan amount	$1,000 - $50,000 (some lenders offer up to $100,000 for qualified borrowers)8 <p class="">Personal Loans feature repayment terms of 2 to 7 years depending on the lender and your qualifications. For example, if you are approved for a $10,000 loan with a 36-month term and a fixed APR of 17.98% (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a monthly payment of $343.33.<br></p>
Loan term	24-84 months
APR	Fixed rates from 10.95%-35.99% (as of 07/01/24) APR7 <p>Rates are subject to change without notice. Not all applicants will qualify for the lowest rate. Lowest rates reserved for the most creditworthy applicants and will depend on credit score, loan term, and other factors. Lowest rates may require autopay. The 0.25% autopay discount will not be applied if autopay is not in effect. See loan agreement for details.</p>
Credit needed	620 or higher preferred

Medical school loan refinancing at Splash Financial

If you borrowed loans for medical school, you could use Splash Financial to find refinancing offers. You can typically choose between fixed and variable rates and defer full payments while you’re in residency and for up to six months after your residency and fellowship. You’ll still need to pay $100 per month during this time, however.

If you have federal student loans, be cautious about refinancing them with a private lender, as doing so means you forfeit access to federal repayment plans, forgiveness programs, and other protections.

Loan amount	$5,000 and up
Loan term	5-20 years (fixed rate)9 <p class="">Medical School Loan Refinance: Fixed loans feature repayment terms of 5 to 20 years depending on the lender and your qualifications. For example, a refinance loan with a fixed 6.13% APR on a $100,000 principal balance, assume that borrower will make $100 monthly payments during the residency period of 36 months before the full repayment term begins, will have a 60-month repayment term after training is complete with payments of $2,253.06 per month, resulting in $138,783.53 of total payments.<br></p> 5-25 years (variable rate)9 <p class="">Medical School Loan Refinance: Fixed loans feature repayment terms of 5 to 20 years depending on the lender and your qualifications. For example, a refinance loan with a fixed 6.13% APR on a $100,000 principal balance, assume that borrower will make $100 monthly payments during the residency period of 36 months before the full repayment term begins, will have a 60-month repayment term after training is complete with payments of $2,253.06 per month, resulting in $138,783.53 of total payments.<br></p>
APR	Variable APR from 6.39%-9.84% (as of 07/01/24)7 <p>Rates are subject to change without notice. Not all applicants will qualify for the lowest rate. Lowest rates reserved for the most creditworthy applicants and will depend on credit score, loan term, and other factors. Lowest rates may require autopay. The 0.25% autopay discount will not be applied if autopay is not in effect. See loan agreement for details.</p> Fixed APR from 6.39%-9.84% (as of 07/01/24)7 <p>Rates are subject to change without notice. Not all applicants will qualify for the lowest rate. Lowest rates reserved for the most creditworthy applicants and will depend on credit score, loan term, and other factors. Lowest rates may require autopay. The 0.25% autopay discount will not be applied if autopay is not in effect. See loan agreement for details.</p>
Credit needed	650 or higher

What Splash Financial customers are saying

Splash Financial has a B+ rating from the Better Business Bureau (BBB) and a customer rating of 4.8 stars out of five on TrustPilot. In fact, 90% of the 551 customer reviews on TrustPilot give Splash Financial a rating of excellent.

One customer wrote, “I refinanced a loan with them and it was super easy. The people I have spoken to are kind and knowledgeable too.”

Another said, “I received the lowest interest rate possible when I refinanced through Splash Financial. I highly recommend others consider using them to take control of their student loans.”

Splash Financial does have a few customer complaints on the BBB website, with some customers citing a lack of clear communication. Splash Financial responded to and resolved some of these comments directly.

FAQs about Splash Financial

The final word on Splash Financial

Whether you’re looking to borrow a student loan, take out a personal loan, or refinance your student debt, it could be worth checking your rates with Splash Financial. This platform lets you check your rates from multiple lenders with a soft credit pull that doesn’t impact your credit.³ <p>To check the rates and terms you qualify for, Splash conducts a soft credit pull that will not affect your credit score. To obtain a loan, a hard credit pull will be requested by the lender which may affect your credit.&nbsp;</p>

Along with checking your rates with Splash Financial, compare options from other lenders so you can find the best loan offer. If you’re in need of a personal loan, our recommendations for the best personal loans can help you get started.