Splash Financial: Providing Students with Multiple Financial Opportunities
Managing student loans can be a daunting task, especially for fresh graduates who have little to no experience in financial planning. Here’s where Splash Financial comes in handy – it is a student loan refinancing marketplace that partners with multiple lenders like banks and credit unions, as well as other lending companies.
With Splash Financial, consolidating or refinancing student loans has never been easier.
Mission and Purpose
Splash Financial was founded in 2013 with the goal of providing a lending platform that offers lower interest rates compared to traditional lenders, specifically for students looking for student loan refinancing. The primary purpose of Splash Financial is to provide better refinancing opportunities to its clients by partnering with different lenders to find competitive deals that benefit their clients.
History and Growth
Since the company’s inception, Splash Financial has seen an increase in demand for student loan refinancing. This trend is not surprising since students are in search of options that make their debt management more manageable.
Refinancing loans not only helps reduce interest rates but can also make monthly payments more affordable, which allows students to focus on other goals like paying off other debts, saving up for major life events, or building a fund for retirement.
Lending Partners
Splash Financial has established partnerships with various lenders, including banks and credit unions, to provide a diverse product line. By partnering with many lenders, Splash Financial can offer a variety of refinancing options that cater to the diverse needs of its clients.
The multiple lender approach benefits consumers since they are provided with more comprehensive options for their refinancing needs. Splash Financial also partners with online up-and-coming lenders, which has ensured that they remain competitive.
Loan Products Offered by Splash Financial
The loan products offered by Splash Financial include private student loans, student loan refinancing, medical school loan refinancing, and personal loans. Below is a closer look at what each of these loans entails.
Private Student Loans
For students who have exhausted their other loan options, private student loans may be the only viable option. Splash Financial’s network of lenders offers private student loans to students who have reached their maximum borrowing limit for federal student loans.
The private loans can also benefit students with low credit scores and limited credit history.
Student Loan Refinancing
Student loan refinancing is the process of taking out a new loan to pay off one or several student loans. The new loan is taken out with a lower interest rate, allowing the borrower to save money on interest charges over time.
The primary benefits of refinancing include a lower interest rate and fewer monthly payments. Specifically, Splash Financial offers refinancing for existing student loans, allowing borrowers to take advantage of lower interest rates and future financial planning.
One can also take advantage of federal protections when refinancing federal loans such as income-based repayment options, deferment, and forbearance. It’s a good idea to review the terms of the loan, credit score, and interest rates before making any refinancing decisions.
Medical School Loan Refinancing
Recent medical school graduates often face unique financial situations, including high student debt and starting salaries that may not immediately cover the costs of loan repayment. Splash Financial partners with lenders that offer specialized refinancing options for medical students, which can assist borrowers in securing a better interest rate and more manageable monthly payments while working on their residency and fellowship goals.
Personal Loans
Splash Financial also offers personal loans, which are funding options that can be used for a wide range of purposes. These loans can be used to pay for home repairs or remodeling, debt consolidation, auto purchases, or overseas travel.
The personal loans offered by Splash Financial provide a low-interest rate, easy application process, and flexible repayment terms.
Conclusion
Splash Financial is an excellent resource for students looking for a more comprehensive and less burdening approach to managing student loans. With multiple lending partners, Splash Financial can offer various loan options to students who otherwise may have limited refinancing opportunities.
Borrowers can rest assured that Splash Financial will ensure all the necessary steps are taken to consolidate or refinance their loans and save them money in the long run. 3) Splash Financial
Student Loan Refinancing
Splash Financial is a student loan refinancing marketplace that offers borrowers several refinancing options to make their student loan repayment more manageable.
Eligibility requirements for a refinancing loan through Splash Financial require applicants to be either a U.S. citizen or a permanent resident. Additionally, borrowers must have graduated from a Title IV school.
Loan Details
The minimum amount that can be refinanced with Splash Financial is $5,000. Their variable APRs range from 1.89% to 6.15%, while their fixed APRs range from 2.63% to 6.25%.
These rates depend on the creditworthiness and repayment history of the applicant. One advantage of refinancing with Splash Financial is that they provide an autopay discount of 0.25%.
If the borrower enrolls in automatic payments, then the lender will reduce the interest rate by 0.25%.
Risks and Benefits of Refinancing
While refinancing student loans can be an attractive option, it is important to be aware of the risks and benefits involved. One significant risk of refinancing student loans is that borrowers may forfeit federal protections.
Federal loans come with borrower-friendly repayment programs such as income-driven repayment, which can help borrowers struggling with payments. Furthermore, borrowers who refinance with a private lender may also lose their eligibility for loan forgiveness programs.
That being said, refinancing may also offer several benefits. Borrowers who refinance their loans with Splash Financial enjoy lower interest rates, resulting in a reduction of debt obligations over time.
Refinancing can also simplify the repayment process by combining multiple loans into a single loan. This can be especially advantageous for borrowers who have several loans with different terms and interest rates.
