Splash Financial offers two main student loan products: private student loans and student loan debt refinancing. The company works with several partner lenders who originate the loans, enabling Splash Financial to offer the lowest rates for each service. Their services are best for those who want quotes from multiple lenders without the hassle of contacting several companies.
Splash Financial Student Loan Review
Updated: September 4, 2023
Advertising & Editorial Disclosure
At a Glance: Splash Financial Student Loans
- Splash Financial
- 1.99%–8.27%Fixed APR Range
- 1.74%–8.27%Variable APR Range
- Starts at $5,000Loan Amounts
- VariesGrace Period
- AllowedCo-signer
Splash Financial is a student loan marketplace launched in 2013 that aims to help consumers reduce high-interest student loan debt. Since its inception, the company has had over $6 billion in refinancing requests and 100,000 accounts created.
Splash Financial’s services are mainly for school-related debt, but they also offer personal loans. Their main offers include refinancing loans for student debt and providing private student loans for those who are just starting. Splash Financial also offers a special refinancing product for those who are in medical school and are an intern, resident, fellow, or similar postgraduate trainee.
Loans from Splash Financial are originated by their network of lenders, which means loan details can vary depending on the partner lender. However, there are no origination fees or application fees, which can help consumers save money.
Pros
- Low APR rates due to their network of lenders
- Quick and easy application process
- Multiple rate and lender options after just one application submission
- No application or prepayment penalty fees
- Prequalifying or reviewing rates does not affect your credit score
Cons
- Loan offers and features depend on your lender
- Loan eligibility depends on the lender and is mostly limited to U.S. citizens
- Co-signers are only available for U.S. citizens
- Minimum loan amount starts at $5,000
- Credit union membership may be required depending on your lender
- Fixed APR Range: 1.99%–8.27% (may vary depending on the lender)
- Variable APR Range: 1.74%–8.27% (may vary depending on the lender)
- Loan Amounts: Starts at $5,000, maximum depends on the lender
- Grace Period: Varies depending on the lender
- Co-signer: Allowed, but both parties must be U.S. citizens
MoneyGeek Breakdown: Splash Financial Student Loan Details
Splash Financial Details
Fixed APR |
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Variable APR |
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Loan Types | Private student loans, student loan refinancing |
Loan Amounts | Minimum of $5,000, maximum varies depending on the lender |
Repayment Terms | Varies depending on the lender |
Grace Period | Varies depending on the lender |
Co-signer Required | Optional |
Time to Receive Funds | 24 hours to two weeks |
Late Fees | Varies depending on the lender |
Prepayment Penalty Fees | None |
Perks |
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Mobile Application | None |
Splash Financial Student Loan Application Requirements
1
Borrowers must be U.S. citizens.
2
Borrowers must meet the underwriting requirements of their desired lender.
3
Borrower’s co-signers, if needed, must be U.S. citizens.
4
Borrowers must become credit union members for loans where a credit union is the lender.
5
Borrowers must be a graduate of a four-year degree program from a Title IV accredited institution or a professional with an associate degree to be eligible for refinancing loans.
6
Borrowers who are parents are eligible to refinance as long as their child earned their degree.
Is Splash Financial Right for You?
Not all student loans are the same. Even if you encounter the same annual percentage rate (APR) between lenders, you may be offered different payment terms or have different requirements, which are just as important. Your needs and circumstances will dictate the variety of factors that have to be considered when choosing a lender.
Type of Student Splash Financial Is Perfect For
Splash Financial’s main products revolve around student loans, making it the ideal company for individuals who have a lot of student debt or are about to pursue higher education. The company’s services are also great for borrowers who have good or excellent credit scores, as they can benefit from Splash Financial’s partnerships with lenders and find the best rates and terms.
Regardless of credit score or circumstance, Splash Financial’s services are also great for any private student or personal loan borrower who wants to save time on finding the best rates and get quotes from multiple lenders instantly.
While this may sound like you, it’s important to still consider other offers. Before getting a Splash Financial student loan, review options from other providers outside of their network to find an offer that suits you best.
Who Should Not Choose Splash Financial
Most of Splash Financial’s lending partners require that borrowers be U.S. citizens or permanent residents, which makes them not ideal for international students or non-U.S. citizens seeking a private student loan. Even though some of their lenders may accept certain visa holders, the options may be few and far between.
