In a Nutshell
- Professional loan advisors available for consultation
- Competitive interest rates
- Flexible repayment terms
- No forbearance policy
- No cosigner out
Purefy at a Glance
Loan Types: Undergrad, postgrad loans, refinancing
Loan Amount: $5,000-$300,000
Repayment Terms: Full payment, partial payment, interest-only, deferred repayment plans
APRs From: 2.85%
Minimum Credit Score: N/A, cosigner recommended
Fees: No fees
Purefy is fairly new to the private student loans industry, having launched the brand in 2014. The goal was to offer a simpler, easier, and more affordable way for students to get the financial assistance they need to keep studying. And from what we’ve seen, Purefy has reached its goal.
Purefy is also a Gold Omni and IMA Best in Class Award winner and has incredible loan advisors ready to help you answer questions, walk you through the application form, and help you through each stage of the loan process.
Anyone looking for an easy online application process, competitive rates, and friendly, professional assistance will benefit from Purefy’s services. This is a great loan provider for first time students
Purefy lenders offer both private student loans and student loan refinancing options. The network is connected to the top lenders in the industry including PenFed, Citizens Bank, and InvestEd, so you have strong financial backing, flexible terms, and low rates to rely on.
The Application Process
You can apply for a loan through a Purefy lender online. Here’s how:
- Fill out the online application form.
- You may be eligible for pre-approval, which will make the whole process go much faster.
- Review your loan offers and agree to the terms of the loan.
- Receive your money directly into your account.
The process takes between 2-4 weeks depending on the lender and your credit checks.
You may be required to include the following documentation:
- Proof of income (if applicable)
- Photo ID
- Personal reference
- School information
- Social Security number and DOB
- Current contact info
Fortunately, you can just snap a pic from your smartphone and send documents in as attachments. If you have a cosigner on your loan, they’ll also have to send in the relevant documentation from the eligibility requirements (covered below).
Depending on which lender you go with in the end, you may have slightly different eligibility requirements to meet. Here’s an example of the most common requirements:
- Must be a US citizen
- Must be of legal age within your state of residence/18 or older
- Must already have a minimum of one outstanding non-private student loan option (federal loans, private education loan, Parent PLUS loan)
- Must meet the credit requirements
- May need to provide proof of income
To have a cosigner on your private student loan, the cosigner must meet the following requirements as well:
- Must be a US citizen
- Must be of legal age within your state of residence
- Must cosign for both the loan application and promissory note
- Must provide proof of income
- Must meet cosigner credit requirements
- May need to provide proof of income
Purefy doesn’t specify exactly what interest rates are available, but your individual rate will be based on your level of schooling, the terms of the loan you apply for, whether you opt for a fixed or variable rate, and your credit score. Adding a cosigner also helps lower your interest rate, and so will choosing to start paying off your debt right away.
There are other ways to lower your interest rates too. For example, if you set up autopay that automatically takes money out of your bank account each month to pay back the loan, Purefy lenders will give you a 0.25% discount on your rate. Lenders will also frequently offer a loyalty discount. That is, if you are already a member of their service, you can get a further 0.50% off.
One good thing about working with a Purefy lender is the fee structure. In fact, none of these lenders charge the usual fees associated with private student loans. You won’t be charged an origination or application fee, and you won’t be penalized if you refinance or pay off your loan earlier than your repayment schedule predicts.
Regardless of which lender you end up working with through Purefy, you can generally defer payments until up to 6 months after you finish school. If you want to save more money, you can start payments earlier with the following options:
- Interest only payment plans let you pay off just the interest of the loan while you’re in school. This is a good way of reducing the overall costs of the loan without having to deal with the heavy financial burden of paying off the full loan while you’re still in school.
- Fixed rate per month payment plans give you a set amount you’ll pay each month toward the loan repayment. Again, this is an easy way to stay ahead of major student loan debt that’s still manageable while studying.
- Full payment plans are also available if you have the funds for it. These let you make regular payments (principal and interest included) so that you end up paying less overall and finish paying it off faster. Full payment plans usually qualify for lower interest rates too, saving you even more.
Purefy lenders will offer repayment plans for 60 months (5 years), 96 months (8 years), 144 months (12 years), or 180 months (15 years).
How Safe is It?
Purefy uses industry-standard security measures that are in keeping with all federal laws to secure private information that is collected. This includes computer safeguards, as well as physical ones.
Purefy has good support options. You can reach a customer service rep via phone or email. And keeping in step with the modern shift toward mobile-friendly services, Purefy even has an exclusive texting line set up if you’d rather get help this way. In our eyes, that’s the same thing as live chat. This is a big bonus for Purefy since most online lenders don’t offer that kind of fast and readily-available customer service. Customer service options are available Monday thru Friday 9am – 7pm ET.
How Purefy Compares
If you’re looking for an easy, fast, and comprehensive private student loan, Purefy delivers. You’ll get some great rates, and the discounts lower the APR even more. Plus, Purefy lenders provide excellent repayment terms, making it easy for everyone to get the loans they need and pay them off comfortably over time.