Cleveland, Feb. 23, 2022 (GLOBE NEWSWIRE) — Splash Financial (Splash), the online lending platform democratizing access to better student loan deals, today announced a record-breaking 2021 and new lending partners added to its student loan pricing engine and its automated lending platform.
With the financial uncertainty caused by the pandemic and interest rates at historic lows, Splash’s innovative lending technology was uniquely suited to meet growing consumer demand. As a result, Splash saw a 52% year-over-year increase in student loans in 2021, ending the year with a record volume of applications in November and December.
Borrowers who refinanced through Splash saw very competitive rates and discovered a much faster refinancing experience. Since 2012, student loan rates have reached 7.90%, depending on the level of study, the type of loan and the date of obtaining the loan. For comparison, in 2021 Splash customers received an average rate of 3.51% APR, including 0.25% autopay rebate.
“Of all the milestones Splash has reached in the past year, the most significant is that we are truly helping those impacted by the student debt crisis,” said Steven Muszynski, Founder and CEO of Splash Financial. “Student loan debt traps many Americans – delaying or preventing them from enjoying the biggest milestones in life, such as buying their first home or starting a family. At Splash, we make the process saving on student loans as quick and easy as possible, in constant pursuit of our mission to make people more powerful than their debt.
Renewed interest in Splash’s frictionless borrowing experience was evidenced by an increase in demand from credit unions and banking partnerships. Lenders are looking to increase their visibility with the millennial and Gen Z population, and Splash’s best student loan refi platform has been a way to easily launch a digital-native solution.
Splash continues to add leading banks and credit unions, including Bethpage Federal Credit Union and First Fed Bank.
“Growth in today’s market is very competitive. Bethpage is thrilled to partner with Splash to accelerate new member and loan acquisition with a premium, frictionless digital student loan refinancing experience,” said John Witterschein, vice president, credit at consumption at Bethpage Federal Credit Union.
In addition to adding new partners, many existing partners continue to invest in support of Splash’s mission. “We strive to provide our members with personalized financial services and flexible loan refinancing options for a variety of situations. Over the past two years, Splash has evolved into one of our most trusted FinTech partners – actively working with our team to support our goals and drive growth,” said Marito Domingo, Chief Financial Officer of First Tech Federal Credit Union.
About Splash Financial
Splash Financial is on a mission to make people more powerful than their debt. Splash is a leading digital lending platform that helps borrowers easily purchase and compare financial products from a network of credit unions and banking partners powered by Splash. Splash’s unique, curated offerings and automated underwriting platform are designed to help student loan refinancers save thousands of dollars. Splash has raised over $60 million in venture capital from leading investors including Partners of DST Global, Citi Ventures, CMFG Ventures and Northwestern Mutual Future Ventures. To learn more, visit splashfinancial.com.
About First Tech Federal Credit Union
First Tech Federal Credit Union is a $14 billion+ institution headquartered in San Jose, California. It is the nation’s premier credit union serving the world’s leading technology-focused companies and their employees, including HP Inc., Hewlett Packard Enterprise, Microsoft, Agilent, Intel, Cisco, Amazon, Nike, Intuit, google etc First Tech is recognized as the industry catalyst for delivering effortless banking experiences to more than 720,000 members through its 33 branches, more than 5,600 CO-OP shared branches, 30,000 CO-OP network ATMs and online platforms. First Tech offers a full range of financial services, including traditional banking, online banking, mortgages, financial planning, various consumer loans and insurance services. Federally insured by NCUA. Equal Housing Lender. For more information, visit www.firsttechfed.com.
About Bethpage Federal Credit Union
Bethpage Federal Credit Union is a leading community financial institution committed to enriching the lives of its members, employees and the communities it has served for 80 years. Bethpage is the largest credit union in the Northeast region and the 13th in the country.
As a non-profit credit union, Bethpage is committed to its members and the communities it serves. In addition to giving back to its members in the form of great rates and low fees, the Bethpage Cares program invests heavily in high-impact local community programs that aim to build better communities through diversity, equity, inclusion and belonging.
Voted the fifth best company to work for in New York State by the New York State Society for Human Resources Management and Glass Door Top Place to work for small and medium businesses, Bethpage is a federally chartered credit union, available for people across the country who open a 5 dollar membership account. Bethpage offers a robust digital platform that allows members to bank from anywhere. Bethpage is part of the nationwide CO-OP network which provides members with access to their accounts at more than 30,000 free ATMs and more than 5,000 shared branches across the United States. As a financial cooperative, Bethpage offers the best rates in the market, the lowest fees and world-class service, plus a full menu of personal and business financial services. For more information on Bethpage’s strong portfolio of banking, borrowing and investing services, visit www.lovebethpage.com or call 1-800-628-7070.
Ivan Sheehan, Chief Marketing Officer Splash Financial [email protected]