What You Need to Know
Sallie Mae's personal loans do not have origination fees. When you apply for a loan, you receive the entire amount Sallie Mae approves you to receive. Part of the loan amount will not be taken out to cover origination fees. They also do not have a fee for paying your loan off early.
Your Sallie Mae payment is due monthly. They offer a grace period of 15 days after your payment's due date. If your payment is late, you have 15 days to make the payment. Sallie Mae does charge a fee if your payment is more than 15 days past the due date.
To apply for a personal loan with Sallie Mae, you must have first received a preapproval code. Sallie Mae sends you a code because you meet specific credit requirements to apply. If you do not have a code, you cannot apply for a personal loan with Sallie Mae.
Sallie Mae only offers two loan repayment terms. Those terms are a 36-month and a 60-month term. When you apply for your loan, you can choose which repayment option works best for you.
Qualifications to Apply for Sallie Mae Loans
- Annual Income: Personal offer code required
- Job History: Personal offer code required
- Debt-to-Income Ratio: Personal offer code required
- Minimum Credit Score: Personal offer code required
- Credit History Length: Personal offer code required
- Credit Bureau Inquiries: Personal offer code required
- Bankruptcy History: Not specified
- Past Loan Denial: Personal offer code required
- U.S. Citizenship Required: Yes, or permanent resident
- Required Age: 18
- SSN Required: Yes
- Valid Bank Account Required: Yes
Useful Information About Sallie Mae Loans
- Business Loans Offered: No
- Cosigner Loans Offered: No
- Joint Loans Offered: No
- APR Range: 6.99-24.99%
- Fixed Interest Rates: Yes
- Repayment Options: ACH, checks, online, phone
- Payments Due: Monthly
- Payment Methods Fees: No
- Smallest Loan: $3,000
- Largest Loan: $35,000
- Loan Term Lengths: 36 or 60-months
History and Achievements
Sallie Mae is an online bank specializing in student loans. They originally started in 1972 as a government-sponsored enterprise. Over the years, Sallie Mae has received awards for:
- Accredited business of the Better Business Bureau
- Named one of "America's Best Midsize Employers" by Forbes in 2018 and 2019
Sallie Mae provides information and tools to help you figure out the best way to pay for college, along with loans. They offer student loans, personal loans, and credit cards. To apply for a personal loan, you must receive a personal offer code from Sallie Mae.
Frequently Asked Questions
Can I apply for a loan entirely online?
Yes, if you have a personal offer code. You cannot apply for a Sallie Mae personal loan without that code.
What is the lowest my credit score can be?
Sallie Mae does not have a set minimum credit score. To apply for a loan, you must have a code from Sallie Mae. You can only apply if Sallie Mae sends you a personal offer code to apply.
What is the smallest loan amount available?
The minimum loan amount is $3,000.
What is the largest loan amount available?
The maximum Sallie Mae loan is $35,000 if you qualify.
What are the loan term lengths?
Sallie Mae offers two loan terms. Those are 36-months and 60-months. You can choose which term you wish to receive.
Are the interest rates competitive?
Sallie Mae's personal loan rates are competitive with other online lending companies. The interest rate you receive depends on your qualifications.
Are the interest rates fixed?
Yes. The Sallie Mae personal loans offer fixed interest rates.
What types of loans are available?
Sallie Mae offers student and personal loans. You can use personal loans for debt consolidation and home improvement projects. You can also use the money for a vacation or wedding and moving or medical expenses.
What information do I need to apply for a loan?
You can only apply for a Sallie Mae loan if you have a personal offer code. If you have a code, Sallie Mae will also need your name, address, and date of birth. You will need to verify your income, SSN, credit, and bank account. Other information may also be necessary depending on your application.
How long does approval take?
Approval time is not listed on the website. You must have an approval code to apply for a personal loan with Sallie Mae.
How long will it take the money to enter my account after approval?
The money can be in your account the next business day. Money transfer time depends on your loan application and your bank.
If I have been denied a loan before, how long do I have to wait to apply again?
You must wait until Sallie Mae sends you another personal offer code. You cannot apply for any Sallie Mae personal loans without that code.
What are the payment options to repay my loan?
Make Sallie Mae loan payments through automatic withdrawals or mailing in a check. You can also pay online or over the phone. The payments are due monthly.
Can I pay my loan off early?
Yes. There is not a fee for paying your loan off early.
Is my information secure?
Sallie Mae security measures comply with federal laws. They protect your information through computer safeguards. Their files and buildings are secure.
Does this loan company offer a mobile app?
Yes, but you cannot access your loan accounts through the app.
How do I contact customer service?
Reach customer service through phone, mail, or online chat. Monday through Thursday, they are available from 8 a.m. to 9 p.m. ET. Friday from 8 a.m. to 8 p.m. and Saturday from 9 a.m. to 6 p.m. ET. You can follow Sallie Mae on Facebook, Instagram, LinkedIn, Twitter, and YouTube.
Bank Contact Information
Sallie Mae
P.O. Box 8588
Philadelphia, PA 19101-8588
800-472-5543
