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SoFi vs. Splash Financial: Student Loan Refinance Comparison

Splash and SoFi are very close on interest rates and loan terms. Splash Financial is slightly ahead for now, but both lenders have been at the top of our rankings.

Written By: Michael P. Lux, Esq.

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The competition between SoFi vs. Splash Financial is incredibly close. SoFi is the big name and the dominant force in the market. Splash is an upstart that is turning heads.

For many years, SoFi dominated our student loan refinance rankings leaderboard. SoFi had a combination of excellent interest rate offerings and high approval numbers that other lenders couldn’t match. Over the last couple of years, the market caught up with SoFi. In the case of Splash Finacial, they now offer lower interest rates than SoFi for many borrowers.

Deciding which company is better will depend upon borrower circumstances.

SoFi vs. Splash Financial: The Basics

Splash FinancialSoFi
Interest Rates5.19%* - 10.24%6.24% - 9.99%
Loan Terms5 - 20 Years5, 7, 10, 15, and 20 Years
Minimum Loan$5,000$5,000
Signup BonusUp to $500NA

From the above table, it should be pretty clear that there are many similarities between these two lenders.

Outside of the numbers, the lenders are pretty consistent on terms as well. Neither company charges loan origination fees or prepayment penalties, and there are no major red flags with either lender from a loan servicing perspective.

Finally, both companies refinance both federal and private loans. Borrowers with federal loans should carefully consider their decision to refinance. Once federal loans are refinanced with a private lender, all of the federal perks, such as income-driven repayment plans and student loan forgiveness, are permanently eliminated.

SoFi Advantages

Refinancing with SoFi comes with two distinct advantages that most lenders cannot beat.

The SoFi Brand – While SoFi started as a student loan refinance company, it has grown considerably. SoFi now offers mortgages, personal loans, and investment management services. SoFi wants the student loan customers to become mortgage customers and wealth management customers. They call their customers “members.” The benefit to consumers is that they can expect higher quality service. If SoFi wants their borrowers to use other services, they need to treat them right.

SoFi Job Placement – One of the perks of being a SoFi “member” is the career coaching available to all customers. The advantage of helping borrowers find jobs is that they are more likely to repay their loans. Borrowers who lose their job may find this to be a valuable resource.

For more details on SoFi, be sure to check out our full SoFi Refinance Review.

Splash Financial Advantages

Splash current sits at the top of our student loan refinance rankings. The reason for this placement is simple: Splash has the best mix of low interest rates and high approval numbers.

Splash works with an extensive network of funding sources. As a result, Splash customers are more likely to get approved and more likely to get a low interest rate.

A final advantage to Splash is the $500 Bonus for customers who refinance at least $50,000 in student loans. Borrowers should still seek out the lender offering the best interest rate, as a slight rate difference will quickly add up to over $500 in savings for a large loan. However, the bonus is a great perk of going through the refinance process.

Further details on Splash are available on the Splash Financial Refinance Review.

Deciding Between Splash and SoFi

Ultimately, very little separates the two companies.

Borrowers that get identical rate offers may wish to go with SoFi for the member advantages, but most decisions should be determined by the lender that offers the lower interest rate.

Over the past year, Splash has consistently been the lender that offers the best rates. However, each borrower is different, and each lender uses a different formula for deciding what rate to offer. For this reason, borrowers are advised to shop around for the best rate. When rate shopping, both SoFi and Splash are worthy of consideration.

Click here to check your rate with Splash Financial.

Click here to check your rate with SoFi.

About the Author

Student loan expert Michael Lux is a licensed attorney and the founder of The Student Loan Sherpa. He has helped borrowers navigate life with student debt since 2013.

Insight from Michael has been featured in US News & World Report, Forbes, The Wall Street Journal, and numerous other online and print publications.

Michael is available for speaking engagements and to respond to press inquiries.

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