Santander Personal Loan Review

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.

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.

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.

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.

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.