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Sallie Mae personal loans review

Last updated:  

Invitation-only financing for consolidating credit card debt and more.

finder.com’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.


Max. Loan Amount

6.99% to 24.99%



Product NameSallie Mae personal loan
Min. Loan Amount$3,000
Max. Loan Amount$35,000
APR6.99% to 24.99%
Interest Rate TypeFixed
Minimum Loan Term3 years
Maximum Loan Term5 years
Turnaround TimeAs soon as the next business day

Expert review

Anna Serio

Review by

Anna Serio is a staff writer untangling everything you need to know about personal loans, including student, car and business loans. She spent five years living in Beirut, where she was a news editor for The Daily Star and hung out with a lot of cats. She loves to eat, travel and save money.

Expert review

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.

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

Updated January 23rd, 2020
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
Credible Personal Loans
3.99% to 35.99%
Fair to excellent credit
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Fiona Personal Loans
3.84% to 35.99%
Good to excellent credit
Get loan offers from multiple lenders at once without affecting your credit score.
Upgrade Personal Loans*
6.98% to 35.89%
Affordable loans with two simple repayment terms and no prepayment penalties.
Even Financial Personal Loans
3.84% to 35.99%
Get connected to competitive loan offers instantly from top online consumer lenders.
NetCredit Personal Loans
34% to 155% (Varies by state)
No minimum
Check eligibility in minutes and get a personalized quote without affecting your credit score.
Monevo Personal Loans
3.99% to 35.99%
Quickly compare multiple online lenders with competitive rates depending on your credit.
PenFed Credit Union Personal Loans
6.49% to 17.99%
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
LendingClub Personal Loan
6.95% to 35.89%
A peer-to-peer lender offering fair rates based on your credit score.
SoFi Personal Loan Fixed Rate (with Autopay)
5.99% to 20.01%
A highly-rated lender with competitive rates, high loan amounts and no fees.

Compare up to 4 providers

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.

Frequently asked questions

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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  1. Default Gravatar
    June 11, 2019

    How do I get an offer code

    • Avatarfinder Customer Care
      June 12, 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,

  2. Default Gravatar
    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?

    • Avatarfinder Customer Care
      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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