Purefy Student Loans Review 2023

Borrower tip: Refinancing federal student loans into a private student loan can make you ineligible for certain types of protections, such as income-driven repayment plans, federal debt forgiveness programs and forbearance/deferment options through the Department of Education.

Purefy is a student loan marketplace and not a direct lender. Borrowers can compare prequalified rates for private or refinanced student loans and then apply online.

You will begin by completing a form with a few details about yourself, and Purefy uses this information to get your prequalified rates. This process is free and doesn’t hurt your credit score.

Borrowers will be able to view their options side by side for easy comparison shopping. You can complete your loan application online if you find something you like or book a free consultation with a loan advisor if you need more help. If you apply online, you may be asked to upload documents, which can vary by lender.

The amount of time for disbursal varies by lender.

Terms and conditions vary by loan and lender. Make sure you review the details of your loan and understand them before you sign off on it.

Borrowers can read lender disclosures on the Purefy site to check whether lender discounts are available.

Each lender has its own basic eligibility requirements. As you are comparing lenders, check to make sure you meet them. Some lenders may have different citizenship requirements for private student loans, for example. Next, consider whether you can qualify for the rate you want.
For a private student loan, plan to apply with a co-signer unless you have a strong credit history. Also, not all lenders works with all schools. Purefy will show you only the loan programs that are options for your college or university.

The exact credit score you need will vary by lender, but most require at least good credit to get a private student loan or refinance. You may also need to apply with a co-signer to increase your chances of approval unless you have a strong credit history.

Purefy is headquartered in Washington, D.C., and is available in all 50 states.

Purefy is not rated either by the Better Business Bureau or Trustpilot. The Consumer Financial Protection Bureau’s Consumer Complaint Database does not list complaints for Purefy.

You can reach Purefy’s customer service by phone, text or email. Call Purefy at 202-524-1115 between 9 a.m. and 6 p.m. Eastern Time Monday through Friday, text at 202-900-9014, or email info@purefy.com anytime.

Purefy offers a loan comparison tool that allows you to finish your application online, if desired, after you weigh your options and choose a loan. Expect to upload loan documents to your application. You will prequalify for rates and view them in real time.

The site provides borrowers ample support, including the option to book a free consultation with a loan advisor. Online resources include 13 different loan calculators, a list of scholarships and grants, and a student loan glossary with definitions of important terms. You can complete your application online but may need to call contact lenders if you have questions.

Purefy’s lenders will work with borrowers who are facing a temporary financial hardship, but each lender has its own policy. Interest will continue to accrue during a forbearance, although no payment is due.

Repayment of in-school loans typically begins shortly after leaving school.

Ask about each lender’s policy for death and disability discharges.