They stand out for their flexible underwriting guidelines and internal customer service. 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. Loan Terms: Splash Financial is very flexible with their loan terms. The company also earns 4.4 out of 5 stars on Trust Pilot based on 62 reviews. I hate that these companies are allowed to advertise falsely low rates that basically no one can actually get. Splash Financial, Inc. Review. Splash Financial reviews and Splashfinancial.com customer ratings for December 2020. Get started referring here. Ray, thank you for sharing your valuable feedback. Has anyone had experience with them? Very easy to contact via phone for questions and additional information. Jason Vitug Follow on Twitter January 25, 2020. 6 Questions to Ask Before Refinancing Your Student Loans, The Complete Guide to Getting Out of Student Loan Debt. While they’re in residency or fellowship, they aren’t earning anywhere. The application was easy and the decision was fast. I am going to be saving a significant amount of money and time paying off my student loans thanks to Splash financial! We decided to go through splash financial who had the same rates as laurel road but a better cash bonus return. Great rate provided. Each borrower is even assigned their own dedicated banker. Learn more about Splash Financial, Inc. and its products by browsing the services it offers. Your email address will not be published. You are a married couple that would like to refinance your student loans together. As we’ll see, doctors and physicians in residency or fellowship can dramatically lower their payments with Splash Financial. 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. I am an ideal creditor, low debt:income, high earner, high credit score. Splash Financial is a technology platform, not a lender, that helps student loan borrowers easily find the best refinancing options with banks and credit union partners. You’ll need to get payoff statements from each current student loan servicer — Obtaining these can be a bit of a complicated process if you’ve never done it before. As of September 9, 2019, they were advertising variable rates starting at 2.43% and fixed rates starting at 3.48%. Splash Financial was also named the 2019 Best New Student Loan Refinance Company by FitBux. Splash Financial Student Loan Refinance Review. Additionally, the company offers a 0.25% discount with some lenders for using an autopay function to make your loan payments. 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. This is where Splash comes in. Thanks for visiting! Splash Financial Review: Student Loan Refinancing People looking for student loan refinancing options might want to consider a newer company―Splash Financial. 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. You, ultimately, may decide that the lower monthly payments would outweigh the loss of the federal student loan benefits. 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 allows medical graduates who are working in residency to make as little as $1 payments for up to 84 months. Splash Financial Student Loan Refinancing Details and Interest Rates. Ok, now we’ve covered the basics. If you're a medical and dental student, it's hard to beat the benefits offered by Splash Financial. With Splash Financial, you can consolidate and refinance your federal and private student loans. You are a medical professional who is currently in or has graduated from a residency or fellowship. But to do that you’re going to have use someone else’s link. You don’t have to be on active military duty or a veteran to be a PenFed member. 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. Share. Splash Financial itself is not a lender, but a lending marketplace that connects people with student loans to prospective refinancing lenders. Splash Financial review: The basics. 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. Variable rates start at 2.43% and fixed rates begin at 3.48%. Thank you! Splash Financial, Inc. is a financial education and student loan refinancing company that provides online lending options to help college graduates consolidate and refinance their student loan debt. We appreciate you sharing your input and we will have our team investigate the opportunity further. The two major disadvantages with Splash apply to nearly all student loan refinancing companies. 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. Required fields are marked, {"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}, These 5 Grocery Hacks Saved Our Starving Food Budget, How to Save on Car Insurance Under Age 25, 10 Tips For Buying Your First Home the Smart Way. Splash Financial, Inc. was founded in 2012 and is based in Clevelend, OH. Instead, all loans are serviced by their partner, Pentagon Federal Credit Union (PenFed). Very fast service and amazing rates. , and even up to 90 days following the completion of their residency. They advertise as low as 2.83% claim they find the lowest rate. 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. This allows borrowers to shop for multiple options without filling out multiple applications with separate companies. Yes, it’s true that only federal student loans are required to have these built-in hardship benefits, but many private student loan refinancers offer them anyway, SoFi probably being the most prominent example. Second, if any of the loans are federal, consolidating will cause them to lose their federal benefits. We decided to go through splash financial who had the same rates as laurel road but a better cash bonus return. 