Purefy Inc. today announced the launch of an online student loan refinancing platform tailored for PenFed Credit Union, the second largest federal credit union in the U.S. The platform provides a simple process for student loan borrowers to review their options and apply to consolidate multiple higher interest rate loans into a single PenFed loan.
“This partnership allows us to extend our platform and product innovations to reach a much larger market,” said Purefy Founder & CEO Jack Zoeller. “Purefy and PenFed are committed to delivering low rates using technology that student loan borrowers are comfortable with.”
“This is another big step in enhancing the products and services PenFed offers to our 1.5 million members,” said Denise McGlone, Chief Financial Officer of PenFed. “We chose Purefy as our partner because their platform has a proven ability to connect with student loan borrowers. Together we are totally focused on ways to present borrowers with a range of options in a quick, easy process.”
PenFed has incorporated several unique features built by Purefy, including a Find My Rate tool which gives an estimate of the rate borrowers will receive if they apply and are approved, and a side-by-side comparison of borrowers’ rates with and without a cosigner. Purefy and PenFed also exclusively offer an option for married couples to achieve lower rates by consolidating and refinancing into a single loan.
Purefy also announced today the appointment of Bill Hubert as President of the company. Prior to Purefy, Mr. Hubert founded Cology Inc., which he led from 2005 until its sale in 2013. Cology quickly became the nation’s largest independent student loan origination platform, hosting programs for several hundred U.S. financial institutions.
“Purefy understands the challenges faced by consumers and shares my passion for presenting simplified solutions to complex problems,” said Mr. Hubert. “Our new platform is really going to turn some heads. It quickly educates the borrower so they make an informed choice and move forward with confidence.”
Since its online launch in 2014, Purefy has been dedicated to being pro-consumer and transparent and to doing things a little differently than the rest of the student loan market. Visit our award-winning website at purefy.com. With a commitment to honest and personalized customer service, Purefy builds platforms around the information and tools borrowers need to save money and get out of debt sooner.
About PenFed Credit Union
Established in 1935 as the War Department Credit Union, PenFed Credit Union is one of the largest credit unions in the country, serving over 1.5 million members worldwide with more than $21 billion in assets. Our long-standing mission has been to provide superior financial services in a cost-effective manner, while being responsive to members’ needs. PenFed Credit Union offers market-leading mortgages, automobile loans, credit cards, checking, and a wide range of other financial services with its members’ interests always in mind. PenFed Credit Union serves a diverse population, and no military service is required to join. We offer many paths to membership, including numerous employee groups and association affiliations. It’s easy to apply. We invite you to come see why you belong at PenFed Credit Union. PenFed Credit Union is federally insured by the NCUA and is an equal housing lender.