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On TrustPilot, Splash Financial has a 4.6 (out of 5) TrustScore with more than 123 customer reviews. 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. , and even up to 90 days following the completion of their residency. Splash Financial Promotion. You’ll need to become a PenFed member to qualify. I personally know and respect both those guys and both of their sites are fantastic resources for students. Thank you for being a Splash Financial customer. Additionally, you used to have to use a different email address to get an updated rate and that has been fixed, thank goodness! Learn more about Splash Financial, Inc. and its products by browsing the services it offers. Keep up the great work. Splash Financial is a reputable company serving graduates across the country. Yes. But before we begin our Splash Financial review, here is how you can save $500 on a Splash Financial student loan refinance. Splash Financial review: The basics. It’s good to see Splash Financial following the lead of the “good guys” in the space and choosing to treat their customers right. But that’s a decision that I want you to make with a full understanding of the benefits that you would be forgoing. Splash Financial Overview. competitive interest rates and helpful customer service. They followed up with me to let me know exactly what was happening and what to expect. 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. Refinancing with Splash was quick and easy, and their rates were better than Earnest and SoFi. And it can cause them to fall behind on their payments or to default on their loans altogether. The company also earns 4.4 out of 5 stars on Trust Pilot based on 62 reviews. I was even secured for a lower rate than I originally applied for. 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. 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. For many medical student loan borrowers, though, quick repayment shouldn’t be a problem due to their increased income. You can also read our community reviews and hear what others have to say about their experience with Splash Financial, Inc.. Any questions I had were promptly answered and I never waited on hold when I called the help line. 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. I would recommend this company to anyone looking to refinance. Thanks for making the process really easy. They're backed by both banks and credit unions, letting them give you the very best rates possible. Splash Financial does not charge application fees, origination fees, or pre-payment penalties on any of the loans it connects you with. However, it’s worth noting that as of October 2019, it had four stars out of five from TrustPilot.com, based on five reviews. Very competitive rate. As mentioned before, Splash Financial offers its general student loan refinancing through their partnership with PenFed. As we’ll see, doctors and physicians in residency or fellowship can dramatically lower their payments with Splash Financial. Thanks for visiting! The process was very simple and straight forward. 10 Steps I Took to Become a Full-Time Freelance Writer. You are a married couple that would like to refinance your student loans together. 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. They also have no prepayment fee. 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. Splash Financial was also named the 2019 Best New Student Loan Refinance Company by FitBux. Splash Financial itself is not a lender, but a lending marketplace that connects people with student loans to prospective refinancing lenders. Again, Splash Financial grades well here, advertising rates that are competitively priced when compared to other leaders in the industry. Splash was the loan provider I decided to go with based on the best rates received as compared to other providers. Do you agree with Splash Financial’s star rating? 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. Also, do keep in mind that interest rates are always changing. 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). If you are looking to refinance your student debt, it is a viable option to consider. Splash Financial, Inc. was founded in 2012 and is based in Clevelend, OH. Expert review. The refinancing process was fast and straightforward and they were clear with explaining the details behind their credit union partnership. As we’ll see, doctors and physicians in residency or fellowship can dramatically lower their payments with Splash Financial. With only one student loan, the couple doesn’t have to choose whose student loan to pay off first. Why would I do that? In our Splash Financial review, we’ll break down the pros and cons of this relative newcomer to the student loan refinancing industry. Companies like this should not be allowed in the space. This could save couples a lot of money in interest. She made my process so much smoother and made sure all my questions were answered! Customer service is also a delight. Clean interface, simple directions, and the rate & amount for the student loan is displayed on the right, that was helpful too. 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! Until then, here are two places you can get $500 back on refinances of $50,000 or more. I highly recommend that you compare Splash’s rates with other student loan lenders by using Credible. Once you’ve finished your residency (and your 90-day grace period ends), you’ll have ten years to pay off the loans. NOTE: The application links found throughout the remainder of this Splash Financial Review will be mine. 