Student loans were often locked in at rates higher than you could be eligible for today. For this reason, GiraffeSpot really likes the online student loan refinancing platforms that allow graduates an easy way to find the best refinancing solution for them.
Purefy is an online lender that offers student loan refinancing through a small number of financers: Citzens, College Ave, Earnest, INvestEd and PenFed. has great rates that make refinancing student loans quick and easy. Purefy also features a “Find my rate” tool that estimates the terms of customers’ loan and lifetime savings before they apply for a credit report.
This is a review of Purefy’s services.
|Loan range:||$5,000 - $500,000|
|Variable rate APR:||2.49% - 9.60% APR|
|Fixed rate APR:||3.50% - 9.50% APR|
|Loan period:||5 to 20 years depending on the provider|
|Minimum income:||$24,000 is Citizen’s minimum, others range up to $65,000|
|Employment criteria||Varies by lender|
|Use of co-signer:||Yes|
|Release of co-signer:||Yes|
|Interest only payments:||No|
|School:||School eligibility varies by lender|
|In-house customer service:||Yes|
|Fees:||No origination fee, no prepayment penalty, no late fees|
|Discharged in death:||Varies by lender|
|Forbearance:||Varies by lender|
Purefy requires a minimum credit score of 660. They do not disclose their typical borrower’s credit score.
PROS & CONS
- A wide range of features are offered, allowing increased opportunity for customization
- No prepayment penalty
- High refinance limit up to $500,000
- Ability to have a co-signer
- With PenFed as a lender Purefy supports spouse couples combining loans into one refinance loan
- No option to have bi-weekly payments via autopay.
Purefy should add the option to have bi-weekly payments via autopay. By partnering with a handful of financers, Purefy is able to offer a wide range of loan terms and features. Purefy discloses specific details about each lenders offering should want to drill down a little further in your knowledge.