MoneyGeek’s Santander personal loan review found that this lender has low fees and offers competitive APR rates. You don’t need to be a member of Santander bank to qualify for a loan and you can borrow $5,000 to $50,000 in loans with flexible repayment terms of 3 to 7 years. This lender is a good option if you’re looking for a personal loan that has flexible limits and repayment options.
At a Glance: Santander Personal Loans
- 6.99% to 24.99%APR Range
- NoneMinimum Credit Score
- $5,000 to $50,000Loan Amount Range
- 36 to 84 monthsRepayment Terms
- Next DayTime to Receive Funds
MoneyGeek Breakdown - Santander Personal Loan Details and Requirements
Credit Score Requirements
Debt consolidation, Medical expenses, large purchases, home improvement
Post secondary education expenses
Time to Receive Funds
Prepayment Penalty Fees
Co-signers and Co-applicants
Available for Android and iOS
Is Santander Right for You?
Each personal loan lender offers different terms, rates and options so the best lender for you will depend on your profile and needs. You can go through our Santander personal loan review to find out if this lender offers the best terms for your needs.
Who Santander Is Perfect For
Santander personal loans are a good option if you have a good credit score and want a loan with flexible repayment options that does not have a lot of fees. Santander personal loans do not have origination or prepayment fees and if you have a good credit score you can qualify for APR rates as low as 6.99%.
This lender also disburses funds fairly quickly with same-day funding available, so if you need funds urgently this lender is a good option for you. There are also minimal restrictions on fund usage, so you can use your loan for home repairs, debt consolidation, large purchases or medical expenses.
Who Should Not Choose Santander
While Santander offers fairly competitive APR rates, borrowers with poor credit scores may receive higher interest rates, making the loan quite costly. Santander is also not ideal for borrowers who want funds to pay off student loans since their personal loans cannot be used to fund post-secondary education expenses.
This lender is only available in twelve states: Massachusetts, Maryland, Rhode Island, Connecticut, New Hampshire, New Jersey, Pennsylvania, New York, Delaware, Maine, Vermont, Florida or DC. As such, only borrowers in these states are eligible for a loan with Santander.
How to Apply for a Santander Personal Loan
Applying for a Santander personal loan takes 10 to 15 minutes and can be done online.
You can check your rate and available loan amount in less than 5 minutes with no impact to your credit score.
Fill Out Application Form
To apply for a Santander personal loan you need to fill out their online application form. You will need to provide your social security number and basic employment and income information when applying for the loan.
Wait for Approval
Loan approval typically takes one to two days but depending on your profile, you may get same-day approval and funding.
Review Loan Agreement
Once your loan is approved, you will get a loan agreement detailing the terms of your loan including loan amount, repayment period, APR and other applicable rates. Review the agreement and understand your obligations to avoid incurring penalties.
Sign Loan Agreement
if you are satisfied with the terms of the loan you can sign the loan agreement and send it back to the bank.
Receive or Direct Funds
In most cases, your loan will be funded in one to two days and you may even get same-day funding.
Your due date will be indicated on your loan agreement. It is important to make your monthly payments on time to avoid incurring late charges and damaging your credit score.
What to Do if You Are Rejected From Santander
In some cases, your personal loan application may be denied by Santander. Although this lender does not specify a minimum credit score or income requirement, they will still evaluate your creditworthiness using your credit score, debt to income ratio and other factors. If you do not meet their eligibility criteria, you may be denied. It is important to find out the exact reason your loan was denied since this will help you figure out what you need to work on before re-applying for a loan. Depending on the reason for denial, you can try to improve your credit score or look for a lender with lower credit or minimum income requirements. However, after a denial, it is best not to immediately reapply for a loan since this can have a negative impact on your credit score.
Frequently Asked Questions About Personal Loans
We highlighted answers to the most commonly asked questions in our Santander personal loan review to help you understand if this lender is a good fit for your needs and profile.
The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.