
Frequently Asked Questions
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What is PureLend?
PureLend is a comprehensive interest free loan management system for both borrowers and lenders. It creates the curated documentation you need with the underlying Islamic principles while conforming to local legal law. Borrowers can keep track of their repayment schedules and more while providing transparency to their lenders about their outstanding loans.
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How is PureLend useful for borrowers?
PureLend helps borrowers have structured bookkeeping, auto-reminders and trackers for repayments, creating and sharing reports, and more. It decreases operational challenges and creates a systematic approach to Qard Hasanah management thus bringing increased number of Qard Hasanah and transparency.
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How is PureLend useful for lenders?
PureLend helps lenders track the loans they have given to individuals and keep track of repayments for transparency in cash-flow. It also helps in planning and managing repayments.
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Does PureLend support creating repayment plans?
Absolutely! PureLend helps you to set up a repayment plan with recurring payments monthly, weekly, bi-weekly, or even a custom schedule for each lender.
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Do I qualify for a PureLend loan?
You must be taking the loan purely for educational studies.
You must not be engaged interest loans for any transaction
You cannot currently be in foreclosure, bankruptcy, or under any liens.
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Who runs PureLend?
PureLend is run by The Muslim Students for Relief Corporation (MSFR), established by Students in 1994 to provide humanitarian services and to offer financial assistance for various causes.
Since then, MSFR has provided financial assistance through Islamic finance mechanisms, qard hasanah arrangements for student loans, personal assistance, and the like.
MSFR is located in College Park, MD, and was approved as a 501(c)(3) organization in 1994.