Splash Financial may also not be the best option for those looking for special benefits, such as deferment or forbearance, as the offers can vary based on your eligibility. It may be better to approach a certain institution that includes these benefits automatically instead.
How to Apply for a Splash Financial Student Loan
Applying for a loan from Splash Financial is as easy as visiting their website and filling in their form. Review the steps below to know how to get started.
1
Prequalify
Visit the Splash Financial online portal and click on “Check My Rate.” From there, simply fill in the details, which will include your contact information, income and more.
2
Select a Lender
After filling out your form, you will be presented with a range of loan options and rates that you qualify for. Choose the best one for you based on your needs.
3
Fill Out Application Form
If you’ve selected a lender, you can hit “Apply” from their selection. From there, you’ll receive an application form to fill out and will need to submit several verification documents.
4
Wait for Approval
After submitting your application, wait for the lender’s approval. The lender will review your application and will pull a hard credit check to determine your eligibility.
5
Review Loan Agreement
If you’ve been approved, review your loan agreement. Take a look at all the fees involved, the payment terms and any other benefits your lender may have offered.
6
Sign Loan Agreement
If you are happy with the agreement, sign it and forward it back to Splash Financial.
7
Receive or Direct Funds
Loans can take anywhere between 24 hours and two weeks to receive funds, depending on your lender.
8
Make Payments
Keep your due dates and minimum payments in mind and repay your loan over time.
What to Do if You Are Rejected From Splash Financial
Getting rejected for a loan is nothing to be alarmed about. Many factors can lead to loans being rejected, including a low credit score, not enough income and a lack of credit history, among others.
If you are rejected by the lenders from Splash Financial, you can reach out and ask why you were rejected. In addition, you'll want to determine your current financial situation, investigate your credit reports and correct any errors you find. The next time you apply for a loan, you will have better chances of getting approved.
If you are still a student, you can consider talking to your school’s financial aid office to ask for assistance or additional resources. Otherwise, you can also consider getting a co-signer if you are eligible.
If you are no longer a student, aim to create a long-term strategy to avoid rejection again. This can include improving your credit score and reducing or eliminating other forms of debt.
Frequently Asked Questions About Student Loans
If you still aren’t sure about whether you should get a Splash Financial student loan, review the frequently asked questions below.
What can I use a Splash Financial student loan for?
Splash Financial’s student loans are meant to pay for the cost of post-secondary education. This can include tuition fees, living expenses and supplies. Their refinancing loan can also be used to pay off or consolidate any current student debt borrowers may have.
What credit score do I need for a Splash Financial student loan?
As Splash Financial offers multiple rates from different lenders, the minimum credit score required for a loan can vary based on the lender.
How long does Splash Financial take to approve a student loan?
The approval time for a loan depends on the lender you’ve selected from Splash Financial. Note that Splash Financial does not guarantee approval — it is solely up to the lender.
Does Splash Financial have a mobile app?
As of this writing, Splash Financial does not have a mobile app. However, borrowers can manage their accounts through the company’s website.
What is the maximum amount I can borrow from Splash Financial?
Since Splash Financial works with several lenders and the funds originate from those lenders, the maximum amount will depend on the specific lender. Splash Financial does not disclose any maximum amount on its website.
Will applying for a Splash Financial student loan affect my credit score?
Applying for a loan and adding debt to your record will indeed affect your score. However, the impact may not be significant. What will really impact your credit score is how you manage that loan, such as if you pay on time and meet the minimum required payments.
Does Splash Financial accept co-signers on student loans?
Yes, most lenders with Splash Financial accept co-signers. However, both the applicant and the co-signer must be U.S. citizens.
Can I use Splash Financial student loans at my college?
Yes, loans from Splash Financial’s network of lenders can be used for any school-related purpose.
sources
- Splash Financial. "Disclaimers." Accessed April 22, 2022.
- Splash Financial. "Eligibility." Accessed March 24, 2022.
- Splash Financial. "In-School Student Loans." Accessed March 24, 2022.
- Splash Financial. "Our Mission." Accessed March 24, 2022.
- Splash Financial. "Refinance Medical School Loans." Accessed March 24, 2022.
- Splash Financial. "Refinance Student Loan." Accessed March 24, 2022.
- Splash Financial. "Refinance with a Cosigner FAQ." Accessed March 24, 2022.
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Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings for our coverage of credit card products. MoneyGeek and CardRatings may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.