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2.27% to 7.49%
APR
$300,000
Max. Loan Amount
620
Min. Credit Score
| Product Name | Purefy Student Loan Refinancing (Variable Rate) |
|---|---|
| Minimum Loan Amount | $7,500 |
| Max. Loan Amount | $300,000 |
| APR | 2.27% to 7.49% |
| Interest Rate Type | Variable |
| Minimum Loan Term | 5 years |
| Maximum Loan Term | 20 years |
| Requirements | Must have been employed for 2+ years, make at least $24,000 and be 18+ years old. |
Review by
Anna Serio is a staff writer untangling everything you need to know about personal loans, including student, car and business loans. She spent five years living in Beirut, where she was a news editor for The Daily Star and hung out with a lot of cats. She loves to eat, travel and save money.
Purefy is one of the more flexible student loan refinancers out there. Unlike most providers, it works to make refinancing available to people with any type of student loan — including all federal student loans. Top benefits include competitive rates, zero fees and fast turnaround time. It’s a particularly good option for married couples who want to refinance their student loans together — few lenders offer this option.
While it’s quicker than some other refinancing providers, Purefy does have a longer list of eligibility requirements. You’ll need good to excellent credit or a creditworthy cosigner to qualify. And getting preapproved involves a hard credit check, which can cause your credit score to dip.
Can’t qualify? Check out our list of other student loan refinancing providers that might be a better fit.
Refinancing through Purefy works a bit differently than other types of refinancing loans. It’s a referral service that mainly works with PenFed Credit Union. It also offers loans through Citizens Bank, a regional bank that mainly services the northwest. If you live in Indiana, you might be eligible for refinancing through INvestED as well.
Purefy essentially streamlines the application process that you start on its site and finish with the lender you choose. Once you have your documentation together, filling out the application shouldn’t take more than an hour.
From start to finish Purefy requires you to wait at least 15 days before receiving your funds. While it might seem slow compared to other types of loans, many student loan refinancing providers require waiting periods twice as long.
You can refinance up to $90,000 for associates or incomplete degrees. The maximum amount is $300,000 for Bachelor’s or graduate degrees.
To meet Purefy’s basic eligibility requirements you or your cosigner must:
You can find the list of eligible institutions when you go to select your school on PenFed’s Find My Rate page. Other eligibility requirements depend on whether or not you borrow from PenFed Credit Union or Citizens Bank.
One of Purefy’s unique features is its Couple Loan through PenFed, which allows married couples to consolidate their student debt into one loan. Both partners are not required to be on the new loan. One partner can assume all the debt.
If you apply together, the lender considers your combined incomes and uses the highest credit score between the two of you to determine your interest rate. Your combined student debt needs to meet their minimum of $7,500 and can not exceed $300,000.
You could potentially get lower rates — especially if you have unsubsidized or PLUS loans. But you’ll be giving up benefits that come with federal loans like forgiveness programs and an extensive menu of repayment options to choose from.
Purefy only offers a standard option where you make the same fixed repayment each month until you’ve paid off your loan. By choosing a longer loan term, you can lower how much your monthly repayments will cost.
Just be aware that by choosing a longer term, you’ll end up paying more in overall interest. The same can be true for income-based or graduated income repayments.
Like with other lesser-known student loan refinancing providers, Purefy doesn’t have much of an online presence. It doesn’t have a page on the Better Business Bureau website or Trustpilot, and it’s rarely mentioned in forums.
When it does come up, it’s generally in the context of someone asking for advice on where to refinance, usually in comparison with bigger-name student loan providers like SoFi and Credible. While there isn’t as much excitement about what it offers, users appear to agree that it’s a reputable company with relatively competitive rates.
Before you sign up for refinancing with Purefy, have the following documents on hand:
You might be asked to provide additional documentation after submitting your loan application.
Follow your lender’s directions to complete the online application, carefully going over the terms and conditions before submitting it. At this point, your lender will do a hard credit inquiry that can cause your credit score to temporarily go down. Wait between five and ten minutes for an email from your lender letting you know if you’ve been preapproved. If you get the green light, your lender will ask you to submit more documentation. If you applied for a loan through PenFed, this includes a membership form.
Review your promissory note before signing it to accept the terms and conditions and wait for your funds to be disbursed directly to your former lenders.
Have any questions about your application? You can reach out to Purefy’s customer service by calling or texting between 9 a.m. and 7 p.m. Eastern time. You can also email or even tweet the company at @Purefy.
Purefy launched in 2014 with the intent of streamlining the student loan repayment process. It prides itself on its focus on the borrower and ability to tailor your new loan to your specific needs. It’s won two awards since its launch, including the 2015 Gold Omni Award and the IMA Best in Class award, also in 2015.
Purefy is often better for borrowers with excellent credit and a few years behind them in the workforce. It’s also better for those who have a graduate degree or higher — they tend to qualify for lower interest rates.
Want to read about more lenders? Visit our student loan refinancing page to learn about your options, compare rates and more.
