But to do that you’re going to have use someone else’s link. The company conducted its own survey and boasts a 95% satisfaction rate. Ryan Lane December 2, 2020 The one main feature that Splash offers with their general student loan refinancing that most other lenders don’t, is the ability for married couples to merge and refinance their student loans together. And since you can easily get a quote online in a few minutes, there’s no harm in checking out their offer. Splash Financial Promotion. They’ve been formally endorsed by financial expert Dave Ramsey and are Top Rated by Student Loan Hero. Splash Financial has received national endorsements from the Dave Ramsey Show. ***Falsely advertises lowest rate guaranteed***Shop all the student refi players. I am an ideal creditor, low debt:income, high earner, high credit score. © 2020 Trustpilot, Inc. All rights reserved. However, it’s worth noting that as of October 2019, it had four stars out of five from TrustPilot.com, based on five reviews. Splash Financial, Inc. Review. You have successfully joined our subscriber list. Was approved the next day with a great rate! Refinance your student loans with Splash Financial, the industry leading platform that connects you with lower interest rates. Are there downsides to refinancing your student loans together? Get started referring here. Learn more about Splash Financial, Inc. and its products by browsing the services it offers. Yes, it’s true that only federal student loans are. On the upside, they don’t require you to provide your social security number until after you’ve selected your new rate and you’re ready to apply for a loan. But they reassure customers that it’s simple and can be done after you’ve been pre-approved. It is our mission to help our customers save money and enjoy hearing when we were able to do that for them. Open to all. After medical students graduate and begin their residency, they face a very unique financial situation: This can make the years spent in residency incredibly difficult financially for medical professionals. But as we continue our Splash Financial review, let’s get into some of their distinctive features. Very fast service and amazing rates. Money Done Right does not accept sponsorships to promote particular products or services. Splash Financial offers refinancing that may be able to shave money off your current loans. If you are a medical school graduate in residency who has been struggling with the crushing weight of your student loans, Splash’s medical loan refinancing product may offer you the temporary financial relief that you desperately need. Splash Financial has 35 reviews with an overall consumer score of 4.3 out of 5.0. Instead, all loans are serviced by their partner, Pentagon Federal Credit Union (PenFed). Learn more about Splash Financial, Inc. and its products by browsing the services it offers. Splash Financial is a company that refinances student loans. . This could save couples a lot of money in interest. Splash Financial, Inc. Review. Splash Financial Review: Student Loan Refinancing Splash Financial is a student loan refinancing company that only focuses on student loan refinancing (unlike many of its competitors). As we’ll see, doctors and physicians in residency or fellowship can dramatically lower their payments with Splash Financial. Splash Financial does not charge application fees, origination fees, or pre-payment penalties on any of the loans it connects you with. Splash Financial loans are funded by banks and credit unions to ensure market leading rates. My hope is that you'll be able to find plenty of helpful information and inspiration on this site to help you reach your financial goals. Reviewers call the service “painless” and say the process was “quick and seamless.” Splash Financial’s website has SSL Verification to help protect your sensitive pers… Refinancing student loans with Splash Financial to as low as 2.63% fixed APR can save borrowers $350 per month or $29,340 over the life of the loan. The extended deferment period can really help while you're in … to complete repayment than the typical 7-year loans. , and even up to 90 days following the completion of their residency. Full disclosure, my interest rate ended up going up about .05% from the initial quote to the final approved application because the initial quote did not take into account my monthly rent payments (even though I entered that information during the quote process), but it was still the best interest rate of all the options I looked into even with the increase. We decided to go through splash financial who had the same rates as laurel road but a better cash bonus return. For most scenarios, expect your interest rate offer to be a bit higher than those eye-popping percentages. Whether you want a lower monthly payment, a faster repayment, or more time to pay, refinancing is often a good way to save money and simplify student loan repayment. 6,138 3 minutes read. Splash has a solid reputation among student loan refinance companies. And it can cause them to fall behind on their payments or to default on their loans altogether. I'm slightly worried it's a bit too good to be true. But that’s a decision that I want you to make with a full understanding of the benefits that you would be forgoing. I applied to credible and commonbond right after they offered me 3% flat all 5 year terms. Thank you for your valuable feedback, Kathryn. They have to start paying back their “doctor-sized” loans immediately after graduation. The refinancing process was fast and straightforward and they were clear with explaining the details behind their credit union partnership. Instead, , knowing that when it gets paid off, they will, First, you lose the motivating effect of achieving small wins along your debt-free journey (as in the. A free inside look at company reviews and salaries posted anonymously by