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  • Details
    • Product details
    • Contact info
  • Your reviews
  • Ask a question
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Sallie Mae personal loans review

  • Anna Serio's headshot
Sallie Mae personal loans
Finder score
Max. Loan Amount
2.75% to 10.75%
Min. credit score

Our verdict

Sallie Mae isn't offering personal loans anymore, but is still handling repayments.

Sallie Mae personal loans are ideal for individuals who received an offer code in the mail and are looking for a no-frills application — you won't be able to apply otherwise. It offers competitive rates starting at 6.99% and no origination fee. Plus, you might be able to get your funds as soon as the next business day after approval.

But if you never received an invitation to apply, you'll need to look elsewhere. It also isn't ideal if you need to borrow more than $35,000 — where Sallie Mae's loans max out.

Didn't get an offer code? Compare your other options below.


  • Low minimum amount
  • Don’t need to prequalify
  • No fees to apply
  • No prepayment penalty

In this guide

  • Our verdict
  • Details
    • Product details
    • Contact info
  • Your reviews
  • Ask a question's rating: 4 / 5.0


  • Best for borrowers looking for a simple, no-frills application.
  • Pick something else if you didn't receive an offer code in the mail — you won't be able to apply.


Product details

Min. Loan Amount $3,000
Loan Amount $35,000
APR 2.75% to 10.75%
Interest Rate Type Variable
Min. credit score
Loan term 3 to 5 years
Turnaround Time As soon as the next business day

Contact info

Phone number 800-472-5543
Customer service hours 8 a.m. – 9 p.m. ET, Monday through Thursday
8 a.m. – 8 p.m. ET, Friday
9 a.m. – 6 p.m. ET, Saturday
Twitter @SallieMae
Facebook @SallieMae

First, am I eligible?

To apply for a personal loan from Sallie Mae, you need to meet the following eligibility requirements:

  • Have an offer code
  • Have a valid checking account
  • Be a US citizen or permanent resident
  • Be the age of majority in your state

Prequalification is primarily based on your credit score. However, factors like your income and debt-to-income (DTI) ratio affect whether or not you get approved.


  • No origination fees or prepayment penalties
  • Quarterly FICO credit score updates
  • Fast funding as soon as the next business day


  • By invitation only
  • Low maximum amount of $35,000
  • Approval isn’t guaranteed
  • Only two loan terms: three or five years

Compare other personal loan providers

Name Product Filter Values APR Min. credit score Loan amount
Best Egg personal loans
Finder Score: 3.8 / 5: ★★★★★
Best Egg personal loans
8.99% to 35.99%
$2,000 to $50,000
Fast and easy personal loan application process. See options first without affecting your credit score.
Upstart personal loans
Finder Score: 4.2 / 5: ★★★★★
Upstart personal loans
7.80% to 35.99%
$1,000 to $50,000
This service looks beyond your credit score to get you a competitive-rate personal loan.
SoFi personal loans
Finder Score: 4.4 / 5: ★★★★★
SoFi personal loans
8.99% to 29.99% fixed APR
$5,000 to $100,000
A highly-rated lender with competitive rates, high loan amounts and no required fees.
Finder Score: 4 / 5: ★★★★★
8.49% to 35.99%
$1,000 to $50,000
Check your rates with this online lender without impacting your credit score.
LendingPoint personal loans
Finder Score: 3.3 / 5: ★★★★★
LendingPoint personal loans
7.99% to 35.99%
$2,000 to $36,500
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
Happy Money
Finder Score: 3.8 / 5: ★★★★★
Happy Money
11.72% to 24.50%
$5,000 to $40,000
Pay down your debt with a fixed APR and predictable monthly payments.

How do I apply?

You can apply for a Sallie Mae personal loan online or over the phone. Follow these steps to begin the process online:

  1. Go to the Sallie Mae website and click Banking in the top navigation bar.
  2. Scroll down and click Learn more under Sallie Mae Personal Loan.
  3. Click I have a personal offer code at the top of the page.
  4. Enter your offer code and click Start application.
  5. Follow the directions to enter your personal information and upload any documents.
  6. Review your information and submit your application.

What information do I need to apply?

Sallie Mae doesn’t state what information you will need to apply. However, you will likely need to provide proof of income and your Social Security number to fill out the application. Other documents may also be required.

What happens after I apply?

If approved, read over your offer before signing your loan documents. Sallie Mae will then transfer your funds to your bank account — as soon as the next business day in some cases. Ultimately, when you get your funds depends on what time of day you get approved and your bank. If you’re approved before 3:30 p.m. ET, Sallie Mae can transfer the funds to your bank account as soon as the next business day.

How do repayments work with Sallie Mae?

Since Sallie Mae personal loans come with such long terms, you might want to consider making additional repayments to save on interest. After all, you might not need three years to pay back $3,000. Sallie Mae allows you to make loan repayments directly from your bank account, by check or through your bank’s third-party bill pay service.

Sallie Mae also recommends signing up for automatic repayments. That way, you don’t have to take time each month to make a payment online. Reach out to customer service if you have any questions.

Want to see how Sallie Mae stacks up to the competition? Compare more lenders with our guide to personal loans.

Personal loan ratings

★★★★★ Excellent
★★★★★ Good
★★★★★ Average
★★★★★ Subpar
★★★★★ Poor
We analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience. Read the full methodology of how we rate personal loan providers.

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June 11, 2019

How do I get an offer code


Bella Finder

June 11, 2019

Hi Me,

Thanks for your inquiry.

Sallie Mae personal loan will send you an email invitation with offer code if they see that you meet their requirements for borrowers. They states that borrowers who get invited to apply for a personal loan are selected based on their credit report.

I hope this helps.

Kind regards,


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March 13, 2019

Once I receive money from loan, do I just go ahead and pay the full balance of my credit card or is it more complicated than that? Will my credit card company accept the payment without any additional fees, cost or penalties for paying off early?


Jeni Finder

March 13, 2019

Hi Guillermo,

Thank you for getting in touch with Finder.

Once your loan application is approved and you already got your money, the lender/bank is not checking on how or where you used the money. If you consider getting a loan to pay off your credit card debt, it is best to discuss with your credit card provider on fees/cost of your account. Basically, paying off your credit card debt earlier than the due date doesn’t cost you any charge/fees.

I hope this helps.

Thank you and have a wonderful day!



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