CLEVELAND, Dec. 20, 2017 /PRNewswire/ -- Splash Financial, Inc.— a finance company that provides online lending options to help medical trainees consolidate and refinance their student loan debt—announced today that it has reduced interest rates for its fixed rate product to between 5.29% APR and 5.44% APR and expanded to 41 states. This expanded product offers increased options for eligible customers interested in consolidating and refinancing their federal and/or private student loans.
"By focusing exclusively on doctors in the student loan market, we have been able to lower our cost of financing. We are now passing along these savings to our customers in the form of reduced rates and zero fees," said Splash Financial CEO Steve Muszynski. "We believe these rates are among the lowest cost and most flexible options for medical residents looking to refinance their educational debt."
Doctors who choose to refinance with Splash at a fixed rate can receive up to a 17-year loan term and defer payments during residency and fellowship. All Splash Financial loans have no origination fees and no prepayment penalties.
About Splash Financial
Splash Financial is a finance company that provides an online lending option for medical residents and fellows looking to refinance their student loan debt. Through unique program benefits such as deferred payment options, Splash gives trainees a sense of financial relief and the freedom to make better life choices during their training. To learn more, visit www.splashfinancial.com.
About the Loans
Applicants can pay $1 per month during their residency and fellowship training periods. The maximum amount of time they can pay $1 per month is 84 months. A refinance loan with a 5.39% APR, with the autopay discount, on a $180,000 principal balance, a 36-month training period with payments of $1 per month will have a 10-year repayment term after training is complete with payments of $2,315 per month.
Loans are originated and funded by Bank of Lake Mills and not Splash Financial. Bank of Lake Mills does not have an ownership interest in Splash. Neither Splash nor Bank of Lake Mills is affiliated with the school you attended. Bank of Lake Mills is Member FDIC.
SOURCE Splash Financial