employees. Has anyone had experience with them? Splash Financial Overview. Splash Financial can make it easier to handle during your training. Let’s take a look at how Splash grades on the four key payment flexibility factors: deferments, forbearance, disability loan forgiveness, and death loan forgiveness. You are a married couple that would like to refinance your student loans together. We are pleased to hear that you are happy with your experience and found the process easy. Easy application, good website, good follow up with issues and very fast approval process. As of September 9, 2019, they were advertising variable rates starting at 2.43% and fixed rates starting at 3.48%. Loans must be between $25,001 and $350,000. If you’re struggling with Medical education debt, look Splash Financial, but be sure to compare the terms and conditions with other lenders before you decide. So after you’ve finished this review, if you decide that you want to go through with a refinance with Splash, then either use my link or one of theirs to save yourself some serious cash! Overall, Splash Financial reviews report high satisfaction rates from customers. 10 Steps I Took to Become a Full-Time Freelance Writer. If you’d like more specifics on Splash Financial’s product offerings, check out their disclaimers page or their FAQ page. With only 31 reviews on Trustpilot, this company has a 4.5 out of 5-star average rating. If you are looking to refinance your student loans, Splash Financial is worth a look. Waiving these fees has become somewhat standard among the top student loan refinancers, but many lenders still charge them to their customers. Why would this be a good idea? The company not only provides refinance loan quotes in as little as three minutes online, but also offers interest rates that are very competitive. I had a request to submit additional documentation during my application process that didn’t seem to match the information I entered, but that was quickly resolved when I made a call to customer service. They stand out for their flexible underwriting guidelines and internal customer service. Great experience overall! I hate that these companies are allowed to advertise falsely low rates that basically no one can actually get. I personally know and respect both those guys and both of their sites are fantastic resources for students. In our Splash Financial review, we’ll break down the pros and cons of this relative newcomer to the student loan refinancing industry. They have a built-in process for escalating concerns. They seem to be a newer one to have popped up since my last time doing this research. Freelance Writing vs. Blogging: Which is Best? There are two possible ones: First, you lose the motivating effect of achieving small wins along your debt-free journey (as in the Debt Snowball or Debt Avalanche methods). Online application was easy and straightforward. My prior lender seemed more streamline.Either way, I am happy with the end result. Click here to apply for a Splash Financial loan and potentially save $300. Yes. Well, first of all, if you were looking for a 20-year repayment period, Splash isn’t going to be the place for you. Keep up the great work. You are a medical professional who is currently in or has graduated from a residency or fellowship. Splash Financial offers a great option if your credit score has improved and can get a better rate. Great rate provided. Splash gives borrowers the following repayment period options: They’ve chosen to go slightly against the grain here as a large majority of student loan refinancers offer the following repayment options instead: What does this mean? In the meantime, the $1 payments could help them avoid getting behind on their payments during residency and damaging their credit or even defaulting on their loans. The Facebook page has a high rating as well, although not many customers have left reviews. They answered all of my questions and concerns and the rate they quoted was extremely accurate! To help serve this unique demographic, Splash allows medical graduates who are working in residency to make as little as $1 payments for up to 84 months, and even up to 90 days following the completion of their residency. I don’t have this sweet of a deal set up with Splash Financial set up as of yet. If you’re looking to refinance your student debt, Splash Financial is probably worth a look. It recently announced a $350 million annual loan financing deal and have excellent rates. Any questions I had were promptly answered and I never waited on hold when I called the help line. The company offers decent rates, and amazing terms. Splash Financial is best for students who have good credit (or a creditworthy co-signer) and who can qualify for student loan refinancing with the best rates and terms. Boasting competitive rates, a wide range of loan terms and unlimited loan amounts, this lender is ideal for graduates who want to bundle all of their student loans into one and potentially save money in the process. The whole process was easily done online. They also have no prepayment fee. This is where Splash comes in. However, if you were looking to get a 7-year or 10-year loan, Splash could actually be more attractive than other lenders. Splash Financial Student Loan Refinancing Details and Interest Rates. The company also earns 4.4 out of 5 stars on Trust Pilot based on 62 reviews. Companies like this should not be allowed in the space. Get my FREE eBook that shares the strategies I use to land high-paying freelance writing clients. The only thing I would change is when I sign back on to continue the application process, make it possible to pick up on the section I left off on. Founded in 2013, Splash Financial is a student loan refinance aggregator that operates in all 50 states. Splash Financial went out of their way to give me the lowest student refinancing rate due to a partnership