Splash Financial Review

  • FitBUX
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  • Splash Financial Review
Author: Joseph Reinke, CFA

In our Splash Financial review, we provide an overview of the company, pros, and cons.

We write our reviews because we know how hard it is to find the best company for our FitBUX members.  Therefore, we want to share with you the knowledge we’ve gained over the past 7 years so your refinance experience will be a good one.  Be sure to check out more reviews by checking out our Best Student Loan Refinance Company review page.

Splash Financial Company Overview

You may refinance both undergrad and grad school loans with Splash Financial.  

They are a market place lender. Therefore, you complete one quick application. Then Splash Financial shops multiple lenders. 

Once they receive rates from all their lenders, they will show you the best offers among those lenders.  The lenders they partner with are well known banks, refinance companies, and credit unions.

If the best rate Splash Financial shows you is from a credit union you must become a member of that credit union.  This doesn’t cost you anything. However, there is one extra form you have to complete.

There are other market places such as Nerd Wallet and Credible.  However, FitBUX does not partner with them because we view Splash Financial as being far superior.

Splash Financial is ideal for:

  • Those that have a good credit scores
  • Those with good credit scores but also have a high debt-to-income ratio
  • If you are shopping.  They consistently have the top rates in the industry and are always competitive
  • You have a low credit score 

Below are more details:

  • They offer fixed and variable rates
  • Current fixed interest rate: 5.19% – 10.24% APR (With Autopay)
  • Current variable interest rate: 5.28% – 10.24% APR (Without Autopay)
  • Loan amounts: $5,000 – $500,000
  • You have to have a 640 credit score or higher (Learn one trick to increasing your credit score in this article)
  • Minimum income of $35,000
  • Loan terms offered: 5 Years, 12, Years, 15 Years, and 20 years
  • The late fees very by lender.
  • If you’ve had a bankruptcy you can qualify but only 7 to 10 years post bankruptcy.
  • You must be a U.S. citizen or permanent resident.
  • There are no academic or military deferments
  • For credit unions, the loan servicer is varies by lender.  
  • It normally takes 4 – 5 days to close a loan from start to finish.


Pros of Using Splash Financial

  • Debt-To-Income: Splash Financial allows you to have a much higher debt-to-income ratio than any other refinance 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 them out.
  • 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 Financial because of how quickly and thoroughly they help our Members solve any problems that may arise.
  • Customer Service: When you submit an application, you are provided a dedicated account representative. This means you will be communicating with the same person.  This is awesome as they are one of the only companies to do this!
  • All States: One major benefit is they offer their refinance product to residence in ALL states.
  • Medical Residents Can Pay $100: If you are a medical resident, you can refinance and you maybe eligible to pay $100.  If you are a medical resident, you may be able to refinance and your required payment could be $100 a month during training and for six months afterward.
  • Use IDR Payment: Some of you have both private and Federal loans. For your Federal loans you are using an income-driven repayment plan.  You will have an easier time refinancing the private loans with Splash Financial relative to others. This happens because they are one of the few companies that use your required payment instead of a hypothetical monthly payment when qualifying you for your loan.
  • FICO of 640:  Splash Financial recently lowered their minimum credit score requirement from 700 to 640.  This makes them one of the most flexible lenders in the industry.
  • Good Technology:  Splash Financial’s rate check and application process is quick.  To fully fund the loan most of the time is very fast as well. However, since Splash Financial uses multiple companies, some may take longer than others.
  • Parent Plus Loans: Parents can transfer their Parent Plus loans to a child


Cons Of Using Splash Financial

  • Lenders and Credit Unions: Splash Financial does not fund the loans directly. This is done by credit unions and 3rd party lenders.  You’ll also be making your payments to those companies.  In addition, some of the companies use Splash Financial’s technology to underwrite the loans.  Some of the lenders don’t. For the ones that don’t, you’ll be redirected to a different website to complete the application.  It can get a little confusing and “clunky.”
  • Getting Certain Features:  If you want specific features from one of their lending partners, you have to contact Splash Financial and ask them to contact the lender directly. 
  • No-Cosignor: As of July 2022, Splash Financial is no longer offering you the ability to add a co-signor.


Frequently Asked Questions About Splash Financial

Does Splash Financial have an early payoff penalty?

No absolutely not.

What credit score does Splash Financial use?

They will go down as low as 640. However, qualifying with a lower credit score will also require a lower debt-to-income ratio.

What lenders does Splash Financial use?

Some of the more popular lenders are Earnest, SoFi, Nelnet Bank, and Teachers First credit union.

Does Splash Financial Have origination fees?

No, there are no origination fees. However, some of the credit unions require an annual membership fee. However, Splash pays this the first year and you can cancel the membership after getting the loan.

Who owns Splash Financial?

Splash is a private company that was founded by Steve Muszynski. Steve is still the CEO and the company recent closed a $40 million round of financing.

Does Splash Financial offer forbearance?

They are not the lender. They work with several lenders. Therefore, there isn't one single hardship or forbearance policy. Definitely ask about this before completing your refinance.

Does Splash Financial allow co-signors?

No, as of July 2022 they no longer have a co-signor option.


This Splash Financial review highlighted why they are one of the best, if not the best student loan refinance company in the country.

We know this because of the 1,000s of new grads we’ve helped with our free student loan refinance service.  If you want help, be sure to become a FitBUX Member.  Our Coaches are standing by waiting to help you.


Joseph Reinke, CFA

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About the Author

Joseph Reinke is a Chartered Financial Analyst (CFA) Charter Holder and founder of FitBUX which has helped over 14,000 young professionals on their journey to financial freedom. Joseph has been personally investing since he was 12 years old.

In addition, he has experience in student loans, mortgages, wealth management, investment banking, valuation, stock trading, and option trading. He has been on 100s of podcast and has been invited to 100s of universities to discuss financial planning with their soon to be graduates.

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