Splash Financial Student Loan Refinance Review

Our Rating: A- ⓘ (Compare)

Splash Financial, Inc. is a loan refinancing platform specializing in educational financing for medical and health professionals. Launched in 2013, Splash Financial is well established among online marketplaces. Splash is an affiliate of LendULink, LLC and claims over 100,000 accounts.

*Lowest rates may include a 0.25% interest reduction for enrolling in auto-pay.

Skip to: Rates & Fees | Eligibility Requirements | Repayment Options | Consumer Reviews & Complaints | FAQ

Splash Financial Refinance Rates & Fees

Splash Financial offers student loan and medical school refinancing at fixed or variable interest rates. Medical and dental residents may refinance at a fixed rate between 6.39% and 9.84% or a variable rate between 6.39% and 9.86%.

The lowest rates may include the 0.25% interest reduction for enrolling in auto-pay.

Additional information about Splash Financial refinance rates:

• Checking your rate with Splash Financial will not affect your credit score. They will conduct a soft, not hard, credit inquiry (learn the difference).
• Some refinance lenders on the Splash Financial marketplace offer a discount for setting up auto-pay, typically a 0.25% interest rate reduction.
• Variable rates are based on the 30-day SOFR (5.35% as of this writing).
• Variable rates are capped at 16.00% (or as low as 9.00% depending on the loan’s term).

Splash refinance rates recent history:

In 2023, Splash Financial’s lowest fixed rate increased 24.3% (from 3.99% APR) and its highest fixed rate went up 20.0% (from 8.74% APR). The lowest available starting variable rate increased 119.6% (from 2.50% APR) while the highest variable rate rose 17.9% (from 9.90% APR).

In 2022, Splash Financial’s lowest and highest fixed rates increased 73.5% and 39.8%, respectively; the lowest and highest starting variable rates increased 43.1% and 44.7%.

Student Loan Refinancing Calculator

Based on advertised rates, use the calculator below to determine what your new monthly payment and potential savings may be if you refinance with Splash Financial.

Additional Fees

Beyond interest rates, there are a number of fees a refinance lender may charge up-front or during the loan servicing period. Below is a list of these fees that Splash Financial does or does not charge.

1. Application fee – fee to apply for rates & approval.
2. Loan origination fee – fee to create the new loan.
3. Disbursement fee – fee for distributing funds to lenders to pay off loans that have been refinanced.
4. Prepayment penalty – fee for making extra payments to reduce a refinance loan balance or pay it off early.
5. Late payment fee – fee for making a late payment.
6. Returned payment fee – fee for failed payments due to insufficient funds, also known as a “bounced check”.
7. Collection fee – fee for collection activity on a defaulted debt.

Current Promotions & Offers

Splash Financial advertises some additional promotional offers. Terms may be conditional based on your lender.

Referral Program

Splash Financial’s referral program or Refer-a-Friend is unique in that it offers small cash bonuses of $10-$20 each for referring friends who prequalify for refinancing. An additional cash bonus of $200 is available for each friend who refinances their student loans with Splash; your referred friend also receives $200. Terms and conditions apply.

Welcome Bonus

Splash Financial offers a welcome bonus to borrowers refinancing over $50,000, $100,000, or $200,000 depending on which lender they use. Bonuses must be claimed within 180 calendar days. Only new customers are eligible. Other terms and conditions apply.

Splash Financial Refinance Eligibility Requirements

To qualify for refinancing with Splash Financial, all borrowers must meet the criteria below.

• Citizenship Requirement: U.S. citizenship; some lenders accept permanent residents.
• Income Requirement: undisclosed.
• Credit Score Requirement: undisclosed.
• Graduation Requirement: bachelor’s degree or associate’s degree in an eligible field.
• Location Requirement: undisclosed.

Additional restrictions apply for specific individuals and loans.

• To qualify for medical school refinance loan rates, professionals must be working to complete a medical residency or fellowship.
• Medical student refinance loan monthly payments are capped at $100 during residency and for six (6) months after completion.
• To qualify for refinancing with an associate’s degree, the degree must be for one of the following fields: Cardiovascular Technologist (CVT); Dental Hygiene; Diagnostic Medical Sonography; EMT/Paramedics; Nuclear Technician; Nursing; Occupational Therapy Assistant; Pharmacy Technician; Physical Therapy Assistant; Radiation Therapy; Radiologic/MRI Technologist; Respiratory Therapy; or Surgical Technologist.

Splash Financial Student Loan Repayment Options

Lenders vary greatly on the benefits and options provided to borrowers during the loan servicing period. Additionally, benefits may only be available on a case-by-case basis. Splash Financial offers some relief options.

Deferment & Forbearance

Splash Financial does not explicitly offer deferment or forbearance but instructs borrowers to refer to their direct lender or loan servicer.

