Meet Splash Financial
At the refinancing market of the student loan, Splash Financial is a medium -sized lender that often has some of the best addressed rates. The disadvantage is that they tend to be a bit more picky than other lenders.
Splash Financial first entered the refinancing activities of the student loan as a lender who focused exclusively on young doctors in their residence or a fellowship. As Splash grew, the refinancing expanded to all graduates. Unfortunately, Splash may not be the best choice for all borrowers from study loans.
Splash Financial Basic Conditions
Splash offers refinancing with a fixed interest and variable speed loan. Borrowers who want to refinance with Splash can borrow at least $ 5,000, and there is no maximum. Like other legitimate lenders, there are no prepayment or loan strengths with Splash Financial.
As shown in the table below, borrowers have a wide range of repayment lengths available. This represents a slight deviation from the more typical industrial stand of the repayment periods of 5, 7, 10, 15 and 20 years.
| Splash Financial Overview | |
|---|---|
| Interest rates | 3.94%* – 9.99% |
| Conditions | 5 – 20 years old |
| Minimum credit score | 650 |
| Minimal income | $ 34,000 |
| New bonus | Up to $ 500 |
* The lowest listed rate includes an autopay discount of 0.25%. See full Splash public making for more information.
Splash interest rates
The refinancing figures with Splash are among the best in the industry.
Because Splash works with different credit associations, they can offer a wide range of lengths and conditions of loans. This flexibility can occasionally create a number of strange results. Splash can, for example, offer lower rates for their 8-year loan than what they offer for a 7-year loan. For this reason, borrowers must take a good look at the rates offered in loan types with Splash. Do not assume that a longer loan has a higher interest rate.
In the past year, the Splash interest rates are consistently among the best in the market. Here too, Splash works well for borrowers with multiple credit associations. Lenders with more limited financial resources can increase the rates if the single bank with which they collaborate has a shortage of available funds. Splash can remain low because they can tap different credit associations.
Splash -benefits – where Splash excels out
An aspect of Splash Financial that we especially liked in our assessment of the company was how they responded to criticism in their first refinancing product. Splash accused loan achievements and received just criticism. SPLASH responded to complaints from consumers and eliminated all loan costs. No lender get everything well, and it is a very good sign when a lender accepts responsibility for an assessment error and makes things better.
Although Splash now serves a wider audience, the specialty of Splash still refinancs for doctors. They even offer special rates for doctors who are still in training.
A final advantage for Splash is that they offer new customers a maximum bonus of $ 500 for registering. This is one of the largest bonuses currently on the market, but it is only available for those who refinance at least $ 50,000 in student debt. We think the bonus is fun, but in the long term the speed will be the number that makes a difference in the Bottom Line of a consumer.
Splash -thermal – Some red flags to assess
The two main disadvantages with Splash apply to almost all refinancing companies of the student loan.
Firstly, Splash offers financial consolidation and refinancing of federal student loans. For some borrowers this movement makes sense, but for others it can be a mistake. When borrowers refinance federal loans, they provide benefits such as Income -driven reimbursement plans and forgiveness programs such as forgiveness of public services. For some, the lower interest rates justify giving up federal protection. For others it is a big mistake. Federal borrowers must carefully take their options into account before they refinance loans with a private provider.
The second song to emphasize is the Splash Cosigner Release program. Splash advertised that a Cosigner could be released after a year of timely payments from the loan. All CO signers must understand that they are committed to the loan for the lifetime of the loan and that a release of the Cosigner is far from certainty. Securing a release requires a re -evaluation of the credit of the borrower, and there is a minimal incentive for every lender to grant this release.
Finally, we also note that Splash is a very young company. In some cases this can mean an excellent opportunity for consumers, and in others it can be the cause of a headache. That said, Splash works with various established credit associations, and the feedback we have received so far has been especially positive.
View the last thoughts
Splash can be somewhat new in the refinancing of student loans. However, their refinancing product is the real deal. At the moment, Splash probably has the best range of interest rates of every lender on the market.
As a result of the excellent rates and positive reviews of Sherpa readers of student loans, Splash Financial has been increased to the first place in our ranking of the refinancing providers of the student loan. Borrowers who want to record lower interest rates in the student loan would be wise to check their rates with Splash to see how they take on other lenders.
Other lenders to consider:
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Elfi is a traditional bank with an important focus on quality customer service. Being approved is difficult for some borrowers, but those who are approved receive excellent interest rates. Read more … |
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Sofi is the biggest name in the refinancing space of the student loan. They consistently offer excellent rates with high approval numbers. Read more … |
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Real attempts to look at the big whole for borrowers. The application requires some more information, but it does not take long to complete and can lead to approval in which other lenders could reject. Read more … |
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Lendkey works together with smaller banks and credit associations throughout the country. This approach results in higher approval numbers and competitive loan conditions. |