Consumer complaint received 2022-07-13
Company: Splash Financial, Inc.
State: CA
Product: Student loan
Sub-product: Private student loan
Issue: Dealing with your lender or servicer
Sub-issue: Received bad information about your loan

Complaint:
In early XX/XX/2022 I applied to refinance my student loans and received quotes from four different companies. My student loans are from XXXX XXXX and I only applied to loan servicers that offer $ XXXX minimum payments during medical residency. I compared quotes from the four companies ( Splash Financial, XXXX, XXXX XXXX, and XXXX  ). Splash Financial had the most competitive rate, and so I called them some time in the first half of the month of XXXX ( unsure of the exact date ) and confirmed that my loan with them would have {$100.00} minimum payments while in residency. This was confirmed over the phone with their customer service, including discussion that the lender that they had quoted me for was with XXXX XXXX. I then proceeded forward with the application and was finally approved around XX/XX/2022 by which time my other inquiries at the other three servicers had expired and interest rates had increased substantially. 
On XX/XX/XXXX I emailed XXXX XXXX, who works at Splash Financial and with whom I had been communicating about the documents I needed to send them for my application to get approved. In this email I asked him to confirm that I indeed would have $ XXXX minimum payments since this is what I had been promised and yet I did not see this detailed in the contract I had been sent. He responded XX/XX/XXXX saying that XXXX XXXX ( which is the company that Splash Financial was getting my loan refinanced with ) does not offer this. I responded to this email XX/XX/XXXX saying that the only reason that I had agreed to use Splash Financial to refinance was for this reason, which they advertise on their website and I included a screenshot of their own website offering the $ XXXX minimum payments to medical residents. I also responded to XXXX XXXX 's comments that I should click on a link he sent that would have me re-apply to Splash Financial 's loans available for medical residents, which is the link I had originally used to apply. 
XXXX XXXX responded saying that Splash Financial actually only offers medical residency loans through XXXX XXXX, and since I had applied to XXXX XXXX to compare rates at the beginning of XXXX they never had offered me a loan that would have $ XXXX minimums during residency and they were now unable to offer me one and that I would be best off re-applying to XXXX XXXX for my loan consolidation. This means that I have now gone through the entire application process, had a hard inquiry on my credit, and lost out on the interest rates that I was promised by the other three companies over a month ago. Interest rates have increased significantly over the past month, which is why I was so keen to start the refinancing process at the beginning of XXXX, since at that time it was clear that rates would be going up. So now I am going to have to start the process over, have another hard inquiry on my credit, only to end up with a much worse interest rate that will end up costing me tens of thousands of dollars over the life time of my loan.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation