2019 Splash Financial Student Loan Refinance Review

August 23, 2019 1 comment

By Joseph Reinke, CFA, Founder of FitBUX

Splash Financial was founded in 2013.  They stand out for their flexible underwriting guidelines and internal customer service.  They are ideal for those that have a good credit score but also have a high debt-to-income ratio.

In our 2019 Splash Financial student loan refinance review, we provide an overview of the company, pros, and cons.  Be sure to check out the other companies also by checking out our Best Student Loan Refinance Company review page.

As noted in our Student Loan Refinance Guide, FitBUX partners with seven student loan refinancing companies. We have an in-depth knowledge of their underwriting guidelines and have been asked by each company not to disclose certain items. We honor their wishes by not giving out specific information such as typical rates for various FICO scores and DTI ratios. If you’d like help based on your situation, I highly recommend using our free student loan refinance service in which we will help you choose the right student loan refinancing company.   

Also, to help you, we developed a step-by-step student loan refinance checklist.  Complete the info below and we’ll send you the checklist via email!

Table of Contents

  1. Splash Financial Company Overview
  2. Pros of Using Splash Financial
  3. Cons of Using Splash Financial

Splash Financial Company Overview

You may refinance your student loans with Splash Financial (both undergrad and grad school).


Pros of Using Splash Financial

Below are the pros of working with Splash Financial:

  • Debt-To-Income: Splash Financial allows you to have a much higher debt-to-income ratio than any other student loan refinancing company. That is, it’s easier to qualify with them based on this ratio relative to all others. I can’t share the exact max ratio they will work with but it is a significant amount.  If you’ve been denied by other companies for debt-to-income levels be sure to check out Splash.
  • Spousal Co-signor: Splash handles cosigners in a unique way.  If you are married and add your spouse as a co-signor when you apply, Splash takes into account your combined income. Other lenders will only look at one income to qualify you, but will NOT consider the combined income. Splash makes it much easier for a married couple to get a loan relative to other companies.
  • Staff:This is huge for FitBUX and our Members.  I’m not referring to front line customer support staff you may call on the phone. I’m referring to the staff that helps us if you are using our free student loan refinance service.  Our best relationship is with Splash because of how quickly and thoroughly they help our Members solve any problems that may arise throughout the refinance process.
  • Co-signer Release: If you do not qualify for a loan by yourself or if you want to drop your rate, you may apply with a co-signer. Once you have made 1 year of on-time monthly payments, you may release the co-signer of their obligation.
  • All States: One major benefit with Splash Financial is they offer their student loan refinance product to residence in ALL states.
  • Medical Residents Can Pay $1: If you are a medical resident, you can refinance your student loans and your required payment will only be $1 for up to 84 months.
  • Use IDR Payment: For those of you that have private and Federal loans and are using an income-driven repayment plan for your Federal Loans, you will have an easier time refinancing the private loans with Splash relative to others. This happens because Splash is one of the few companies that use your required payment instead of a hypothetical monthly payment when qualifying you for your loan.


Cons Of Using Splash Financial

Below are the Cons of refinancing with Splash Financial.

  • Purefy and PenFed: Splash Financial does not fund the loans directly. This is done by PenFed Credit Union and that is also who you’ll be making your payments to.  In addition, Splash uses Purefy to underwrite the loans, i.e. that is who you work with and submit your documents to.
  • Time To Close A Loan: Because Splash is working with 2 third parties, Purefy and PenFed, it can take Splash between 2 and 4 weeks to fund a loan overall. This is the longest time period for any of the companies we work with. However, Splash’s management is working around the clock to build technology that will speed this up.
  • No 20 Year Term: Splash does not currently offer a 20 year loan term. For those looking for budget flexibility and/or need the 20 year, this is a detriment to you.
  • FICO of 700: Although Splash Financial has the most lenient debt-to-income ratios, they also have the highest requirement to qualify for credit scores.


Student Loan Refinance Company Reviews By FitBUX

2019 Commonbond Student Loan Refinance Review

2019 Lendkey Student Loan Refinance Review

2019 Earnest Financial Student Loan Refinance Review

2019 Sofi Student Loan Refinance Review

2019 Laurel Road Student Loan Refinance Review

2019 Thrivent Student Loan Refinance ReviewFitBUX Student Loan Refinance Give Away

Student loan planners are hard to find. If you would like free expert help deciding if student loan refinancing is right for you, check out FitBUX’s free student loan refinance service. You can also join us for our Secrets to Student Loan Refinancing Webinar.

If you’d like to read more student loan refinance articles then visit our student loan refinance blog page.  Want to read more about money, check out FitBUX’s main blog page.

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