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  • Update from Splash Financial

    I just wanted to make you aware about some great changes from Splash Financial for those still needing to refinancing their student loans. They recently launched a new product and now can refinance attending physicians with fixed rates as low as 3.50% APR. It only takes a few minutes for doctors to check their rate on their site.

    The product for attending physicians is available in all 50 states as well. Currently, their max loan amount is $150k, but they are increasing that to $300k in the coming days. So submit all of yours loans you desire to be refinanced (can put in under $150k to start but submit all loan info) and they will work to create an exception for WCI readers to allow the higher limit. Don't forget to use the WCI link to get the $500 reader bonus.

    Cindy
    Last edited by WCICindy; 01-25-2020, 05:01 PM.

  • #2
    Seems like i’ve seen lower rates reported by people in the past? Has the recent interest rate hike affected this already?

    Is there a future possibility of refinancing student loans while in residency with your company?

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    • #3




      Seems like i’ve seen lower rates reported by people in the past? Has the recent interest rate hike affected this already?

      Is there a future possibility of refinancing student loans while in residency with your company?
      Click to expand...


      Remember Cindy works for WCI not Splash.

      Rising rates have affected every company, but we're told that Splash was able to lower rates across the board.

      That shouldn't necessarily affect what YOU do when refinancing- apply to several (all if you're a masochist) and take the lowest rate. If Splash really is offering lower rates, they'll end up being selected more often.

      I think the $300K limit is a bigger deal as their previous $150K limit was a show-stopper for lots of docs with big loan balances.
      Helping those who wear the white coat get a fair shake on Wall Street since 2011

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      • #4
        Ahh sorry, i didn’t realize it was WCI Cindy. I thought it was one of their representatives.

        I agree, more options are always good!

        Comment


        • #5




          Ahh sorry, i didn’t realize it was WCI Cindy. I thought it was one of their representatives.

          I agree, more options are always good!
          Click to expand...


          She obviously doesn't post very often, mostly only when I make her!
          Helping those who wear the white coat get a fair shake on Wall Street since 2011

          Comment


          • #6
            Has anyone from the WCI community refinanced with Splash? Would any of you be willing to share your experience publicly with the group?

            Comment


            • #7
              A few have. I've got 100+ emails from folks who have refinanced in the last year and I recall a few that used Splash. I'll try to include them in an upcoming post or podcast.
              Helping those who wear the white coat get a fair shake on Wall Street since 2011

              Comment


              • #8
                Good to see competition in this space. I have refinanced a total of 3 times now. For me (attending with good income and excellent credit score), the competitiveness of the interest rates has been as follows:

                ELFI/Earnest/Sofi>>>LendKey>Credible. The 3.5% rate of Splash would fall in the middle of this. Lendkey and Credible are always at least 1% higher than the rest. Elfi/Earnest/sofi go head to head and are slightly different from time to time but usually within 0.2% of each other. Earnest probably has the best customer service and online interface, Elfi the worst.

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                • #9




                  Good to see competition in this space. I have refinanced a total of 3 times now. For me (attending with good income and excellent credit score), the competitiveness of the interest rates has been as follows:

                  ELFI/Earnest/Sofi>>>LendKey>Credible. The 3.5% rate of Splash would fall in the middle of this. Lendkey and Credible are always at least 1% higher than the rest. Elfi/Earnest/sofi go head to head and are slightly different from time to time but usually within 0.2% of each other. Earnest probably has the best customer service and online interface, Elfi the worst.
                  Click to expand...


                  Thanks for sharing your experience, that's super helpful to people. However, I'm not sure your use of the word "always" is quite accurate. Perhaps it would be better stated "each time I have refinanced, these companies offered me rates that were 1% higher." That may be more related to something unique about you as a borrower than the company since they all have different underwriting criteria that would be the same each time you applied.
                  Helping those who wear the white coat get a fair shake on Wall Street since 2011

                  Comment


                  • #10
                    I'm an Optometrist. I just refinanced 130k of student loans yesterday with Splash Financial. I have an 817 credit score. 116k income at a federal hospital. Got the 3.5% fixed rate for a 5 year term loan. In March (just 2 months ago), I had refinanced with Earnest and gotten a 4.90% fixed rate for the same terms. Refinancing with Splash was very easy. The whole process from beginning to end took 5 days. I uploaded a checklist of forms they required (paystub, diploma, proof of working for 2yrs, driver's licence, etc) it took them 2 days to review the documents after I uploaded them and then I got the offer. Still can't believe I got a rate that low right now! When I refinanced with Earnest, they told me that interest rates had gone up compared to last year when I first refinanced with them (I was refinancing with them a second time trying to lower my rate). They did not budge and the rate did not go down. Very glad I heard about Splash though WCI and used the referral link.

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                    • #11
                      So if I’ve only been an attending for 1 year, I wouldn’t be able to refinance with Splash?

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                      • #12
                        Thank you for the update.

                        P.S.

                        Cindy needs an official signature, I didn't realize she worked for the site either.  I almost didn't read the post!

                        Comment


                        • #13
                          I got another email today from Splash:

                           
                          I wanted to share some exciting news. We listened to reader feedback from WCI and starting today, not only did we change our capitalization policy to not compound interest (same policy as the government now) but we lowered our rates for residents and fellows to as low as 3.25% Fixed! This is the lowest fixed rate offer on the market. We also now offer loans with 5, 7, 10, 15 and 20 year repayment terms.

                           

                          We also still maintain the ability for residents and fellows to pay $1 per month for up to 84 months and are one of few companies to forgive the loan in the event of death or disability for residents and fellows. No origination fees or pre-payment penalties.

                           

                          We’re excited to continue to provide support to all WCI readers with student loans!

                          Lots of good news there.
                          Helping those who wear the white coat get a fair shake on Wall Street since 2011

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                          • #14
                            Hi Pistolpete - You are definitely able to refinance with Splash as an attending for 1-year! You just need to have your first paystub as an attending.

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