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Personal Loans

Sallie Mae Personal Loans Review

Sallie Mae is no longer offering personal loans. To compare other options, you can check out our picks for the best personal loans.

Sallie Mae
on Sallie Mae’s secure website
Editorial Rating

Editorial Rating

What we like:


Rates (APR)6.99%24.99%
Loan Amounts$3,000$35,000
Loan Terms36 months or 60 months
FeesOrigination fee: 0%

Prepayment penalty: $0
See how Sallie Mae’s personal loan stacks up with other options

Sallie Mae has been in the student loan business since the 1970s. While it began as a federal loan servicer, it has since moved into providing private student loans for undergraduates, grad students, and parents. Additionally, Sallie Mae offers personal loans, but they are available on an invitation-only basis and you need an offer code to apply.

This Sallie Mae personal loan review will tell you everything you need to know about this loan, as well as some alternative options if you don’t have an offer code or cannot qualify for a loan from Sallie Mae.

In this review:

How to Get a Sallie Mae Personal Loan

With most of the personal loan lenders, you can visit their website, submit a quick application, and see if you can qualify for a loan within minutes. But you cannot do this with Sallie Mae. Personal loans from Sallie Mae are invite-only, so you’ll need to be offered a personal code before you can apply.

Offer Codes

Offer codes are sent out only to people whom Sallie Mae has determined are likely to qualify for a loan. While this makes the loan approval process quick and easy if you happen to get an offer code, you are out of luck if you haven’t received one.

There’s no option to request an offer code, and having other loans with Sallie Mae does not guarantee you’ll receive one.

If you do get an offer code, you can then submit an online application, and chances are good you’ll be approved. However, Sallie Mae will still need to verify that you meet basic eligibility criteria, including:

  • Having good credit (or a cosigner with good credit)
  • Earning sufficient income
  • Being of legal age in your state
  • Being a U.S. citizen or permanent resident of the United States
  • Having a valid bank account

Because only pre-approved borrowers can apply, the application and funding process is extremely fast. In fact, funds may be available as quickly as the next business day once you have completed the application process.

Basic Information: Rates, Terms, Fees & Limits

Here are some of the key things to know about personal loans from Sallie Mae if you are considering applying for a loan with this lender.

  • Fixed APRs: 6.99% to 24.99%
  • Loan amounts: $3,000 to $35,000
  • Loan terms: 36 months or 60 months
  • Fees: No origination fees or prepayment penalties

The Benefits and Downsides of Sallie Mae Personal Loans


  • No fees

  • Free FICO scores

  • Straightforward paperwork process

  • Loans can be used for many purposes


  • Limited availability

  • High interest rates

  • Few repayment options

Sallie Mae Personal Loan Alternatives

If you don’t have an offer code, or cannot qualify for a loan with Sallie Mae, check out some of the lenders below.

Here are lenders for those with good credit:

  • Upgrade: Loan amounts up to $35,000
  • Upstart: Loan amounts up to $50,0002

Check out the best personal loans we rated for additional options.

Bottom Line: Is a Sallie Mae Personal Loan Right for You?

If you get a preapproval code and want to see what rate Sallie Mae is offering you, it doesn’t hurt to check. But you should always compare rates and loan terms from other financial institutions as some Sallie Mae loans are very expensive. If you don’t have a personal offer code from Sallie Mae, you’ll need to find another lender that offers personal loans.

2Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5100. The minimum loan amount in GA is $3,100.