Additional Options

Splash Financial does not appear to offer opportunities for relief or contract modification; instead, they instruct borrowers to consult their direct lender.

• Co-signer release varies based on your direct lender; some lenders do not authorize co-signer release.
• Death / disability discharge may be available in the unfortunate circumstance that a borrower passes away or suffers total permanent disability; refer to your direct lender.

Splash Financial Reviews, Complaints & Lawsuits

Beyond our own findings, our team also collected the most genuinely insightful customer experiences we could find, including any instances of legal action against the company in which the details became public.

Splash Financial Online Reviews

Below are three (3) samples of Splash Financial customer reviews we found on public forums, included here for their value as unedited, uncensored, and unsolicited user experiences. Note that these reviews are unverified, may include inaccuracies, and may provide outdated information (about rates, bonus offers, etc.).

“If you are looking to refinance your student loans check this place out. My rates went from 8% down to 3.75%

If you have public or private or have already refinanced they can still help.” – Michael Thomas on Facebook, 4/28/2021

“I called Splash Financial because of [a] recommendation. However, they refuse to take applications from those of us living overseas and working for our country. Addresses that are AE or AP are not accepted by them. Outrageous!!” – Chrissy N Chris Munsell on Facebook, 4/8/2020

“I’m an Optometrist. I just refinanced 130k of student loans yesterday with Splash Financial. I have an 817 credit score. 116k income at a federal hospital. Got the 3.5% fixed rate for a 5 year term loan. In March (just 2 months ago), I had refinanced with Earnest and gotten a 4.90% fixed rate for the same terms. Refinancing with Splash was very easy. The whole process from beginning to end took 5 days. I uploaded a checklist of forms they required (paystub, diploma, proof of working for 2yrs, driver’s licence, etc) it took them 2 days to review the documents after I uploaded them and then I got the offer. Still can’t believe I got a rate that low right now! When I refinanced with Earnest, they told me that interest rates had gone up compared to last year when I first refinanced with them (I was refinancing with them a second time trying to lower my rate). They did not budge and the rate did not go down. Very glad I heard about Splash though WCI and used the referral link.” – adriana.medina.od on White Coat Investor, 5/11/2018

More (unfiltered) customer reviews of Splash Financial are available at TrustPilot.com (4.8 out of 5).

Splash Financial Consumer Complaints

As consumer finance companies, student loan refinancing lenders fall under the jurisdiction of the Consumer Financial Protection Bureau (CFPB), a federal agency. As part of its mission, the CFPB allows consumers to log official complaints. These complaints are publicly available on the CFPB official website.

Since September 24, 2020, consumers have submitted seven (7) complaints about Splash Financial, Inc. to the CFPB. Three (3) of these complaints include narrative explanations, two (2) of which explicitly reference refinancing. Splash Financial averages one (1) complaint every 15 weeks, 4 days, and 14 hours, which is 50.0% lower than the average daily complaint rate among reviewed lenders.

In 2022, Splash’s consumer complaint rate is 8.21% higher than the rate in an average year as of this writing. In 2021, Splash received two (2) complaints, which is 39.9% lower than its average annual complaint rate.

Consumers file the annual equivalent of one (1) complaint for every $6.865 million in estimated corporate revenue or two (2) complaints for every 31 employees.

The allegations made in these complaints are unverified, are not necessarily representative of all consumers’ experiences with Splash Financial, and may contain outdated information (about rates, bonus offers, etc.). Note that a lender with a large customer base is likely to also have a higher number of complaints when compared with smaller lenders.

Below we’ve included the only complaints (as of this writing) in which the consumer consented to share their details.