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… I currently have 3.2% interest loan to repay student debt. 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? Splash Financial has received national endorsements from the Dave Ramsey Show. 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 was the loan provider I decided to go with based on the best rates received as compared to other providers. It’s important to note that only those with the highest credit will be able to qualify for these advertised rates. Splash has a solid reputation among student loan refinance companies. Home > Loans > Student Loans > Splash Financial Review 2020. 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! 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. In summary, Splash Financial grades from average to above average in almost every important student loan refinance category. We are pleased to hear that you found our process simple. Once you’ve finished your residency (and your 90-day grace period ends), you’ll have ten years to pay off the loans. Splash Financial Review: Making a Big Splash, Extended Vs. Guaranteed Replacement Cost Homeowners Insurance, Savology Review: Free Digital Financial Planning, Online Tutoring Jobs For College Students: 6 Best Options For 2020, How to Find And Use a Money Transfer Company, Student Loan Consolidation Vs. Clean interface, simple directions, and the rate & amount for the student loan is displayed on the right, that was helpful too. I have to admit that this caused me to have concerns about the quality of customer service that they would provide. Credible is like the Kayak of student loans. Get my FREE eBook that shares the strategies I use to land high-paying freelance writing clients. You can also read our community reviews and hear what others have to say about their experience with Splash Financial, Inc.. The lender awards a new interest rate based on your credit, among other factors. As we'll see, doctors and physicians in residency. Splash Financial is a relatively new company, so there’s no firm consensus from customers about its products and services. Your email address will not be published. Splash Financial is not a direct lender — Your application will be processed and approved by a partnering lender, usually a bank or credit union, who will also service your loan going forward. Splash Disadvantages – Some Red Flags to Review. 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). She made my process so much smoother and made sure all my questions were answered! 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. Splash Financial Review 2020 Student Loans. 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. Splash Financial has earned an A+ from the BBB, though without any published complaints or reviews. Waiving these fees has become somewhat standard among the top student loan refinancers, but many lenders still charge them to their customers. latest in  Refinance, Reviews, Student Loans, Trying to manage several student loans and their various billing cycles can, At this point, it seems like the coronavirus has affected nearly every, On Friday, March 13th, President Trump and his coronavirus task force held, If you have federal student loans, you could be eligible for an. Companies like this should not be allowed in the space. The lowest rate they found me was 3.72% laughable. 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. I highly recommend that you compare Splash’s rates with other student loan lenders by using Credible. First, Splash Financial offers consolidation and refinancing of federal student loans. They seem to be a newer one to have popped up since my last time doing this research. Splash Financial, Inc. Review. Until then, here are two places you can get $500 back on refinances of $50,000 or more. Splash Financial, Inc. was founded in 2012 and is based in Clevelend, OH. If not, you may have better luck with a cosigner. In our Splash Financial review, we'll break down the pros and cons of this relative newcomer to the student loan refinancing industry. Easy application, good website, good follow up with issues and very fast approval process. Thank you for your valuable feedback, Kathryn. Applicants who have medical debt but who do not meet the residency requirement will be redirected to Splash’s general student loan refinancing product. Reviews of Splash Financial. This company is basically falsely advertising. Freelance Writing vs. Blogging: Which is Best? You should never take out any new student loan or refi until after you’ve checked with Credible to see what other lenders can offer you. Nerdwallet named them 2019 Best Student Loan Refinancing for Customer Service. 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. If you have a cosigner, for instance, their financial … It is our mission to help our customers save money and enjoy hearing when we were able to do that for them. If you’re looking to refinance your student debt, Splash Financial is probably worth a look. Splash Financial offers a great option if your credit score has improved and can get a better rate. 