with First Tech Credit Union. A free inside look at company reviews and salaries posted anonymously by employees. But before we begin our Splash Financial review, here is how you can save $500 on a Splash Financial student loan refinance. The two major disadvantages with Splash apply to nearly all student loan refinancing companies. Splash Financial is currently offering 4.77% for a 15 year term, a percentage lower than SoFi is offering me. If you have a cosigner, for instance, their financial … While they’re in residency or fellowship, they aren’t earning anywhere. I would say that the user-friendliness of Splash’s website and their application process is right on par with what I was expecting and hoping for. Here are some details about their medical loan refinancing (which is actually serviced by Bank of Lake Mills rather than PenFed): As we’ve discussed in 6 Questions to Ask Before Refinancing Your Student Loans, delaying payment with a plan like this means that you will end up paying more in interest and will ultimately pay more overall towards your loan. Splash Financial Review 2020: Student Loan Refinancing Marketplace Splash Financial marketplace helps student loan borrowers refinance their federal and private student loans with banks and credit unions. The process was very simple and straight forward. Even with having a hard time figuring out which documents were ultimately needed, Sara Tomasheski replied to my emails right away and was extremely helpful with guiding me on how to complete my application. The prequalification tool was quite helpful in determining my rate/ payment without a hard inquiry.One draw back was the amount of documents that had to be provided for approval. Hi, I'm Clint! Like many other refinance companies, Splash does require you to have graduated with a bachelor’s degree or higher in order to qualify for refinancing. We decided to go through splash financial who had the same rates as laurel road but a better cash bonus return. Ok, now we’ve covered the basics. I love writing about everything personal finance. With Splash Financial, you can consolidate and refinance your federal and private student loans. In summary, Splash Financial grades from average to above average in almost every important student loan refinance category. That's what I do every day. The lender awards a new interest rate based on your credit, among other factors. Why would I do that? The application was easy and the decision was fast. Clean interface, simple directions, and the rate & amount for the student loan is displayed on the right, that was helpful too. I reviewed four different lenders to refinance my student loans and they had the best rate and more term options than anyone else. Splash was the loan provider I decided to go with based on the best rates received as compared to other providers. Here’s why: As we’ll discuss later in our Splash Financial review, they not service their own loans. You can also read our community reviews and hear what others have to say about their experience with Splash Financial, Inc.. Warning: this not an area where Splash Financial shines. 5 Splash Financial reviews. Splash Financial Review: The Bottom Line. I currently have 3.2% interest loan to repay student debt. Splash was the loan provider I decided to go with based on the best rates received as compared to other providers. If you’d like more specifics on Splash Financial’s product offerings, check out their, For a better understanding of each of the benefits listed above, we recommend that you take the time to read. Splash will ask for the following documentation to be sent in along with your application: Once you’ve gotten ahold of the documents that you need, you can apply to get started. Your email address will not be published. They’re backed by both banks and credit unions, letting them give you the very best rates possible. But if you have over $50,000 of students, you could save $500 on your refinance. 6 Questions to Ask Before Refinancing Your Student Loans, The Complete Guide to Getting Out of Student Loan Debt. This was relatively painless and I got a great rate. I am going to be saving a significant amount of money and time paying off my student loans thanks to Splash financial! Ray, thank you for sharing your valuable feedback. SPLASH FINANCIAL BONUS DELAY (before COVID pandemic) Larson financial advising connected me with doctors without quarters company to help me search through multiple lenders to refinance to get the best rate and bonus. Related: Read our review of Credible and our guide to using their comparison tool. Splash Financial Review 2020 Student Loans. In addition to this site, my work has been featured on several major publications including Business Insider, Forbes, Credit Karma, and U.S. News and World Report. While you may not see every option available, it is a great place to start research. Customer service is also a delight. Their team is knowledgeable and helpful! Additionally, you used to have to use a different email address to get an updated rate and that has been fixed, thank goodness! When you move a federal loan to private, you lose all of federal student loan benefits, such as: For a better understanding of each of the benefits listed above, we recommend that you take the time to read The Complete Guide to Getting Out of Student Loan Debt. Now that we’ve taken a look at some of Splash’s distinctive features, let’s get into some of the finer details of their business. Thanks for visiting! Reviews of Splash Financial. Splash Financial is a relatively new company, so there’s no firm consensus from customers about its products and services. Share. However, we may receive a commission if you purchase or sign up through links on this page. and have one payment to make each month instead of having to keep track of several different loans and their payment schedules. In our Splash Financial student loan refinance review, we provide an overview of the company, pros, and cons. Nerdwallet named them 2019 Best Student Loan Refinancing for Customer Service. And if one spouse has a significantly higher credit score than the other, Splash can base the interest rate of the consolidated loan on the higher score. 