Splash Financial Review 2022 – Top 10 Student Loans Refinancing Services
Splash Financial is a platform for college refinancing loans provided by many authorized unions and banks across the country. You can find options from these lenders by finalizing a request on the Splash Financial homepage. According to the lender and application style, the terms of a Splash Financial loan can be very different. Users who meet the criteria for special Splash benefits can read about them in this review.
You may register for a refinanced student loan on the Splash Financial homepage. Ensure that you are getting the best possible rate for your student loan refinancing by comparing different providers. If you are having trouble keeping up with your loan payments, don’t only look at interest rates but also at the many repayment alternatives lenders provide.
If SplashFinancial denies your refinancing application, you will be told why. You may want to look into alternative lenders or get a cosigner based on the situation. Before filing a refinancing loan, you should be prequalified with several different lenders. This will help you understand which creditors you may be qualified to apply for without altering your credit score.
When it comes to student loan refinancing, Splash Financial is a perfect option, but it's crucial to compare rates from other companies to get a full image of your options.
- Splash Financial promotes low rates as a lender-to-lender community for its med student and important refinancing services. To get an approximation of your interest rate, you may utilize the system's "Check My Rate" option. Additionally, the company's refinancing plan has the following advantages;
- Affordability of Monthly Payments for Users of Dental and Medical Facilities
- Only recent medical and dental school graduates enrolled in a residency or fellowship program may apply for the medical resident refinancing program. It's supposed to make it easier for young physicians to pay off their medical school loans before their wages increase.
- As long as your credit balance time doesn't exceed 20 years, the company says you may reduce your monthly bill to as low as $100 for each year of your stay or fellowship, plus a more six-month timeframe. The longer you take to pay off your debt, the more interest you'll incur in the long run, even if you make a modest monthly payment.
- Consolidation Loa
- Even if you love what you have read so far, refinancing with the service provider may not be the best option for your repayment. You may want to seek elsewhere if this loan's qualifying requirements and lack of repayment safety don't suit your needs. To be sure, continue reading.
- A Stringent Set of Qualifying Criteria.
- To refinance your student loans with the service provider, you must have a credit rating of at least 650. However, this can be waived with an eligible cosigner. A cosigner can help you get a cheaper interest charge even if you pass on your own. Splash loan will determine the limits of your loan depending on which of your credit reports is the best overall.
- The company's refinancing is also available only to citizens and legal permanent residents of the United States. You must be a university graduate with a bachelor's or vocational level. However, some associate's degree holders may qualify. Although you may not fall into one of the categories listed above, there is a ch
Although SplashFinancial was established in 2013 in Cleveland, Ohio, this digital lending system for students has already had a big impact on the student loan industry. The service provider boasts of having more than 100,000 active profiles, more than $6 billion in applications for student debt refinancing, and it just started providing private student loans. To give you the best rates possible, it collaborates with banks, credit unions, and other lenders rather than creating its credit.
For users who wish to save time by evaluating lenders or who have perfect credit (or a cosigner with strong credit), Splash Financial is the best option. Using the company, you may file a single application and have qualified lenders contact you. With the help of its financing partners, the company may provide variable and fixed interest rate refinancing loans. Student loans may be divided into two broad categories: those for undergraduates and those for those pursuing a career in medicine.
To qualify for student credit refinancing with SplashFinancial, a student must hold a bachelor’s or master’s degree. Refinancing your debts as a couple is possible, or one partner may take on the other’s debt. Parents who borrowed money for their children’s education are also qualified for refinancing, and their children don’t need to have completed college.
Private and general student credit refinancing and medical school loan refinancing are services provided by Splash loans. The service provider is good because of the affordable student credit interest prices, which may aid qualifying students in saving money on interest, paying off their loans more quickly, or both.
Additionally, they give their refinancing solutions without any starting or refinancing costs. This means you may switch to a more reasonable credit solution and pay it off anytime you want to save even more money.
Plans and Pricing
If you don’t have a cosigner, your fixed-rate might be as low as 2.59 percent (without autopay) or as high as 8.44 percent (without autopay). Depending on the APR and time of your loan, you may or may not be able to choose. There is no assurance that prices won’t change at any time. Depending on the state, not all rates and quantities are accessible.
The lowest rate is not available to everyone who applies. The lowest interest rates are reserved for those with the best credit. If you have a bad credit score, you may be charged a higher interest rate than a good one. A rise in the cost of your fixed-rate loan may be caused by missed payment deadlines or additional penalties and fees. Repaying a debt early does not incur any fees or fines.