4) Splash Financial
Private Student Loans
Private student loans are loans that are often offered by banks, credit unions, or other financial institutions. These loans can be used to fund education when federal loans or other forms of financing fall short.
Splash Financial offers private student loans for those who have already received their degree and are no longer enrolled in school.
Eligibility Requirements
To qualify for a private student loan through Splash Financial, borrowers must have a creditworthy cosigner who meets their requirements. They must also demonstrate that they have reached their federal student loan limits, which vary depending on their degree level.
Borrowers must be enrolled in good standing in an eligible school to qualify.
Loan Details
Private student loans through Splash Financial have variable APRs between 1.69% and 12.49%. Fixed APRs range from 3.45% to 12.05%.
Additionally, borrowers can loan a maximum of $300,000. Borrowers have the option to choose from four different repayment lengths, depending on their preferences.
One advantage of private student loans offered by Splash Financial is fixed interest rates. While federal loans are often offered with variable rates, which can fluctuate regularly interest rates offered by Splash Financial remain stable for the life of the loan.
Pros and Cons of Private Loans
One significant drawback of private student loans is that they often have higher interest rates compared to federal loans. Private loans are also not eligible for some of the borrower protections available with federal loans.
These include loan forgiveness programs, income-driven repayment, and forbearance or deferment options. On the other hand, private loans may offer more flexible repayment terms, such as grace periods, and can offer funding amounts beyond the federal limits.
Additionally, some private lenders extend loan term offerings beyond 25 years, while federal loans are limited to a maximum of 25 years. In conclusion, Splash Financial offers various loan options to borrowers, including student loan refinancing and private loans.
Both options have their pros and cons, and potential borrowers should weigh these factors carefully before making an informed decision. Ultimately, the goal is to find the best possible financial solution that suits the individual’s unique situation and financial needs.
Borrowers are advised to research their options and consult with financial advisors to determine the best course of action. 5) Splash Financial
Personal Loans
In addition to student loan refinancing, Splash Financial also offers personal loans.
Personal loans are a flexible borrowing option that can be used for anything from home renovation projects to debt consolidation. Personal loans offered by Splash Financial provide competitive interest rates to qualified borrowers, with loan amounts ranging from $1,000 to $35,000.
Loan Details
Splash Financial offers a fixed rate on personal loans, starting at 5.99% APR. Loan amounts available to borrowers range from $1,000 to $35,000, with repayment terms up to five years.
Additionally, no origination fees are charged when obtaining personal loans through Splash Financial. This means that borrowers will receive the full amount requested within less time and with no extra costs added.
Rates and Qualifications
When considering a personal loan through Splash Financial, credit score and credit history play a significant role in determining interest rates. Borrowers with higher credit scores can generally expect lower interest rates.
Fixed monthly payments are required, which allows borrowers to budget their finances accordingly and avoid ballooning payments or unexpected fees. Borrowers of personal loans through Splash Financial may use their loan for any purpose, which can be a significant advantage for those with various needs to fulfill.
Some common uses of personal loans include funding major home repairs, consolidating high-interest debt, financing a wedding or vacation, or even starting a small business venture.
6) Customer Reviews and
FAQs
Customer Reviews
Splash Financial has a rating of “A+” on the Better Business Bureau (BBB) and a 4.5-star rating on TrustPilot. Positive feedback from satisfied customers is common, with many praising Splash Financial’s customer service, ease of application, and competitive rates.
FAQs
1. Are there penalties for early payoff of loans obtained through Splash Financial?
No, there are no penalties for early payoffs for borrowers of Splash Financial personal loans. Early payments are lauded, as they help save money and provide borrowers with more financial flexibility and freedom.
2. Does Splash Financial offer a mobile app?
Currently, Splash Financial does not offer a mobile app to manage loans. However, borrowers can access their loan information and make payments using the company’s online portal.
3. How do I contact Splash Financial if I have questions or concerns?
Splash Financial offers various ways to contact customer service, including email, phone, and online chat via their website. Borrowers can also find extensive information including
FAQs online.
In conclusion, Splash Financial offers attractive loan options for personal needs, including home repairs, debt consolidation, funding vacations, and covering wedding costs or start-up expenses. Customers consistently give Splash Financial positive reviews on sites like TrustPilot and BBB, and the lender does not charge origination fees or early payment fees.
Borrowers can quickly apply for loans and receive the loan amount in their accounts in as little as 24 hours, making Splash Financial a versatile and reliable lending partner worth considering. Splash Financial is a comprehensive lending platform that offers various loan options tailored to meet the diverse financing needs of borrowers.
The company partners with multiple lenders, including banks and credit unions, making it easier for borrowers to consolidate or refinance loans, apply for private student loans, and take out personal loans. The benefits include lower interest rates, fixed rates on personal loans, no origination fees, and flexible repayment terms.
However, before applying for any loan, borrowers need to fully research loan options carefully and weigh the pros and cons. From student loans to personal lending, finding the right financial solution matters, and Splash Financial offers a way to do just that.