Purefy Refinancing Review

Purefy acts as a comparative tool that helps you to choose a bank that best suits your needs. Learn more about Purefy and their partnered banks.

Updated by Akshata Patil on 30th October 2019

Purefy is a credit union launched in 2014 that has partnerships with various lenders. Purefy helps students in choosing a lender by acting as a comparative tool. They provide you a list of financial institutions and their related details. Purefy offers a transparent approach.

Purefy acts as a helping hand. They aim at providing you simple process for student loans and refinancing. They strive to provide you the best and affordable interest rates. they assist you in your savings by cutting down your expense on student loan debts.

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Purefy Refinancing Review

Before you make the final decision for refinancing with Purefy, ensure that you consider their pros and cons.

Pros of refinancing with Purefy 

The pros of refinancing with Purefy and their partners are-

  1. Low rates- purefy provides comparatively low rates

  2. Rate tools- you can check the rates you will qualify for by using its 'Finding my rate' Tool which does not require credit score check and something that no other banks facilitate

  3. No origination fees- purefy does not charge any origination or application fees 

  4. No prepayment penalty- the best part is that you can get rid of your loan soon by making early payments

  5. Speedy service- many lenders take at least 30 days to finish the refinancing process, but Purefy completes the process in only 15 days

  6. Refinancing federal student loans- Purefy allows you to refinance federal student loans including Parent PLUS and other PLUS loans which not banks allow you to do

  7. Spouse consolidation- one of the unique services they provide is a consolidation of spouse loans which not all banks provide easily

Cons of refinancing with Purefy 

The cons of refinancing with Purefy and their partners are-

  1. Complex eligibility criteria- as Purefy works with multiple providers, each provider has its own eligibility criteria that you must be aware of before you choose a final lender

  2. Join their credit union- if you are refinancing with PenFed, a partner of Purefy, you need to become a member of their credit union

  3. Credit check- in order to get preapproved you have to undergo a credit check, which will affect your credit score

  4. Restricted discounts- the only discount that you can get through Purefy is when you choose Citizen Bank for refinancing. The discount you will be receiving is 0.25%.

  5. Lose of Federal benefits- once you refinance your Federal loans, they are now private loans. Making you lose all the benefits and perks offered by the Federal Government for Federal student loans.


Why you Should Choose Purefy?

1. Small but the best team

The Purefy calls themselves as nimble, innovative and dedicated body, who aims as offering you lower student loan rates. They provide you the best tools and options to make you debt-free as soon as possible. They hold a small team of personal loan advisors in business.

They might be small but they have the best team.

2. Personal consultations

They believe they provide a different kind of service as they are highly committed and thoughtful professionals who opted to exit the Big banks so that they can build strong relationships with the communities and customers.

They are a borrower- centric approach. They call themselves so because they are capable of providing personal consultations. They provide their service through email, chat, over the phone, or even in person. 

In spite of their applications being automated they still provide a customized solution that suits your needs the best. 

3. Acts as helping hands to committed students

They are a helping hand to the students that are sincere in their commitment. They provide financial assistance to those students and families that have proven their commitment by maintaining their credit by timely payments. They offer them a premium student loan with much lower interest rates. Hence they encourage the committed students by providing additional lower rates. Student loans are complicated tools so getting any kind of will helps the borrowers in the long run. 


Refinancing with Purefy

Purefy has partnerships with private banks through which you can refinance your loans. They act as a comparative tool to choose the bank that suits you the best.

Purey allows you to refinance private student loans, parent PLUS loans, and federal student loans.

Private Student Loans Refinancing

Purefy assists you in refinancing by providing better options for comparison. Through Purefy you can have access to the following lenders-

  1. College Ave

  2. Earnest

  3. Invested

  4. PenFed

A table showing a comparison between the above lenders.

Bank  Fixed rates Variable rates Term 
College Ave 3.54% - 6.49% APR 2.74% - 6.49% APR 5-20 years
Earnest 3.47 - 7.59% APR 2.27% - 6.89% APR 5-20 years
INvested 3.69% - 7.44% APR 3.04% - 6.68% APR 5, 10 or 15 years
PenFed 3.48% - 6.03% APR 2.67% - 7.41% APR 5, 8, 12 or 15 years

From the above table, we can get a clear picture of the different factors to consider for comparison between multiple lenders. Apart from interest rates and repayment terms you can also consider factors like minimum loan eligibility, income requirement, and other such factors.

Eligibility Criteria for Private Student Loans Refinancing

Every bank has its own eligibility criteria that you must know of before choosing a lender to make sure you go through all the banks’ eligibility criteria. 

Let us read about the eligibility criteria for the partnered lenders.