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! On TrustPilot, Splash Financial has a 4.6 (out of 5) TrustScore with more than 123 customer reviews. They’ve been formally endorsed by financial expert Dave Ramsey and are Top Rated by Student Loan Hero. However, we may receive a commission if you purchase or sign up through links on this page. My prior lender seemed more streamline.Either way, I am happy with the end result. The company was named 2019 Best Loan Refinancing for Customer Service by NerdWallet, where it received a 5-star review. If, and when, I do, you can bet I’ll be using my own affiliate link! They’re backed by both banks and credit unions, letting them give you the very best rates possible. It’s good to see Splash Financial following the lead of the “good guys” in the space and choosing to treat their customers right. Do you agree with Splash Financial’s star rating? Thankfully, Splash Financial does not charge any application or origination fees. In our Splash Financial review, learn why they could be a good choice for medical professionals in residency and married couples. Splash Financial is a well-known financial aid tool which competes against other financial aid services like Federal Student Aid, Johns Hopkins University Financial Aid and UC Berkeley Financial Aid and Scholarships. Refinancing with Splash was quick and easy, and their rates were better than Earnest and SoFi. Loan was approved very quickly. 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. Let’s take a quick look at some of the specific details of Splash Financial’s student loan refinancing: APR Rates: The fixed rates vary from 3.48% to 7.27%, whereas the variable rates go from 2.27% to 6.85%. You will get a better rate! Splash Financial loans are funded by banks and credit unions to ensure market leading rates. 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 before we begin our Splash Financial review, here is how you can save $500 on a Splash Financial student loan refinance. 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. than the other, Splash can base the interest rate of the consolidated loan on the higher score. I applied to credible and commonbond right after they offered me 3% flat all 5 year terms. As of September 9, 2019, they were advertising. Warning: this not an area where Splash Financial shines. Thanks for making the process really easy. Because it’s simply what’s in your best interest as my reader. If you are looking to refinance your student loans, Splash Financial is worth a look. to complete repayment than the typical 7-year loans. Founded in 2013, Splash Financial is a student loan refinance aggregator that operates in all 50 states. 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. Online application was easy and straightforward. 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. 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 offers refinancing that may be able to shave money off your current loans. Splash Financial Review: The Bottom Line. Was approved the next day with a great rate! The whole process was easily done online. 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. 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. Stephanie Colestock. Splash Financial is a marketplace for student loan refinancing, so it shops its network of bank and credit union partners to get the best possible rates and products for borrowers. Splash Financial review: The basics. 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 review, we’ll break down the pros and cons of this relative newcomer to the student loan refinancing industry. 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. 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. 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. ***Falsely advertises lowest rate guaranteed***Shop all the student refi players. If either of those descriptions fit your situation, then I recommend that you. They followed up with me to let me know exactly what was happening and what to expect. 10 Steps I Took to Become a Full-Time Freelance Writer. For some borrowers, this move makes sense, but for others, it can be a mistake. Thank you for being a Splash Financial customer. And since you can easily get a quote online in a few minutes, there’s no harm in checking out their offer. If you have questions during the application process, you can contact Splash Financial … Splash Financial went out of their way to give me the lowest student refinancing rate due to a partnership with First Tech Credit Union. And the lower payments can continue up to 90 days following the completion of their residency. You’ll need to become a PenFed member to qualify. There’s no cost to get a customized interest rate, it only takes a few minutes, and the process is … Splash Financial can make it easier to handle during your training. But it appears that my fears were unfounded as Splash seems to do a generally good job in this area: For now, at least, it looks like Splash’ customers are well taken care of and my hope is that they will continue to keep customer service a priority as they grow. . Related: Read our review of Credible and our guide to using their comparison tool. | Read 41-60 Reviews out of 123 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. The refinancing process was fast and straightforward and they were clear with explaining the details behind their credit union partnership. They're backed by both banks and credit unions, letting them give you the very best rates possible. Splash Financial has 35 reviews with an