Splash Financial provides refinance loans to doctors and to medical professionals in a residency or fellowship program.
For the residency or fellowship loans the APR ranges from 5.29%-5.44% (with the 0.25% autopay discount) or 5.54% APR (without the autopay discount). The discount is not available while a borrower is in residency or fellowship, if the loan is not in repayment, or when Splash Financial is unable to successfully withdraw funds from the payer’s bank account. Residency and fellowship loans have a repayment term of up to 204 months, inclusive of an optional 84-month deferment period during residency or fellowship, and provide the option to either to immediately repay the principal and interest or to defer repayment. If repayment of the principal is deferred, the borrower can choose to make interest-only payments during deferment or to pay $1 per month. If $1 per month payments are chosen, all unpaid principal and interest amounts are capitalized at the end of each month during the $1 per month repayment period. Borrowers will pay more over the life of the loan with the $1 per month repayment option than if a different repayment option is selected. For example, 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.
Splash Financial reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Offers are subject to credit approval. To qualify for a loan, you must have a responsible financial history. You must be a medical professional who has completed or is currently in a residency or fellowship program. The maximum loan amount is $346,000 and the minimum loan amount is $25,001.
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.