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. Has anyone had experience with them? In our Splash Financial review, learn why they could be a good choice for medical professionals in residency and married couples. 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 loans are funded by banks and credit unions to ensure market leading rates. That's what I do every day. 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. They answered all of my questions and concerns and the rate they quoted was extremely accurate! Second, if any of the loans are federal, consolidating will cause them to lose their federal benefits. Their team is knowledgeable and helpful! Ryan Lane December 2, 2020 Applicants who have medical debt but who do not meet the residency requirement will be redirected to Splash’s general student loan refinancing product. The lowest rate they found me was 3.72% laughable. Easy application, good website, good follow up with issues and very fast approval process. . Start saving today with a refreshing take on student loan refinancing. But they reassure customers that it’s simple and can be done after you’ve been pre-approved. I don’t have this sweet of a deal set up with Splash Financial set up as of yet. Warning: this not an area where Splash Financial shines. But as we continue our Splash Financial review, let’s get into some of their distinctive features. 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. 6 Questions to Ask Before Refinancing Your Student Loans, The Complete Guide to Getting Out of Student Loan Debt. Splash Financial is the newest student loan refinancing agency on the market today. They’re backed by both banks and credit unions, letting them give you the very best rates possible. 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. Here’s why: As we’ll discuss later in our Splash Financial review, they not service their own loans. This company is basically falsely advertising. 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 our Splash Financial review, we'll break down the pros and cons of this relative newcomer to the student loan refinancing industry. I currently have 3.2% interest loan to repay student debt. We decided to go through splash financial who had the same rates as laurel road but a better cash bonus return. Splash Financial is a relatively new company, so there’s no firm consensus from customers about its products and services. Each borrower is even assigned their own dedicated banker. 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. 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%. 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… With only 31 reviews on Trustpilot, this company has a 4.5 out of 5-star average rating. Splash has a solid reputation among student loan refinance companies. My prior lender seemed more streamline.Either way, I am happy with the end result. If you’d like more specifics on Splash Financial’s product offerings, check out their disclaimers page or their FAQ page. The whole process was easily done online. 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. This allows borrowers to shop for multiple options without filling out multiple applications with separate companies. Get started referring here. Refinancing: How to Choose, Coronavirus Student Loan Stimulus: What You Need to Know, Trump’s Student Loan Interest Waiver: What You Need to Know. The company not only provides refinance loan quotes in as little as three minutes online, but also offers interest rates that are very competitive. 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. It recently announced a $350 million annual loan financing deal and have excellent rates. Very easy to contact via phone for questions and additional information. 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! The two major disadvantages with Splash apply to nearly all student loan refinancing companies. As of September 9, 2019, they were advertising. Refinance your student loans with Splash Financial, the industry leading platform that connects you with lower interest rates. I am an ideal creditor, low debt:income, high earner, high credit score. Splash Financial is a company that refinances student loans. For some borrowers, this move makes sense, but for others, it can be a mistake. I love writing about everything personal finance. 6,138 3 minutes read. 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. You must be currently in a residency or have graduated from a residency. 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). 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). Overall the experience was positive! If either of those descriptions fit your situation, then I recommend that you. This is where Splash comes in. They are ideal for those that have a good credit score but also have a high debt-to-income ratio. Splash Financial Review: Student Loan Refinancing Splash Financial is a marketplace that offers refinance loans from PenFed, Nelnet Bank and Laurel Road. 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. And since you can easily get a quote online in a few minutes, there’s no harm in checking out their offer. It is our mission to help our customers save money and enjoy hearing when we were able to do that for them. Loan Terms: Splash Financial is very flexible with their loan terms. Variable rates start at 2.43% and fixed rates begin at 3.48%. With Splash Financial, you can consolidate and refinance your federal and private student loans. Credible is like the Kayak of student loans. Stephanie Colestock. 5 Splash Financial reviews. The application was easy and the decision was fast. 