Splash Financial provides refinance loans to medical professionals in a residency or fellowship program.
Residency and fellowship loans have a fixed interest rate that ranges from 3.25% APR to 6.69% APR, a loan term of up to 240 months, inclusive of an optional 84-month deferment period during residency or fellowship, and provide the option to either immediately repay the principal and interest or to defer repayment. The APR ranges shown above, as well as the APR displayed as the Fixed Rate APR in the Splash rate offer, assume the APR, monthly payment and total payments that would apply to a loan that is made at the end of the residency period in a single disbursement.
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 accrued and capitalized at the end of the deferment 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 5.22% APR 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 $2,284 per month.
Payments of $1 per month are available for a maximum of 84 months.
Splash 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. Not all applications will be approved. 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 $350,000 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.