Here is a review of Splash Financial student loan refinance, a lender that offers low-interest rates and low monthly payments on student loans. If you have improved your credit score after taking out student loans, Splash Financial may be a better option for you.
Click here to read about the latest Splash Financial student loan refinance review (updated)!
Cleveland-based Splash Financial began offering loans to medical residents and fellows in mid-2017. It’s a must-check if you’re an MD or DO in training. If you’re looking for a low rate from a major credit union, it’s also a contender.
Credit unions are tax-exempt and have a low cost of capital (customer deposits). Thus, Splash may be able to offer some of the best rates in the industry. To learn more, read our full Splash Financial review.
How to apply for Splash Financial student loan refinancing
The company accepts applications from both U.S. citizens and permanent residents. With Splash, you can check your prequalified rate with a soft credit check, just like other student loan refinance companies. Your credit score won’t be affected, and it takes only a couple of minutes.
You can proceed to the next stage of the process if you like what you see in your rate quote. Please upload a few key documents, such as:
- Driver’s license or photo ID
- Proof of degree (like transcripts or diploma)
- Proof of income (tax returns or pay stubs)
- Payoff statements for existing loans
To apply for a loan from a credit union, you’ll need to become a member before you can get a quote. You should also know that submitting the full loan application will result in a hard credit pull.
Within a few business days of submitting your application, you’ll hear back from us. After you accept the loan, Splash should pay off your existing loans within two weeks, and you will owe them directly.
Depending on the lender you apply with, you will see different repayment terms, interest rates, benefits, and other terms on the Splash website.
Also Read: Latest ISL Student Loan Refinance Review 2024
Who’s eligible to refinance student loans with Splash Financial?
Student loans can be refinanced with Splash Financial, but cosigners aren’t accepted.
Splash Financial focuses on the credentials of each applicant rather than the credentials of a cosigner in order to increase your chances of approval or secure a better rate.
The following are the basic eligibility requirements:
Citizenship : U.S. citizen or permanent resident
State of residence : Applicants from all 50 states may apply (but certain partner lenders aren’t available in all 50 states)
Graduation status : Borrowers must have a degree (associate degree at minimum)
Minimum credit score : 640 (TransUnion and FICO Score 9, which includes medical debt and rent payments and disregards paid collections)
Minimum income : $30,000
How do you repay Splash Financial refinanced student loans?
Repaying a student loan refinance from a Splash Financial partner depends on your prequalification. Refinanced student loans do not all have the same terms. In addition to creditworthiness and income, they are determined by the individual borrower.
When does repayment begin?
A refinanced loan from one of Splash Financial’s partners begins after the lender disburses it. Refinancing your loan with a different lender may have different terms.
Borrowers cannot choose when repayment begins, but they can choose the repayment term. You can choose from five to 25 years depending on the lenders you match with.
How long does repayment last?
The length of repayment depends on the term you choose when refinancing. Using Splash Financial’s partners, you can choose a term that suits your financial situation.
If you pay off the loan early without penalty, you will save on interest costs. Generally, the longer your term, the lower your monthly payments, but the higher your overall cost.
Also Read: Best Companies To Refinance Medical School Loans!
Splash Financial Loan Refinancing Options
- Federal student loans
- Private student loans
- Private parent loans
- Federal Parent PLUS loans (in parent’s name only)
Fixed Rate : 4.96% to 10.24%,
Variable Rate : 5.72% and 10.24%,
Loan Term : 5, 7, 8, 10, 12, 15, 20 or 25 years
FAQs
FAQs for Splash Financial refinancing
- Do you have to open a credit union account to refinance with Splash?
You must become a member of the lending partners you qualify for before you can take out a loan.
- Does Splash allow cosigners?
No. Splash previously offered the ability to add a cosigner to an application but discontinued that option in 2022.
Conclusion
Splash Financial student loan refinance is the best option for married couples looking to refinance their student loans together. Additionally, Splash Financial offers borrowers access to a marketplace of student loan refinancing options.
Splash Financial is a great option if you are limited on time and want to refinance your student loans. Furthermore, those looking to refinance medical school loans at a lower rate should consider the Splash Financial student loan. Nevertheless, it is a good idea to make sure that the refinance lender is a good match for your refinance requirements.
