This PureFy student loan review can help you determine if the company can help you manage your finances better. From providing you with personalized refinancing rates to giving you expert tips and advice, the PureFy and PenFed partnership has all the bases covered.
2024 PureFy Student Loans Review
Updated: October 16, 2024
Advertising & Editorial Disclosure
At a Glance: PureFy Student Loan Refinancing
- PureFy
- 3.49%–5.68%Fixed APR Range
- Not offeredVariable APR Range
- $7,500–$500,000Loan Amounts
- No deferment periodGrace Period
- Required if the borrower’s credit score is below 670Co-signer
PureFy was founded in 2014 as a student loan comparison site where borrowers can find customized refinance rates from top lenders in the country. In 2016, it partnered with PenFed to offer a seamless way to refinance student and parent loans.
The company makes it easy for you to learn about your student loan refinancing options. You just need to fill out a brief questionnaire to see which loans you’re eligible for along with personalized rates. A soft credit inquiry is done during this process.
If you choose PenFed as your lending partner, PureFy will walk you through its application and help you access terms, loan amounts and interest rates that are ideal for your needs.
Keep in mind that selecting a lender other than PenFed will direct you to the other lender’s website. Purefy will not be involved with the application or loan process if you choose an alternate lender.
Pros
- No application, pre-payment or origination fees
- Soft credit inquiry
- Flexible terms
- You can consolidate your private student loans together with your federal loans
- Quick application process
Cons
- No deferment and forbearance options
- No discounts for autopay
- Refinancing is not available to current students
- Must be a PenFed member
- Co-signer required if your credit score is less than 670
- Fixed APR Range: 3.49%–5.68%
- Variable APR Range: Not offered
- Loan Amounts: $7,500–$500,000
- Grace Period: No deferment period unless there is an extraordinary circumstance
- Co-signer: Required if the borrower’s credit score is below 670
MoneyGeek Breakdown: PureFy Student Loan Refinancing Details
PureFy Details
Fixed APR | 3.29%–5.43% |
Variable APR | None |
Loan Types | Refinancing student and parent loans |
Loan Amounts | $7,500–$500,000 |
Repayment Terms | 5, 8, 12 and 15 years |
Grace Period | None |
Co-signer Required | Yes, if credit score is below 670 |
Time to Receive Funds | It takes three to 14 days for the previous loan servicer to receive funds |
Late Fees | $29 |
Prepayment Penalty Fees | None |
Perks | No application or origination fees, checking your rates does not impact your credit score, easy application process |
Mobile Application | Yes |
PureFy Student Loan Refinancing Application Requirements
- 1
Must be a U.S. citizen
- 2
Must be at least 18 years of age
- 3
Must be the borrower on an outstanding, fully-disbursed private education loan, federal-backed education loan or parent Loan
- 4
Must be named as the borrower on the promissory note and loan application
- 5
Must have a bachelor's degree or higher
- 6
Provide proof of income of at least $25,000
- 7
Must meet the borrower credit requirements with a credit score of at least 670
- 8
Must be a PenFed member
- 9
If credit and income requirements can’t be met, a co-signer with a credit score of 720 or 725 and income of $42,000 or $50,000 is needed depending on the size of your loan
Is PureFy Right for You?
All student loan lenders are different, so it’s important to compare your options. PureFy’s comparison tool lets you do just that. Plus, if you choose PenFed, you’ll have access to some great perks.
Type of Student PureFy Is Perfect For
PureFy is a great place for current borrowers to start their student loan refinance journey. The site lets you quickly compare rates from top lenders to find the best option for you. It’s a great way to get all the information you need in one place.
Through their partnership with PenFed, you can access flexible terms, avoid origination fees and pay your loan off early without any penalty. These benefits make the platform a great option for anyone who wants to save money on their loans by avoiding fees.
Who Should Not Choose PureFy
PureFy-powered PenFed is not a great choice for borrowers with a credit score of less than 670, those who cannot meet the minimum income requirements or customers who don’t have a co-signer that can meet the minimum qualifications.
It’s also not a great option for anyone who doesn’t want to be a member of PenFed since you must be a member to access these loans.
