Splash Financial Review

BySarah PritzkerAug. 31, 2020

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In a Nutshell

Splash Financial is a rookie player making home runs with student loan refinancing. It offers low rates, an easy to navigate website, flexible repayment schedules and special rates for medical residents.


  • Low fixed interest rates saves you money
  • No application fee and no prepayment penalties
  • Reliable financial backing from $25 billion financial institution


  • Credit Score requirement of 660+ for solo loans
  • Refinancing disqualify you from receiving PSLF (conditions apply)
Loan typesStudent loans refinancing, medical resident and fellow refinancing
Loan amountNo maximum
Repayment terms5-20 years
APRfrom 1.89%
Best forAll advanced degrees, medical professionals
Direct Lender or Marketplace
Direct lender

Splash Financial at a Glance 

Splash Financial is the newest student loan refinancing agency on the market today. It recently announced a $350 million annual loan financing deal and have excellent rates. Refinancing student loans with Splash Financial to as low as 2.80% fixed APR can save borrowers $350 per month or $29,340 over the life of the loan. While Splash offers consolidation for any graduate with at least a Bachelor’s Degree, it has a strong emphasis on advanced degrees, more specifically medical student loan refinancing—and with the average doctor carrying a $183,000 student loan debt into their medical careers, it’s not surprising that Splash Financial has decided to hone in on this particular niche.

With flexible repayment terms, low APRs, and an easy to navigate website, Splash Financial looks promising for most graduates looking to cut down on student loan headaches. Let's take a look at the details to see what it's all about.

Best For?

  • Advanced degree holders
  • Medical professionals during their residency or fellowships
  • Any working graduate with sizable student loans to repay
  • Married couples with student loans

Loan Features

Splash Financial is a player in the student refinancing world because it offers some good terms, low APRs, and features such as a loan calculator so you can see how much you’ll save in the long run. What’s more, this company has branded itself as the lender for the people, and Splash Financial has done everything possible to keep up that appearance. With a stated goal of investing in the future of the world by making loan repayment easier, clearly worded terms and conditions, and an easy-to-use website, Splash Financial has appeal for most students looking to ease the pressure of overbearing loans. Additionally, students can choose from either fixed or variable interest rates. Here are some of the main features of this loan consolidation program at a glance:

  • Fixed and variable interest rates
  • 5-, 7-, 8- 10-, 12-, 15 and 20-year terms (up to 17 for medical residents and fellows)
  • Some of the lowest APRs around
  • Simple terms, single offering (only one refinance option, so you don’t have to worry about headaches, comparisons, and fine print, what you see is what you get)
  • No application or origination fees and no prepayment penalty
  • Funded by multiple credit unions and banks as lending partners

The Application Process

Before you even apply for the loan, you can see if you are eligible. This is a fast, three-step process that takes minutes and includes:

  1. Setting up an account
  2. Giving Splash Financial some of your personal information like address, education information, income, and student loan amount to refinance. 
  3. Finding out if you are eligible; This step will run your details really quickly through the system using a soft credit pull to see the lowest rates you are able to qualify for. 

If you are eligible, you’ll be able to apply for the loan itself. In this section:

  • You'll be asked to select your loan.
  • Next, you’ll have the option to import or enter  all information about your current loans that you want to be consolidated including the lender, account number, current balance, current interest rate, and remaining repayment terms in months. Remember, you can consolidate any type of federal, private, or Parent Plus loans with this company.
  • You’ll be shown an example of how your refinancing would work based on the terms you were given and the debt you are consolidating. This is a nice step that gives you a real-life understanding of the numbers you'll be dealing with.

Finally, you’ll submit your application. The whole process doesn’t need to take more than a few minutes if you have your information on hand. The site itself processes everything quickly so the whole application aspect of a Splash Financial loan is smooth.

Loan Terms

Splash Financial offers 4 types of loan consolidations: one for graduates with advanced degrees, one for graduates with bachelor’s degrees, one for medical residents and fellows, and a refinancing option for individuals with an associate degree.

 The average student loan terms are some of the lowest you will find even among competitors like Laurel Road and SoFi. You can get fixed rates as low as 2.80% APR or variable rates as low as 1.89% APR. One thing that is particularly attractive about Splash Financial loans is that you can opt for a cosigner in your application. Including a cosigner can lower your interest rate significantly, and it’s nice that Splash offers this to borrowers. At the same time, cosigners are not mandatory. 

The medical student loan terms are even more flexible. Coupled with easy repayment terms, a 90-day grace period before repayments start after residency, and low APRs for fixed rates, these terms make Splash Financial an obvious choice for most graduates of this profession.

Splash Financial eligibility requirements:

  • US citizen or permanent resident
  • With a responsible financial history

For resident and fellow refinancing:

  • Must be a medical professional currently in or completed residency/fellowship

  • Includes graduates of 4 major Caribbean medical schools

Repayment Terms

Splash Financial has flexible repayment terms which can help you alleviate a lot of the pressure involved in student loan repayment. You can opt for a fixed APR, which means the amount you pay each month never changes. However, your rate depends on your credit score, financial history, and current credit situation. The repayment terms you select will also affect the overall amount that you pay per month. Repayment plans are available for 5, 7, 8, 10, 12, 15 and 20 years.

How Safe Is It? 

Splash Financial uses the industry standards in security to keep customers safe. Security measures include secure servers so that data is kept safe (even with third party partners), SSL verification confirming Splash is exactly who it says it is, SSL encryption, so there is always a secure connection between the customer’s browser and the Splash Financial website, and account safeguards like ID verification and data authentication.

Help & Support

Splash Financial is dedicated to becoming a trusted member of the refinancing industry. As such, it offers as many options for customer support as possible. Splash is quick to respond to questions and offers informed answers when asked. Here’s how you can reach a customer service representative:

Phone: 1-800-349-3938 Mondays through Fridays 9am-6pm ET

Email: customers@splashfinancial.com

Live chat: online portal

Social Media: Facebook, Twitter, LinkedIn


In short, Splash Financial is a good option for graduates looking to pay down debt in an easy and organized way. Medical school graduates have even more to gain with considerably low APRs, but anyone can take advantage of the flexible repayment terms and low rates. Federal student loan borrowers need to be aware that consolidation may disqualify them from PSLF, but the savings in lower interest payments may outweigh the loan forgiveness. Working with Splash Financial ensures a friendly, real-world option for graduates looking for good rates and a great service. 

Physical Address

812 Huron Rd. E. Suite 350

Cleveland, OH 44115

Splash Financial customer testimonials

ExcellentReviews 68
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  • author
    a day ago
    Quick and Easy !

    It was easy to fill out the application. I received a new interest rate within minutes. I would certainly use their services again.


  • author
    a day ago
    Splash Financial made it so easy for me…

    Splash Financial made it so easy for me to refinance my student loans! The process was straight forward, seamless, quick, and easy! I highly recommended to anyone that is looking for a consolidation solution.


  • author
    Sep 15, 2020

    Easy, quick.


  • author
    Sep 15, 2020
    lack of communication around income inclusion

    lack of communication around underwriting - certain of my income did not qualify and it was never discussed, before application was finalized. in other undewriting processes, both student loan and home it was discussed what was included and excluded to maybe find additional support or work with the investor/lender. also had interns calling me about my applicaiton who then couldn't answer my questions. thats not appropriate.


  • author
    Sep 10, 2020
    Very easy to navigate

    Very easy to navigate. Great experience


Splash Financial