While primarily known as a major player in the student loan industry, Sallie Mae also offers a personal loan that can be a great solution if you’ve got good to excellent credit and need to quickly cover a large expense. However, this loan isn’t a good fit if your credit is subpar or you need the money to pay off student loans.
Sallie Mae Personal Loan review: Should you apply?
This loan is by invitation only, so you’ll need a Sallie Mae Personal Loan offer code to apply. If approved for the loan, you may be able to get your money as soon as the next business day.
Funds can be used to help you consolidate high-interest credit card debt into one easy payment or finance major life milestones like a wedding. You can also use the money to keep your household budget on track when your home needs a major repair or if medical bills start piling up. However, while a Sallie Mae Personal Loan can pay for most things, you can’t use one to cover the costs of higher education, real estate or securities.
Sallie Mae Personal Loan only offers fixed interest rates, so you’ll never need to worry about your monthly payments fluctuating. But, if your credit history has blemishes, you could be offered a rate that’s as high as some credit cards. To demonstrate their commitment to your financial health, Sallie Mae will help you monitor your credit quarterly with free online FICO scores for as long as you’re a borrower.
Sallie Mae lets you spread loan payments out over three or five years. The shorter repayment term gets you out of debt sooner, but the higher monthly payment may put a strain on your budget. However, while the longer repayment term helps your cash flow, it could result in a higher interest rate and an increased overall cost to borrow.
Sallie Mae Personal Loan eligibility criteria
As previously mentioned, you’ll need an invitation in order to apply. But the lender has other requirements to keep in mind. You must:
- U.S. citizen or permanent resident.
- At least 18 or 21 years old depending on your state of residence.
- Have a valid U.S.-based checking account
Sallie Mae Personal Loan terms
Sallie Mae’s general personal loan terms are shown below. However, your specific Sallie Mae Personal Loan rate and other loan details will be based on your credit history and income. It’s a good idea to review your loan documentation carefully so that you know what to expect as a borrower.
|Loan amount range||$3,000 - $35,000|
|Fixed APR range||6.99% - 24.99%|
|Loan terms||36 or 60 months|
|Repayment options||Monthly. But extra payments can be made at any time without penalty.|
Sallie Mae Personal Loan application process
Personal loan applications are processed online using your Sallie Mae Personal Loan offer code. Simply go to the website listed on your invitation to apply, enter your offer code and last four digits of your social security number, and fill out the subsequent required fields.
While Sallie Mae doesn’t require a home appraisal or make prospective borrowers jump through paperwork hoops, it’s helpful to have information about your income, assets and other debts on-hand as you complete the application. If you’ve lost your offer code or need help during the application process, you can call Sallie Mae for guidance.
|Application process||Online or by phone|
|Time to get funds||As fast as next business day|
How to make Sallie Mae Personal Loan payments
Sallie Mae makes it simple to make payments on your personal loan, no matter how you manage your finances. You can remit your monthly payment in any of the following ways:
- Set up automatic debit from your checking account
- Schedule the payment online
- Call the automated phone line
- Mail a check
- Use a third-party bill-pay service
How does Sallie Mae compare to other lenders?
If you didn’t receive an invitation to apply for Sallie Mae’s personal loan, there are other options that could be a great fit for your needs. Discover and SoFi personal loans both have repayment terms of up to seven years and really differentiate themselves by offering unique perks to borrowers.
Sallie Mae vs. Discover
If you’re looking to consolidate credit card debt and want to work with a flexible lender, a Discover personal loan may be your answer. Discover will pay your creditors directly, allow you to change your due date twice during your repayment period and stand by their rates with a 30-day money back guarantee.
Like Sallie Mae, Discover will loan you up to $35,000 with an APR* ranging between 6.99% - 24.99%. To qualify for a Discover personal loan, you’ll need a credit score of 660 or better and a household income of more than $25,000.
* As of August 8th, 2019
Sallie Mae vs. SoFi
SoFi offers a 0.25% interest rate reduction when you enroll in autopay, unemployment protection to pause payments if you lose your job and career counseling to keep your earning potential climbing. Sallie Mae does beat SoFi in the speed department, though, as SoFi can take 3+ days days to disburse your funds. In addition, this loan is not available if you reside in Mississippi.
* As of August 8th, 2019