Hey guys, I didn’t see anything about this but I was wondering, if I get two loan approvals from two companies, let’s say Sallie Mae and Discover for example, can I take the lower interest rate from one and take it to the other and see if they’re match? Is that something that people have done?
Thanks
CAN they do it, as in ‘is it legal’? Sure. DO they do it? No. They’d need to have loan officers with the authority to override the interest rate in the system for one small balance loan. It isn’t going to happen. They’d also have to take into account any fees, because those are considered when setting the rate.
Why do you care? If the interest rate is lower at Sallie Mae, go with SM.