1. College Ave

The eligibility criteria for College Ave is-

  • They provide highly flexible terms between 5 to 20 years

  • Minimum loan amount eligibility: $10,000 (depends on the degree)

  • The maximum loan amount for medical, pharmacy, dental or veterinary doctorate degrees is $300,000

  • Minimum income required $65,000

2. Earnest

The eligibility criteria for Earnest is-

  • They provide highly flexible terms between 5 to 20 years

  • Applicants must be residents of the District of Columbia or one of the 47 states Earnest lends in except Delaware, Kentucky, and Nevada

  • Under Earnest, a variable rate is not offered to the residents of AK, IL, MN, NH, OH, TN, and TX

  • The student loans must be registered in the name of the applicants and used for their education purpose only

  • Earnest does not have cosigner option

  • The minimum loan limit is: $5,000

  • The maximum loan limit is $500,000

3. INvested

The eligibility criteria for INvested-

  • To qualify you must be a resident of Indiana or have graduated from an eligible Indiana school

  • You can access cosigner release after making 48 consecutive on-time payments

  • If the borrower dies or is totally and permanently disabled the loan may be forgiven

  • For deferment, you must be on active duty of military

  • Others may be offered hardship deferment of up to 24 months

  • The minimum loan amount is $5,000

  • The maximum loan amount is $200,000

4. PenFed

The eligibility criteria for PenFed is-

  • The borrowers must become  a member of the credit union

  • One of the few banks that allows married couples to combine their loans into one refinanced loan

  • Cosigner release option offered after 12 consecutive on-time payments (not eligible for couple loans)

  • The child can refinance his loan on his parents' name and vice versa

Parent PLUS Loans Refinancing

Purely understands the struggle of the parents struggling with their children’s loans to give them a better future, and therefore, they have come up with refinancing of the parent PLUS loans.

Purefy assists you in refinancing by providing better options for comparison. Through Purefy you can have access to the below lenders-

  1. College Ave

  2. Earnest

  3. Invested

  4. PenFed

A table showing a comparison between the partnered banks.

Bank  Fixed rates Variable rates Term 
College Ave 3.54% - 6.49% APR 2.74% - 6.49% APR 5-20 years
Earnest 3.47 - 7.59% APR 2.27% - 6.89% APR 5-20 years
INvested 3.69% - 7.44% APR 3.04% - 6.68% APR 5, 10 or 15 years
PenFed 3.48% - 6.03% APR 2.67% - 7.41% APR 5, 8, 12 or 15 years

From the table, you can see that the interest rates for the parent PLUS loans are the same as that of private student loans.

Eligibility Criteria for Parent PLUS Loans Refinancing

Make sure that you go through the eligibility criteria of all the banks that you have shortlisted. Let us read about the eligibility criteria for Parent PLUS loans refinancing.

1.College Ave

The eligibility criteria for College Ave is-

  • College Ave provides highly flexible terms between 5 to 20 years

  • The parent or the applicant that is applying for refinancing must be the borrower or cosigner of the loans.

2.Earnest

The eligibility criteria for Earnest-

  • Earnest provides highly flexible terms between 5 to 20 years

  • Applicants must be residents of the District of Columbia or one of the 47 states Earnest lends in except Delaware, Kentucky, and Nevada

  •  Variable-rate loans are not provided to the following states AK, IL, MN, NH, OH, TN, and TX

  • You must be enrolled in a Title IV-Accredited School

  • Earnest does not have cosigner option

  • Earnest provides refinance to the eligible dependent’s education, and the degree must be completed (or will be completed by the end of the semester)

  • The minimum loan limit is $5,000

  • The maximum loan limit is $500,000

3.INvestEd

 The eligibility criteria for INvested is-

  • To qualify you must be a resident of Indiana or have graduated from an eligible Indiana school

  • You can access cosigner release after making 48 consecutive on-time payments

  • If the borrower dies or is totally and permanently disabled the loan may be forgiven

  • For deferment, you must be on active duty of military

  • Others may be offered hardship deferment of up to 24 months

  • The minimum loan amount is $5,000

  • The maximum loan amount is $200,000.

  • If you are enrolled up to 36 months of in-school deferment at an eligible institution for at least half-time for obtaining a graduate degree.

4.PenFed

The eligibility criteria for PenFed is-

  • The borrowers must become a member of the credit union

  • One of the banks that allows married couples to combine their loans into one refinanced loan

  • Cosigner release option offered after 12 consecutive on-time payments (not eligible for couple loans)

  • The child can refinance his loan on his parents' name and vice versa.

Refinancing might not be for everyone. Read more about student loan refinancing.


Applying for Refinancing with Purefy

After you have compared the lenders on various factors, the next step is to start applying. Filling out the application form will generally take up to 15 minutes. While filling the application form you will have to provide your personal information such as your loan details, income details, tax documents, employment documents and so on. 

Once they approve your application, the lender will ask you to provide documents for verification purposes. After completing the application process, your new lender will refinance your loans by paying off the old loans and giving you a new loan with a new amount, new interest rate, new repayment terms, and new terms and conditions.

Note: You can apply for multiple lenders. Upon approval, you can have a better option for comparison and select the best as per your preference.


Contact Purify

For more details, you can contact them via

Call: 202.524.1115

Text: 202.900.9014

Email: info@purefy.com or press@purefy.com

Official Website: www.purefy.com