Following a separation from the Bank of Virginia and Cordia Bancorp, CordiaGrad has announced a company name change in order to establish separation from its parent companies. Now known as Purefy, the former CordiaGrad was the leading student loan servicer in the nation.
The separation was caused by company founder Jack Zoeller who purchased the newly branded Purefy from the large bank and parent company. The previous set up with the Bank of Virginia and Cordia Bancorp was not heading in the right direction, and the founder explained the need to “match our values, direction, and commitment to young adults and parents.” Zoeller intends to take the reins on student loan refinancing in order to improve options for students in need of financial assistance.
One of the major characteristics of loan refinancing from Purefy is the transparency and ease of its services. The refinancing company is aiming to brand itself as a “pure” company with no hidden tricks or scheming loan options.
This is accomplished in several ways. First, Purefy reveals what kind of interest rate a potential borrower is eligible for before any final application is submitted. This offers quite a bit of transparency on the types of services offered to its beneficiaries. In addition to interest rate previews, Purefy offers several different payment terms to choose from; for instance, refinancers can choose between five, eight, or twelve year repayment plans. No other company has tried to offer this degree of flexibility in refinancing, but it is sure to be a trend that many companies are about to follow.