Furthermore, this lender doesn’t offer autopay discounts, which is a benefit some of the other lenders on the market provide.
How to Apply for PureFy Student Loan Refinancing
Applying for a loan takes just a few minutes and is easy with PureFy. You can apply using your computer, cell phone or tablet. You will be asked to submit a few pieces of information about yourself.
- 1
Prequalify
Get prequalified for a loan. PureFy's network of lenders nationwide is ready to compete for your business, so you can see who has the best rates no matter where you live.
- 2
Fill Out Application Form
If you choose to use PenFed, you need to submit additional documents to complete the application process. These can all be uploaded using photos or screenshots. You’ll need to provide:
- Proof of income
- A valid photo ID
- Payoff verification from your current lenders
- Proof of graduation with either a diploma or transcripts
- PenFed membership application (if you aren’t already a member)
If you choose any of the other lenders, you’ll complete the application on the other lender’s website.
- 3
Wait for Approval
Once you submit your application with PenFed, you’ll need to wait for them to verify your documents and make a decision about your application.
- 4
Review Loan Agreement
If your application is approved, take the time to read the terms and conditions. This can give you a solid understanding of any fees or extra charges you may face, saving you money in the long run.
- 5
Sign Loan Agreement
After you review the loan agreement and decide it’s acceptable, you can sign it.
- 6
Receive or Direct Funds
Once you submit your loan agreement, PenFed will typically release the funds to your previous lender within three to 14 days.
- 7
Make Payments
Make sure to note the due dates and amounts for each of your monthly payments so that you don’t fall behind. Setting up autopay can help with this.
What to Do if You Are Rejected From PureFy
What happens if you apply for a loan but your application is denied? The first thing you have to do is find out why your loan was rejected. Lenders take many factors into consideration, but it can be a combination of your residency status, enrollment status, income or credit history that can cause your application to be declined.
Don't worry. This happens to many people every year. There are plenty of options for you to consider. Since PureFy is essentially a comparison site, it will provide you with many other lenders aside from PenFed.
If you have your heart set on PenFed, you can call or email to find out why your application was denied. Then, you can work on whatever the issue was with your application. It might be something as minor as inaccurate information on your application. Or, you might want to consider having a co-signer on your application to improve your chances of getting approved.
Regardless, you shouldn’t reapply until you improve whatever the issue was.
Frequently Asked Questions About Student Loans
Do you have questions about student loans and the PureFy process? We’ve answered some of the most common questions below.
What can I use a PureFy student loan for?
You can use your PureFy-powered PenFed loan to refinance your student loans. If you have student loans and a degree, refinancing can help you lower your interest rate and save money.
What credit score do I need for a PureFy student loan?
For loans up to $150,000, you'll need a co-signer if your credit score is less than 675 and/or your annual income is less than $25,000. Your co-signer must have an annual income of at least $42,000 and a credit score of 720 or higher.
For loans exceeding $150,000, you'll need a co-signer if your credit score is below 670 and/or your annual income is less than $25,000. Co-signers need an annual income of at least $50,000 and a credit score of 725 or higher.
How long does PureFy take to approve a student loan?
PenFed typically disburses funds within three to 14 days.
Does PureFy have a mobile app?
Yes, PenFed is on Google Play and the Apple Store.
What is the maximum amount I can borrow from PureFy?
PenFed lets you borrow up to $500,000.
Will applying for a PureFy student loan affect my credit score?
Checking rates as well as prequalifying for student loans will not impact your credit score since the company does a soft credit check. However, completing a full application will result in a hard credit check that can impact your credit score.
Does PureFy accept co-signers on student loans?
Yes. In fact, co-signers can be required if you don’t meet certain qualification minimums.
Can I use PureFy student loans at my college?
You must have graduated with an associate degree or higher and be currently employed in order to be eligible for student loan refinancing with PenFed.
About Christopher Boston
Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.
Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.
sources
- PureFy. "About Us." Accessed September 18, 2024.
*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings for our coverage of credit card products. MoneyGeek and CardRatings may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings for our coverage of credit card products. MoneyGeek and CardRatings may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.