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. I have to admit that this caused me to have concerns about the quality of customer service that they would provide. The company conducted its own survey and boasts a 95% satisfaction rate. I reviewed four different lenders to refinance my student loans and they had the best rate and more term options than anyone else. The company offers decent rates, and amazing terms. Money Done Right does not accept sponsorships to promote particular products or services. Splash Financial has 35 reviews with an overall consumer score of 4.3 out of 5.0. Reviews of Splash Financial. Splash was the loan provider I decided to go with based on the best rates received as compared to other providers. Get my FREE eBook that shares the strategies I use to land high-paying freelance writing clients. Click here to apply for a Splash Financial loan and potentially save $300. Thank you! Nerdwallet named them 2019 Best Student Loan Refinancing for Customer Service. Splash Financial allows medical graduates who are working in residency to make as little as $1 payments for up to 84 months. In summary, Splash Financial grades from average to above average in almost every important student loan refinance category. Well, first of all, if you were looking for a 20-year repayment period, Splash isn’t going to be the place for you. However, if you were looking to get a 7-year or 10-year loan, Splash could actually be more attractive than other lenders. Instead, all loans are serviced by their partner, Pentagon Federal Credit Union (PenFed). Are there downsides to refinancing your student loans together? Splash Financial Student Loan Refinancing Details and Interest Rates. It’s important to note that only those with the highest credit will be able to qualify for these advertised rates. Your email address will not be published. This is one of the reasons that they were listed in our Best Lenders to Refinance Student Loans guide. But to do that you’re going to have use someone else’s link. First, Splash Financial offers consolidation and refinancing of federal student loans. Splash Financial reviews and Splashfinancial.com customer ratings for December 2020. 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? 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. 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. Both federal and private student loans can be refinanced through Splash Financial, and you can get a rate in less than three minutes. I am going to be saving a significant amount of money and time paying off my student loans thanks to Splash financial! I hate that these companies are allowed to advertise falsely low rates that basically no one can actually get. Was approved the next day with a great rate! If you have over $30,000 of student loans to refinance, our link below can save you $300. Loan was approved very quickly. Waiving these fees has become somewhat standard among the top student loan refinancers, but many lenders still charge them to their customers. You are a medical professional who is currently in or has graduated from a residency or fellowship. Splash Financial, Inc. Review. Because it’s simply what’s in your best interest as my reader. Hi, I'm Clint! This was relatively painless and I got a great rate. You will get a better rate! Yes, that’s right I’m actually encouraging you to not use my affiliate link. For many medical student loan borrowers, though, quick repayment shouldn’t be a problem due to their increased income. Why would this be a good idea? 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. The company was named 2019 Best Loan Refinancing for Customer Service by NerdWallet, where it received a 5-star review. 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. 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: Student Loan Refinancing People looking for student loan refinancing options might want to consider a newer company―Splash Financial. Thankfully, Splash Financial does not charge any application or origination fees. They’ve been formally endorsed by financial expert Dave Ramsey and are Top Rated by Student Loan Hero. This is where Splash comes in. They have to start paying back their “doctor-sized” loans immediately after graduation. In our Splash Financial student loan refinance review, we provide an overview of the company, pros, and cons. 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. Founded in 2013, Splash Financial is a student loan refinance aggregator that operates in all 50 states. The lender awards a new interest rate based on your credit, among other factors. Your email address will not be published. Jason Vitug Follow on Twitter January 25, 2020. Splash Financial is a company that refinances student loans. Check out what 123 people have written so far, and share your own experience. We are pleased to hear that you found our process simple. For most scenarios, expect your interest rate offer to be a bit higher than those eye-popping percentages. and have one payment to make each month instead of having to keep track of several different loans and their payment schedules. You, ultimately, may decide that the lower monthly payments would outweigh the loss of the federal student loan benefits. I applied to credible and commonbond right after they offered me 3% flat all 5 year terms. There’s no cost to get a customized interest rate, it only takes a few minutes, and the process is … 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. Splash Financial Review 2020 Student Loans. than the other, Splash can base the interest rate of the consolidated loan on the higher score. 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