Student Loan Refinancing
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How to Pay off Student Loans Fast
Managing Your Student Loan Debt
Parent PLUS Loan Refinancing
Why Parents Should Refinance Student Loans
How to Refinance Parent Student Loans
Parent’s Guide to Student Loans
Get College Loans
How to Pay for College Tuition
Applying for Student Loans Guide
Student Loan Process Checklist
Student Loan Refinance 101
Student Loan Glossary
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Starting out in 2013 and initially focusing on medical school loan refinancing, Splash Financial was created to find a better way to refinance student loans. Their goal was to bring together lenders in a single place where people with student loan debt could explore their services and compare rates to find the most equitable deal.
A year later, they expanded their business strategy to include all types of student loans for anyone with a bachelor’s degree or higher.
Today, Splash Financial has also expanded into personal loans and in-school student loans.
Think of Splash as an online marketplace or a virtual middleman. Their business model is to provide a technology platform where people interested in refinancing their student loans can shop and compare among multiple private lenders. They aren’t a lender themselves.
Initially partnering with Pentagon Federal Credit Union, more commonly known as PenFed, Splash has since expanded their network to also include Laurel Road, and Nelnet, and is looking to grow their lending network even further.
Today, Splash Financial is committed to providing an auxiliary way for interested people to research student loan refinancing, request a quote, and be paired with a lender that should suit their overall goals.
Unique to Splash Financial, once a borrower has been matched with a lender, they can use Splash’s automated underwriting platform to apply for the loan directly through the Splash website.
Yes, with over 100K accounts and refinancing requests of over $6 billion (according to their website), Splash is a well-established company.
In mid-2021, Splash was successful in securing a $40 million Series B funding round that will accelerate further growth as well as their overall financial health. According to Splash Financial’s digital transformation strategy, this round of funding will allow them to meet the expanding demands of consumers for a one-stop shopping experience when refinancing student loans.
Splash Financial’s ‘shop and compare’ marketplace is straightforward although it lacks transparency. When you visit the site, you are given simple instructions about checking what interest you might be eligible for, but no detail about their partner lenders or where your personal information is being submitted.
They simply state that they “partner with banks, credit unions, and other lending partners.”
If you are comfortable with not knowing, then they instruct you to complete a preapplication to be matched to a lender interested in refinancing your student loans based on your financial information and credit profile.
Unlike other online marketplaces, such as Purefy, Credible, or NerdWallet that offer a selection of customized rate and term preapprovals to choose from, Splash pairs you with the best fit from their network of lenders and gives you their current rates, term options, and any special offers.
Once you make a decision, you submit a formal application through Splash Financial.
Find out how much you can save with these top lenders
As part of our Splash Financial Student Loan Refinance Review, we want to look at the positives and negatives associated with Splash Financial. Here is a listing of the pros associated with using the Splash marketplace:
You can also be eligible if you are a graduate with an associate degree in one of the following healthcare-related fields:
Student loan refinancing combines your current loans into a single loan with a new rate and term. See how much you can save by entering your loan information below, or by getting quotes from multiple lenders using Purefy’s rate comparison tool.
Lifetime Interest Savings
New Monthly Payment
Like what you see? Check your actual prequalified rates from the industry’s top lenders in just 2 minutes or less.
There seems to always be a drawback when researching or assessing financial companies. Here are some at Splash Financial to consider:
As we look at this Splash Financial Student Loan Refinance Review, we want to look at the unique features that are offered within their marketplace.
Splash is 100% focused on loans for personal finance. In addition to refinanced student loans, they also offer private student loans for those still in school, medical school refinancing, and personal loans.
Unlike some other marketplaces, like NerdWallet or Credible, they do not offer credit cards, investing tools, mortgages, travel, business financing, or insurance quotes. They have a clear mission related to personal and student-specific loans.
They offer a simple, no-nonsense website that directs you into their quote system with minimal distraction. There the applicant gives straightforward information and is presented with a qualifying quote with a pre-matched lender from their network of three partners.
According to Trustpilot, Splash Financial receives an ‘excellent’ rating of 4.8 out of 5 stars for customer service (based on over 400 reviews). They also receive 5 stars (out of a total of 5) at NerdWallet.
If you have graduated college, you may be faced with many individual federal and private loans, all with different due dates, amounts, and interest rates. One thing is almost certain, added together these loans have an interest rate higher than what is being offered today.
When you are considering refinancing student loans, you want to weigh the options and find the solutions that improve your overall financial picture. Refinancing your student loans allows you to impact the following things:
All lenders have minimum requirements for refinancing student loans. As part of our Splash Financial Student Loan Refinance Review, let’s take a look at their requirements to do business:
If your score is below the minimum, you can apply with a cosigner. If that case, your cosigner will need to meet the credit and income requirements and will be responsible for the debt. Splash’s network partners don’t offer cosigner releases.
Choosing the right time to refinance is a personal choice — one that should weigh the potential benefits of lower interest rates, saving money, and consolidating multiple federal and private loans.
It’s also important to consider your income potential along with your credit profile. If everything is in order or you have a cosigner, then Splash Financial may be a good option for locating a private lender.
The good news about refinancing is there are no fees or charges, and you can refinance as often as there is money to be saved.
If now is not a good time because of credit problems (and you don’t have a cosigner you can ask), there are ways to improve your credit for the future.
A good way to compare financial marketplaces or companies is to submit your information to receive several quotes. When submitting your information to Splash Financial, you will receive their quote(s) from their network participants, but it is also a good idea to research other available options to ensure you are getting the best deal.
For comparison, try other financial quote tools, like Purefy’s, where you can get additional lender quotes that include interest rates for fixed and variable (if available) loans, terms, and any other special options that might be available.
In about two minutes, you can fill out the basic information that will include:
From there, you receive real-time results with pre-qualified rates and terms from industry-leading lenders in a customized report that you can use to compare and find the best option.
Splash Financial offers a customer support number (800-349-3938) that is available Monday through Friday from 9 am to 9 pm (EST), as well as an email.
Another option, Purefy offers a Student Loan Refinance Consultation with one of their student loan advisors to answer questions, evaluate benefits, compare rates, and guide you through the entire application process if needed.
The Purefy student loan advisors are experts at explaining how the refinance process works and can help you breakdown your quote comparison. They are available to schedule a personalized discussion, or you can call them at 202-524-1115.
Splash Financial is a student loan marketplace that offers access to their strong lending partners.
Through their partners, they offer some of the lowest interest rates available and a 0.25% discount for autopay. They also offer an easy-to-use site and an automated underwriting platform where you can apply for a loan once you’ve been pre-qualified.
They do have a downside — their site lacks some of the transparency that’s important in making crucial financial decisions due to inconsistencies in policies from lender to lender. Since you don’t see any detailed information until you have applied for a loan, you lack important decision-making criteria, such as potential interest rates, term options, or overall ratings. If you want to refinance your student loans, Splash Financial could be a great option – but it’s still important to compare with other lenders in order to save the most money.
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