Variable-rate choices vary from 1.74 percent (with autopay) to 11.05 percent (without autopay). The lowest pricing choice is displayed with a 0.25 percent autopay discount. The adjustable-rate depends on a Variable rate index.
Frequently Asked Questions
How Does the Company Operate?
You may use SplashFinancial to get quotations from different lenders for student credit refinancing, but it is not a lender or loan servicer. These estimates, which include APRs and other financing options, are from the provider’s business partners. Your loan will be issued by a third-party provider, such as a bank or credit union, and probably handled by another company once you complete the registration process with SplashFinancial.
Is SplashFinancial the Main Provider of College Loans?
Since its inception in 2013, the company has focused on refinancing government and private student loan debt and providing consumers with options for new student loans. Inputting your intended or present school’s name into the provider’s website will provide you with a list of contractual partnerships that provide private student credit in your situation. As of February 2022, the platform is only a conduit between you and the lender, giving very little data concerning its college credit product.
Will I be eligible for Government Assistance if I use Splash to Refinance?
No, you will not be dependent on government benefits like income-driven repayment programs, Public Service Loan Forgiveness (PSLF), or federal postponement and deferral.
Can I Apply if I Have Not Graduated?
Not at all. You must have at least an associate’s degree or be in the last semester of your course from a Title IV college to apply. Many colleges and universities are in this category.
Who is Eligible for this Loan?
Borrowers with reputable credit will likely get approved for Splash Financial loans since their rates and conditions are better. Similarly, the company is a fantastic option if you have a large part of student loan debt to refinance.
Is it Worth Get Funding from the company?
To decrease your monthly bill or minimize your interest charges, the company’s refinancing may provide an attractive alternative to paying off your medical school debt. Despite this, it is crucial to remember that comparing lenders will help you get the best deal. With its good qualities, such as spousal or parental merging loans, Splash student debt refinancing might appeal to you, but its absence of repayment security may turn you off.
How Can I Contact the Customer Care Department?
With the advancement in technology, the company has given its users different ways to get in touch in case of a problem. You can interact with customer care at firstname.lastname@example.org or email@example.com for general details. Similarly, you can call them directly using the official contact 800-349-3938. They are always available from Monday to Friday, 9 a.m. to 9 p.m. EST.
Do I Have to Pay Anything?
There are no initiation or prepayment fines, according to SplashFinancial. However, most lenders levy late fees and costs for returned unpaid checks. Make sure to verify with your loan servicer to determine if and how these costs are computed.
How Safe Is the Company?
How Can I Apply for a Loan?
Visit the SplashFinancial webpage and choose the “check my rate” section to begin the prequalification process. You will be asked for more details such as your email, name, home address, date of birth, citizenship status, education level, earnings, and the needed loan amount.
You will now be given a selection of loan options and interest rates you may choose from. A full loan request may be completed, which will result in a hard inquiry on your credit report if you decide to go further. To complete your request, you may provide the following details;
- You’ll need your W-2 forms or your tax return to prove your earnings.
- A valid photo ID.
- If you are going to refinance, you’ll need to provide each of your available loan servicers with a payoff confirmation document.
- It is necessary to provide evidence of your graduation or transcripts to get a refinance.
Splash Financial’s web interface enables you to upload these papers immediately.
Does Using Splash to Apply for a Loan Affect my Credit Score?
Since the company only does a soft credit pull when verifying your prequalified quotes, it will not affect your credit rating. A hard credit search will be done when you apply for the entire credit amount, which is expected to have a short-term negative impact on your credit score.
Is SplashFinancial a Reputable Company?
Although Splash is a very new firm, it has worked with many major financial institutions, and none of its partners levy discards fees.
Which Financial Institutions Have Teamed Up with Splash as a Strategic Partner?
Splash is now working with PenFed, Laurel Road, and Nelnet but is trying to expand its lending network.
Is the Company Right for You?
Yes. Splash loans are mostly committed to student credit refinancing, and they have been doing so for years compared to many of their rivals. Refinancing your law school debt is manageable because of the company’s strong connection with financial partners. This benefit is that you may get more details regarding various student credit refinancing options without contacting each institution.
Similarly, Splash’s licensed credit union and bank lending partners give advisors to everyone who applies for a loan from one of these institutions. Borrowers may get help from the customer service team.