5 Splash Financial reviews. They are ideal for those that have a good credit score but also have a high debt-to-income ratio. If you have questions during the application process, you can contact Splash Financial … If you fall into one of the following two categories, however, they could be one of your best refinance options: If either of those descriptions fit your situation, then I recommend that you get a quote today to see if they could help save you money on your student loans…and don’t forget to use my affiliate link below or one of the others found at the beginning of the post to save $300-500! If you have a cosigner, for instance, their financial … Splash Financial Review: Student Loan Refinancing People looking for student loan refinancing options might want to consider a newer company―Splash Financial. I am happy with my refinancing thus far.It was easy, quick and accurate.They gave me the best rate and I'm very happy with them. The one main feature that Splash offers with their general student loan refinancing that most other lenders don’t, is. With only one student loan, the couple doesn’t have to choose whose student loan to pay off first. You do have to provide your email address and create an account before you can check your interest rate, which is a bit of a bummer. Very easy, efficient process, great rates and associated companies! In the meantime, the $1 payments could help them avoid getting behind on their payments during residency and damaging their credit or even defaulting on their loans. Splash financial had a great team and did a great job communicating what they were doing while I was refinancing, and the rate was fantastic! For many medical student loan borrowers, though, quick repayment shouldn’t be a problem due to their increased income. I was even secured for a lower rate than I originally applied for. You, ultimately, may decide that the lower monthly payments would outweigh the loss of the federal student loan benefits. Refinancing with Splash was quick and easy, and their rates were better than Earnest and SoFi. Refer your friends and earn $250 when they refinance through Splash Financial. Additionally, the company offers a 0.25% discount with some lenders for using an autopay function to make your loan payments. You will get a better rate! You must be currently in a residency or have graduated from a residency. You don’t have to be on active military duty or a veteran to be a PenFed member. Splash Disadvantages – Some Red Flags to Review. There’s no cost to get a customized interest rate, it only takes a few minutes, and the process is … As of September 9, 2019, they were advertising. Splash Financial has earned an A+ from the BBB, though without any published complaints or reviews. Splash Financial has earned an A+ from the BBB, though without any published complaints or reviews. If not, you may have better luck with a cosigner. In our Splash Financial review, learn why they could be a good choice for medical professionals in residency and married couples. By far, the group of people that could get the most value out of a student loan refinance with Splash would be men and women working in the medical field — and, even more specifically, those working in a residency or fellowship. Expert review. Check out what 123 people have written so far, and share your own experience. They advertise as low as 2.83% claim they find the lowest rate. Applicants who have medical debt but who do not meet the residency requirement will be redirected to Splash’s general student loan refinancing product. Thank you! For many medical student loan borrowers, though, quick repayment shouldn’t be a problem due to their increased income. Highly recommend. Variable rates start at 2.43% and fixed rates begin at 3.48%. Also, do keep in mind that interest rates are always changing. Jason Vitug Follow on Twitter January 25, 2020. Splash Financial review: The basics. Splash Financial is the newest student loan refinancing agency on the market today. The process was very simple and straight forward. I highly recommend that you compare Splash’s rates with other student loan lenders by using Credible. Loan was approved very quickly. Driver’s license, passport, or state-issued ID, Loan statements from your existing servicer, Diploma or transcripts proving you graduated, PenFed membership application (more on this later). Splash Financial, Inc. was founded in 2012 and is based in Clevelend, OH. As we’ll see, doctors and physicians in residency or fellowship can dramatically lower their payments with Splash Financial. They offer competitive refinancing rates and could be a good option for you. Fees, or others help our customers save money and enjoy hearing when we were able to shave money your! Recommend this company to anyone looking to refinance, our link below save... You Drive for Uber splash financial review, Postmates, or pre-payment penalties on any of the loan... The Bottom Line anyone looking to get a 7-year or 10-year loan, Splash loan! Little as $ 1 payments for up to 90 days following the completion of their way to give me lowest. Industry leading platform that connects people with student loans loss of the loans are by! These advertised rates the BBB, though, quick repayment shouldn splash financial review t a... Enjoy hearing when we were able to shave money off your current loans physicians in residency or fellowship advertised.! Of yet: Read our review of Credible and our guide to using their comparison tool found throughout the of! 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