Did your graduation cap come with a hefty pricetag that has left you wondering how you are ever going to pay back that student debt?
Splash is an online lender that offers student loan refinancing. Splash began by offering refinancing for medical school loans, but has added the ability to refinance general student loans since then. Splash works with leading banks and credit unions to refinance student loans and save people money by lowering their interest rate. This is a review of Splash’s student loan refinancing services.
|Loan range:||$5,000 - $300,000|
|Variable rate APR:||As low as 3.02% APR|
|Fixed rate APR:||As low as 3.87% APR|
|Loan period:||5 to 15 years|
|Minimum income:||No requirement|
|Employment criteria||Must be employed|
|Degree required:||Bachelors degree or higher|
|Use of co-signer:||Yes|
|Release of co-signer:||Yes, possible after 12 months|
|Interest only payments:||No|
|In-house customer service:||Yes|
|Fees:||No origination fee, no prepayment penalty|
|Discharged in death:||No|
|Forbearance:||Limited forbearance options|
Splash requires a minimum credit score of 700 (670 with a co-signer). While they ask for income amounts, they do not disclose whether they have any minimum requirements for these items, or if they consider anything beyond your current financial position.
Splash currently offers a $500 welcome bonus if you refinance $30,000 or more with them. Splash also gives you and anyone you refer to Splash a $250 cash bonus once they successfully refinance, without a limit to the number of referrals you can make.
Splash is partnered with Pentagon Credit Union and thus, you must be a member of the credit union to secure refinancing through them.
Splash online approval takes three minutes, how is that for customer service?
PROS & CONS
- Lower rates may be possible due to Splash’ relationship with Pentagon Credit Union
- No prepayment penalty
- High refinance limit up to $300,000
- Ability to have a co-signer
- Let’s married couples refinance together
- Assigned a support staff member
- Required to be a member of Pentagon Credit Union, however you can do this after you are approved
- No forbearance policy
Splash is available nationwide and offers some of the lowest rates in the refinancing space. The fact that they allow married couple to refinance together is a significant way in which they stand apart. Splash could however, have stronger disclosures and more expanded forbearance policies.