PureFy Student Loan Refinancing Review

Founded in 2014, PureFy is a student loan comparison site that lets you check refinance rates based on your financial needs and goals. In 2016, it started originating refinanced student loans and parent loans through a partnership with Pentagon Federal Credit Union (PenFed).

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Last Updated: 7/28/2022
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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.

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

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.

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*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.
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