Complaint 5763387
7/13/2022
California

“In early XX/XX/2022 I applied to refinance my student loans and received quotes from four different companies. My student loans are from XXXX XXXX and I only applied to loan servicers that offer $ XXXX minimum payments during medical residency. I compared quotes from the four companies ( Splash Financial, XXXX, XXXX XXXX, and XXXX ). Splash Financial had the most competitive rate, and so I called them some time in the first half of the month of XXXX ( unsure of the exact date ) and confirmed that my loan with them would have {$100.00} minimum payments while in residency. This was confirmed over the phone with their customer service, including discussion that the lender that they had quoted me for was with XXXX XXXX. I then proceeded forward with the application and was finally approved around XX/XX/2022 by which time my other inquiries at the other three servicers had expired and interest rates had increased substantially. On XX/XX/XXXX I emailed XXXX XXXX, who works at Splash Financial and with whom I had been communicating about the documents I needed to send them for my application to get approved. In this email I asked him to confirm that I indeed would have $ XXXX minimum payments since this is what I had been promised and yet I did not see this detailed in the contract I had been sent. He responded XX/XX/XXXX saying that XXXX XXXX ( which is the company that Splash Financial was getting my loan refinanced with ) does not offer this. I responded to this email XX/XX/XXXX saying that the only reason that I had agreed to use Splash Financial to refinance was for this reason, which they advertise on their website and I included a screenshot of their own website offering the $ XXXX minimum payments to medical residents. I also responded to XXXX XXXX ‘s comments that I should click on a link he sent that would have me re-apply to Splash Financial ‘s loans available for medical residents, which is the link I had originally used to apply. XXXX XXXX responded saying that Splash Financial actually only offers medical residency loans through XXXX XXXX, and since I had applied to XXXX XXXX to compare rates at the beginning of XXXX they never had offered me a loan that would have $ XXXX minimums during residency and they were now unable to offer me one and that I would be best off re-applying to XXXX XXXX for my loan consolidation. This means that I have now gone through the entire application process, had a hard inquiry on my credit, and lost out on the interest rates that I was promised by the other three companies over a month ago. Interest rates have increased significantly over the past month, which is why I was so keen to start the refinancing process at the beginning of XXXX, since at that time it was clear that rates would be going up. So now I am going to have to start the process over, have another hard inquiry on my credit, only to end up with a much worse interest rate that will end up costing me tens of thousands of dollars over the life time of my loan.”

Complaint 4537737
7/13/2021
Pennsylvania

“I asked Splash Financial via text if there was the same 0.25 % rate reduction for auto pay. With the rate reduction my fixed student loan rate would be 2.84 %. Their customer service confirmed that I would in fact receive the rate reduction. I made a financial decision to select Splash Financial over my current company that was offering me 2.89 %. The rate reduction was not applied to my account once my auto pay information was added to my account. Me : Hello, according to your website my interest rate after the direct bank payments is 3.09 %. I was previously told that the 3.09 % would be reduced by 0.25 % once I added my bank information. Please correct the website ASAP. Splash : Good morning! Let me look into this for you. Out of curiosity, do you remember who told you that this bank had an auto pay discount? Some of our lenders have auto pay discounts, and others do not. Me : I already have direct bank withdrawal set up with the website. My interest rate should be 2.84 % not 3.09 %. ( I sent screen prints of my previous text conversation ) Splash : Unfortunately, at this time this bank down not offer the auto pay discount. I apologize for the miscommunication on our end. Me : Miscommunication is not even close to what happened here. Splash is causing me a negative financial impact. The difference in the interest rate is costing me more money. I never would have refinanced my loan at 3.09 %. What is Splash going to do to make me whole? Splash Financial refused to adjust my interest rate. Rather they offered to pay me {$400.00}. the financial impact was {$860.00}. After several emails, Splash Financial finally agreed to pay me {$860.00}. My concern is for other consumers not aware that documentation is gold. My concern is that Splash Financial will lie to other consumers causing even more of a economic burden on student loan borrowers.”

Complaint 3863591
9/24/2020
Massachusetts

“I found a company called Splash Financial who offers student loan refinancing. I submitted my application for pre-approval where they asked me for my gross income, defined as base income before tax. I submitted a conservative estimate of my gross income based on my current wages.With a soft credit pull, I was pre-approved for my loan at 3.79 % with a 10 year term for a roughly {$91000.00} loan. They requested copies of my current pay stubs as well as my last 2 years of W2s. On XX/XX/XXXX, I was notified that my loan was approved. When I attempted to complete the rest of my application, they approved me for a 15 year term with an interest rate of 4.32 %. I called and questioned why there was a discrepancy and they informed me that they could not verify my stated gross income of {$67000.00}. I have received bonuses and overtime income consistently for the years XXXX, XXXX and XXXX which increase my income. Based on wages already earned for XXXX and adding in solely base pay for the remainder of the year, my calculated gross wages were over {$67000.00}. The average of the last two years ( XXXX ) of gross wages was also over {$67000.00}. I was told that the only way to verify overtime/bonus to count towards income was to look at gross wages for the last 2 years and average them. Despite the fact that they only asked for gross wages in their application, the manager that I spoke with ( who dealt with the head of underwriting ) said that they use boxes XXXX and XXXX of W2 income to verify income, which is not considered gross wages by any normal standard. Boxes XXXX and XXXX are for taxable wages for XXXX XXXX and XXXX respectively and are calculated by taking actual gross wages and deducting tax differed benefits such as health insurance, so no longer considered gross wages but rather, taxable income which are distinctly different. Following HMDA reporting, since my original loan was met with a counter offer that I did not accept, they have technically denied my original loan. The pre-approval application was misleading and deceptive because they specifically ask for gross income while using something other than gross income in their underwriting process which makes it not reasonable to avoid the denial of the loan application which could constitute a UDAAP violation. When pushed, the manager that I spoke to did agree that I am correct in their application being misleading. I informed her that I would not have continued with the approval process which required a hard credit inquiry after the pre-approval with a soft credit inquiry had I known that I wouldn’t be approved and my credit score has since dropped causing me to look less favorable to other lenders if I chose to apply elsewhere. Based on that, the manager has since removed the hard credit inquiry from my credit report. I have refinanced my student loans roughly 5 times in the last 3 years since graduating from college and have never had a problem with any of my other applications or them verifying my stated income so I would say their underwriting standards are not common in the industry. I work in lending/underwriting and I have never seen the underwriting standards/guidelines both in my own workplace or in any other lending institution who deals in consumer lending. I believe that their misrepresentation of requested information would lead to others being in the same spot as me where they are lured in with a pre-approval for a low interest rate loan only to be denied and offered a loan with a higher interest rate and term causing them to spend significantly more over the life of than loan. I am lucky enough to understand the financial implications of higher interest rates and longer terms but my level of financial education is not commonplace and this company could be unintentionally causing financial harm to those who accept the higher rate loan they are counter-offered.”