overall consumer score of 4.3 out of 5.0. Again, Splash Financial grades well here, advertising rates that are competitively priced when compared to other leaders in the industry. The company also earns 4.4 out of 5 stars on Trust Pilot based on 62 reviews. Also, do keep in mind that interest rates are always changing. With only 31 reviews on Trustpilot, this company has a 4.5 out of 5-star average rating. As we’ll see, doctors and physicians in residency or fellowship can dramatically lower their payments with Splash Financial. This could save couples a lot of money in interest. While you may not see every option available, it is a great place to start research. Splash Financial, Inc. is a financial education and student loan refinancing company that provides online lending options to help college graduates consolidate and refinance their student loan debt. This was relatively painless and I got a great rate. For most scenarios, expect your interest rate offer to be a bit higher than those eye-popping percentages. The company not only provides refinance loan quotes in as little as three minutes online, but also offers interest rates that are very competitive. The one main feature that Splash offers with their general student loan refinancing that most other lenders don’t, is. We are pleased to hear that you are happy with your experience and found the process easy. Yes, it’s true that only federal student loans are. As mentioned before, Splash Financial offers its general student loan refinancing through their partnership with PenFed. You can also read our community reviews and hear what others have to say about their experience with Splash Financial, Inc.. Great experience overall! 5 Splash Financial reviews. 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. I reviewed four different lenders to refinance my student loans and they had the best rate and more term options than anyone else. Splash Financial is a company that refinances student loans. 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. Splash Financial is a company that refinances student loans. I'm slightly worried it's a bit too good to be true. Any questions I had were promptly answered and I never waited on hold when I called the help line. Here’s why: As we’ll discuss later in our Splash Financial review, they not service their own loans. Both federal and private student loans can be refinanced through Splash Financial, and you can get a rate in less than three minutes. 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. They have a built-in process for escalating concerns. Refinance your student loans with Splash Financial, the industry leading platform that connects you with lower interest rates. Splash Financial is a reputable company serving graduates across the country. Open to all. 6,138 3 minutes read. I love writing about everything personal finance. Splash Financial Promotion. 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. As we make clear in our student loan refinance guide, federal student loan borrowers need to think long and hard before refinancing into private loans. They have to start paying back their “doctor-sized” loans immediately after graduation. They have their own in-house customer service team. Well, first of all, if you were looking for a 20-year repayment period, Splash isn’t going to be the place for you. This is one of the reasons that they were listed in our Best Lenders to Refinance Student Loans guide. Updated on September 10, 2020 By Trish Sammer <-- View all of my refinancing options. If you’d like more specifics on Splash Financial’s product offerings, check out their disclaimers page or their FAQ page. 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. I personally know and respect both those guys and both of their sites are fantastic resources for students. Start saving today with a refreshing take on student loan refinancing. They are ideal for those that have a good credit score but also have a high debt-to-income ratio. NOTE: The application links found throughout the remainder of this Splash Financial Review will be mine. And it can cause them to fall behind on their payments or to default on their loans altogether. The Facebook page has a high rating as well, although not many customers have left reviews. Refer your friends and earn $250 when they refinance through Splash Financial. Splash Financial Overview. In our Splash Financial review, we’ll break down the pros and cons of this relative newcomer to the student loan refinancing industry. This is where Splash comes in. For many medical student loan borrowers, though, quick repayment shouldn’t be a problem due to their increased income. Their team is knowledgeable and helpful! 5 Side Hustles That Could Become Your Full-Time Job, 6 Best Ways to Invest in Real Estate (And Where to Start as a 100% Beginner), The Complete Guide to Graduating Without Student Loans, The Ultimate Guide to Student Loan Forgiveness, Income-Driven Repayment Plans: Everything You Need to Know, 5 of the Most Sickening Student Loan Scams, Refinance Student Loans: The 7 Best Lenders, In our Splash Financial review, we’ll break down the pros and cons of this relative newcomer to the student loan refinancing industry, Again, Splash Financial grades well here, advertising rates that are competitively priced when compared to other leaders in the industry.

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