Danielle at 12:38, Jun 4:
We would not have that information available. Once an application is submitted, if approved, you will receive an interest rate offer. If you choose variable, it can increase or decrease over the life of the loan. I cannot say every factor that may contribute to a change. Your specific rate will vary based on the loan product selected. If your loan offers rate and repayment options, your rate may also vary based on your selection.
If your loan has a variable rate, the maximum interest rate your loan could adjust to is 25%.
frank at 12:41, Jun 4:
Wow… So let me summarize how this loan works. You want me to apply for a variable loan that starts at 1.25% and is capped at 25% (credit card bend over rate), without any detailed description on how that variable rate could rise from 1.25% to somewhere 25%, even if nothing in my credit/financial situation changes, nor if libor changes, and if I always pay on time…..
frank at 12:41, Jun 4:
I’m sorry to say this, this is absolutely the worst loan idea ever. Probably worse than any used car loan or credit card offer, because at lease with those loans, if I’m going to bend over, at least I’m told up front.
frank at 12:42, Jun 4:
Thank you.
frank at 12:42, Jun 4:
But no thank you.
(agent disconnected before I could finish)
Danielle at 12:42, Jun 4:
Thank you for choosing Sallie Mae. To start an application, click here. To complete a brief survey about your chat experience, click here.
