Sallie Mae does not offer personal loans anymore. Sallie Mae announced the discontinuation of their personal loan business in January 2020, when they released their quarterly earnings report. The report said Sallie Mae wants to focus on other priorities and “does not expect to originate or purchase Personal Loans in 2020.”
Though there are no Sallie Mae personal loans available for the foreseeable future, the lender does have other types of financial products available. They offer student loans and credit cards, along with savings accounts and college planning resources.
There are plenty of other lenders to look to for alternatives to a Sallie Mae personal loan, too. These include banks, credit unions and online lenders. To pick out some of the best ones, WalletHub used 17 key metrics in three overall categories: Terms, Requirements & Application, and Reviews & Transparency.
Best Sallie Mae Personal Loan Alternatives
- Best Bank PNC
- Best Credit Union Alliant Credit Union
- Best Online Lender SoFi®
Below, you can learn more about all of the best alternatives to Sallie Mae personal loans, including other finalists in each category.
This review is not provided, commissioned or endorsed by any company. Opinions and ratings are our own.
Sallie Mae Personal Loan Alternative #1: Banks
Banks are known for decently low APRs on personal loans, as they usually charge between 6% and 25%. Banks also usually require a credit score of 660+, which is higher than what some competing online lenders require. Another quality of personal loans from banks is the ability to apply in person.
| Lender | PNC | American Express | Discover |
| APR | 8.14% - 24.99% | 6.99% - 19.97% | 7.99% - 24.99% |
| Loan amounts | $1,000 - $35,000 | $3,500 - $50,000 | $2,500 - $40,000 |
| Loan lengths | 6 - 60 months | 12 - 60 months | 36, 48, 60, 72 or 84 months |
| Credit score required | Not disclosed | 660 | 660* |
Sallie Mae Personal Loan Alternative #2: Credit Unions
The best part about personal loans from credit unions is that they tend to have very low APRs. That’s because federal credit unions are required by law to cap their interest rates at 18%, and state credit unions have similar limits set by the state. Like banks, credit unions allow in-person applications.
In order to get a personal loan from a credit union, you’ll first need to become a member. Membership requirements usually include living, working or going to school in a certain area or being a part of a certain organization. Family of members can typically join as well. But there are quite a few credit unions anyone can join, including the ones below.
| Lender | Alliant Credit Union | Connexus Credit Union | NASA Federal Credit Union |
| APR | 8.74% - 11.74% | 9.99% - 18.49% | 7.94% - 17.09% |
| Loan amounts | $1,000 - $100,000 | $1,000 - $50,000 | $1,000 - $30,000 |
| Loan lengths | 12-60 months | 24 - 84 months | 24 - 84 months |
Sallie Mae Personal Loan Alternative #3: Online Lenders
The biggest advantage of online lenders is the short amount of time it usually takes to approve and fund loans. Online lenders may be more expensive than banks and credit unions, though, with APRs ranging from 6% to 36%.
| Lender | SoFi® | Achieve Personal Loans | LightStream |
| APR | 7.74% - 35.49% Fixed APR with all discounts** | 6.25% - 35.99% | 6.49% - 24.89% |
| Loan amounts | $5,000 - $100,000 | $5,000 - $50,000 | $5,000 - $100,000 |
| Loan lengths | 24 - 84 months | 24 - 60 months | 24 - 240 months |
| Credit score required | 680 | 620 | 660* |
SoFi Platform personal loans are made either by SoFi Bank, N.A. or, Cross River Bank, a New Jersey State Chartered Commercial Bank, operating from its Delaware branch, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 03/24/26 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors.
Loan amounts range from $5,000–$100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive.
Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
SoFi Plus Discount: SoFi Plus members are eligible for an interest rate reduction of 0.25% on a Personal Loan. To be eligible for the discount, you must meet the SoFi Plus eligibility criteria within 31 days of the funding of your loan. For complete SoFi Plus eligibility, please see the SoFi Plus terms. When you enroll in SoFi Plus, the discount will lower the interest rate that applies to your loan only during periods in which you are enrolled in SoFi Plus. The discount will be removed during periods in which SoFi determines you are not enrolled in SoFi Plus. Each time your loan is re-amortized, your monthly payment amount will change based upon the interest rate that was in place. SoFi reserves the right to change or terminate this offer for unenrolled participants at any time. You are not required to enroll in SoFi Plus to be eligible for Loan approval.
Direct Deposit Discount: To be eligible to receive an additional (0.25%) interest rate reduction on your Personal Loan (your “Loan”), you must set up Direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A., or enroll in SoFi Plus by paying the SoFi Plus Subscription Fee, all within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled Direct Deposit to an eligible Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount will be lost during periods in which SoFi determines you have turned off Direct Deposit to your Checking and Savings account or in which you have not paid for the SoFi Plus Subscription Fee. You are not required to enroll in Direct Deposit or to pay the SoFi Plus Subscription Fee to receive a Loan.
Direct Pay: Terms and conditions apply. Offer good for personal loan customers with credit cards and personal loans in their name only and subject to lender approval. To receive the offer, you must: (1) register and/or apply through this landing page; (2) complete a loan application with SoFi within 90 days of your application submit date; (3) meet SoFi’s underwriting criteria; (4) apply 50% or more of your loan proceeds directly to your lenders/creditors. Once conditions are met and the loan has been disbursed, the interest rate shown in the Final Disclosure Statement will include an additional 0.25% rate discount. SoFi reserves the right to change or terminate the Direct Pay Rate Discount Program to unenrolled participants at any time with or without notice. It takes about 3 business days for your creditor/lender to receive payment after your loan is signed. You will be responsible for making all required payments to avoid credit card and other loan fees.
To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status, be residing in the U.S., and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates at the time of application and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, income, and other factors. If SoFi is unable to offer you a loan but matches you for a loan with a participating bank, then your rate may be outside the range of rates listed above. Rates and Terms are subject to change at any time without notice. SoFi Personal Loans can be used for any lawful personal, family, or household purposes and may not be used for post-secondary education expenses. Minimum loan amount is $5,000. The average of SoFi Personal Loans funded in 2024 was around $33K. Information current as of 03/24/26. SoFi Personal Loans originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org). See SoFi.com/legal for state-specific license details. See SoFi.com/eligibility for details and state restrictions.
Methodology
In order to find the best alternatives to Sallie Mae personal loans, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.
- The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back.For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company.
- The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
- The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.
The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.
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