For a full list of complaints made against Splash Financial in the CFPB’s Consumer Complaint Database, click here.

Splash Financial Lawsuits

Splash Financial, Inc. has not been subject to any major legal action since its launch.

Note that while this information is updated regularly, ongoing legal action is subject to change.

Frequently Asked Questions

These are the most common questions consumers have about student loan refinancing with Splash Financial.

• Is Splash Financial good for refinancing student loans?
  Splash Financial may be a good option for medical professionals. Medical residents can refinance with special terms, including limited monthly payments for the duration of their training and for the six (6) months afterward.

• Does Splash Financial have a minimum credit score requirement to refinance student loans?
  Splash Financial does not disclose a minimum credit score required to qualify for student loan refinancing; this does not necessarily mean lenders with Splash don’t have their own minimum allowable credit score requirements.

• Are Splash Financial loans federal?
  No, Splash Financial loans are not federal. Splash Financial has no affiliation with the federal government or the U.S. Department of Education.

• Does Splash Financial charge a prepayment penalty?
  No, there are no penalties for early payments or repaying a loan in full before its term is over.

• Does checking your rates with Splash Financial hurt your credit score?
  For its prequalification process, Splash Financial performs a soft credit check, which will not hurt your credit score. If you proceed with an application, however, Splash Financial will perform a hard credit check that may affect your credit score.

• Is Splash Financial a bank?
  No, Splash Financial is not a bank nor a lender. Splash Financial is an online refinance lender market place and part of the financial technology or “fintech” industry. Part of their service is connecting student borrowers with direct refinance lenders, which may include banks.

• Can I refinance a Splash Financial loan?
  You can refinance Splash Financial student loans, student loans from another private lender, and federal loans. There is no limit to the number of times a borrower may refinance with Splash Financial. Note, however, that every new line of credit requires a hard credit check that may affect your FICO score.

• Can I refinance just some of my loans with Splash Financial?
  Yes, you can refinance some, all, or just one of your qualifying student loans with Splash Financial. You may choose to refinance your private loans only or refinance private and federal loans together.

• Can I refinance loans that have already been refinanced?
  Yes, you can refinance loans as many times as you want with Splash Financial. Note that each time you refinance, you will have to submit a new application; every application requires a hard credit check that may affect your credit score.

• Can my spouse and I refinance our loans together with Splash Financial?
  Splash Financial does allow spouses to refinance combined debt; confirm with your direct lender prior to final application.

• How long does it take to refinance with Splash Financial?
  Splash Financial does not disclose a timeline but estimates 3-14 days for disbursement following final loan authorization (this may or may not include the standard 3-day rescission period). Prequalification takes a few minutes, and first payments are typically due within 30-45 days following disbursement.

• Who services Splash Financial refinance loans?
  Your loan servicer will depend on your direct lender. Splash Financial is a fintech and does not finance or service loans.

• How often do variable rates change?
  Rates are based on the 1-month LIBOR and generally update monthly.

• Can I get any special rates or discounts with Splash Financial?
  Splash Financial offers a 0.25% interest rate reduction with automatic loan payments. A one-time welcome bonus may be available to new borrowers, and Splash offers several tiers of cash bonuses through their Refer-a-Friend program.

• What happens if I file for bankruptcy?
  Splash Financial would not be involved in any legal proceedings involving bankruptcy but cautions that borrowers may still be obligated to repay their refinance loan debt in the event of bankruptcy.

Compare Student Loan Refinance Reviews

Sources

1. Splash Financial (Splash), Refinance Student Loans
2. Splash, Refinance Medical School Student Loans
3. Splash, Disclaimers
4. Splash, Student Loan Refinancing, FAQ
5. Consumer Financial Protection Bureau, Consumer Complaint Database
6. Dun & Bradstreet, Business Directory
7. Better Business Bureau, Search Businesses and Charities