Santander Personal Loan Lender Review

Updated: February 14, 2024

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Santander offers a straightforward personal loan option with no origination, closing or prepayment fees and a discount for automatic payments. With flexible loan amounts and varied repayment terms, it's a good choice for those needing quick, easy financing. However, limited state availability and lack of 24/7 customer support are downsides. Ideal for borrowers in its service areas seeking a hassle-free loan process, Santander suits those who prioritize efficiency in their financial dealings.

  • Santander

    • 6.99% to 24.99%APR Range
    • UndisclosedMinimum Credit Score
    • $5,000 to $50,000Loan Amount Range
    • 36 to 84 monthsRepayment Terms
    • Same DayTime to Receive Funds

    At Santander, the personal loan experience is clear, straightforward and easy. One key benefit is the absence of extra fees. Unlike many lenders, Santander doesn't charge origination, closing or prepayment fees. You can get a loan or even pay it off early without facing any unexpected charges.

    You can also get savings with automatic payments. Setting up automatic deductions from your Santander Checking account qualifies you for a 0.25% discount on your interest rate. Santander also offers flexibility in loan amounts and repayment terms. With options ranging from $5,000 to $50,000 and repayment periods between three and seven years, you can tailor your loan to your specific financial situation and goals.

    Santander's personal loan offerings are about providing a hassle-free, cost-effective borrowing solution. Its digital-first approach means managing your loan is convenient and accessible, especially with its Mobile Banking App, enabling you to handle your finances on the go.


    • No origination, closing or prepayment fees
    • 0.25% discount for automatic payments setup
    • Flexible loan amounts and repayment terms
    • Quick, easy online application process
    • Same-day funding possible in many cases


    • Limited availability (28 states and Washington D.C.)
    • No 24/7 customer support or chat option
    • No specific minimum credit score disclosed
    • In-branch application required for non-electronic fund disbursement
    • 10-digit Offer Code needed for non-customers to apply online

Santander Features

You can use Santander loans for various purposes, like home improvements or debt consolidation. Excellent customer service and online tools make managing your loan easier.Exploring Santander's personal loan features can help you decide if it's the right choice for your needs.

What You Can Use Your Funds For

Every lender has different rules for the use of funds, and Santander is no exception. Understanding the specifics ensures that the loan you secure fits your actual needs and that you don't face any surprises down the line. Here's a closer look at the permissible uses for a Santander personal loan:

  • Consolidate Debt: Ideal for combining various debts like credit card balances into a single loan. Doing so can lead to lower interest rates and a more manageable single monthly payment, making it easier to track and pay off your debt.

  • Home Remodeling or Repair: Whether it's a new kitchen or an urgent roof repair, your loan can fund these home improvements. Investing in your home not only enhances your living space but could also increase your property's value.

  • Cover Moving Costs: Relocating can be costly, involving expenses like hiring movers or buying new furniture. A personal loan can ease this financial burden, ensuring a smoother transition to your new home.

  • Pay for Emergencies: Life is full of unexpected events, such as urgent car repairs or home damage. This loan can provide the necessary funds quickly, helping you handle these surprises without financial strain.

  • Medical Expenses: Sometimes, health insurance plans may not cover certain medical or dental costs. Santander's personal loan can be a financial lifeline, allowing you to cover treatments without the stress of immediate full payment.

However, Santander does not allow the use of personal loan funds for post-secondary educational expenses. This exclusion is critical to remember when planning your financial future.

A Santander personal loan offers versatile financial solutions for various significant life events and needs. Understanding these permissible uses empowers you to make informed choices, ensuring that the loan you take aligns seamlessly with your specific financial objectives and circumstances.

Loan Terms for a Santander Personal Loan

Understanding the loan terms is key when considering a personal loan from Santander as it can help you plan your finances better and choose a loan that fits your budget. The terms include how much you can borrow, how long you have to pay it back and the interest rate, known as the annual percentage rate (APR).

Here are the details:

  • APR Ranges: The APR can be competitive. Your exact rate depends on your credit score and if you choose automatic payments.

  • Loan Amounts: You can borrow between $5,000 and $50,000, giving you the flexibility to cover small to significant expenses.

  • Repayment Terms: The time you have to repay the loan ranges from three to seven years. Longer terms mean smaller monthly payments, but you'll pay more interest over time.

Santander won't let you pick your payment date when you first get the loan, but you can change it later. It can help you align your loan payments with your payday or other bills.

Fees and Discounts for a Santander Personal Loan

Understanding the fees associated with a Santander personal loan is crucial, as they can impact the total cost of your loan. The good news is that Santander doesn't charge typical loan fees, such as the following:

  • Origination Fees: You won't pay any extra fee for the processing of your loan application. Often, lenders charge an origination fee as a percentage of the loan amount, but with Santander, this cost is waived, reducing the overall expense of your loan.

  • Closing Fees: Some lenders charge a closing fee when you finalize your loan agreement. Santander does not, which means you save money at the end of the loan process, making the entire transaction more cost-effective.

  • Prepayment Penalties: If your financial situation improves and you decide to pay off your loan earlier than scheduled, Santander will not charge you any penalty. That's an advantage since prepayment penalties can sometimes add a substantial cost to paying off a loan early.

Besides not having to pay these fees, you can save on interest. Santander offers a 0.25% discount on your rate when you set up automatic payments from any deposit account. This small reduction can add up over time, making your loan more affordable.

Santander Customer Service

Considering customer service availability and support options is another important factor in selecting the right lender for your needs. For Santander personal loans, you can talk to a specialist at 833-716-5626. They're available Monday through Friday, from 8 a.m. to 5 p.m. Eastern Time. However, Santander doesn't offer 24/7 support or a chat option, which some other lenders do.

Another point to keep in mind is that Santander does not have a hardship program. If you face unemployment or financial difficulties, you won't have the option to pause your loan payments temporarily, a feature offered by some other lenders.

Santander Personal Loan Online Resources

Santander offers several online tools and features for borrowers. Here's what you can expect:

  • EZApply: This allows you to check potential loan rates and amounts without impacting your credit score. It's a great first step to understanding what you might qualify for, helping you plan your finances without committing to a loan or affecting your credit history.

  • Educational Resources: Santander provides information on important topics like using personal loans for debt consolidation, understanding the loan approval process and strategies for paying off your loan early. These are crucial for making informed decisions, especially for first-time borrowers or those exploring different financial strategies.

  • Online and Mobile Banking Access: Through Santander's online banking and mobile app, you can easily track your loan balance, view your payment history and check upcoming payment dates. You have 24/7 access, so you're always informed about your loan status, helping you manage your finances better and plan for future payments.

  • Mobile App Features: The mobile app is designed for easy navigation and includes helpful tutorials. It allows you to manage your account efficiently and set up alerts for important notifications, which can help you stay on top of your loan payments and any changes in your account.

These tools and features enhance the borrowing experience with Santander, offering convenience, education and control over your loan management.

Qualifying for a Santander Personal Loan

Knowing what factors Santander considers in applications for personal loans helps you gauge your chances of approval and prepares you for the application process.

Santander looks at several key factors to determine if you qualify:

  • Age Requirement: Applicants must be at least 18 years old.

  • State of Residence: Santander only offers personal loans in a total of 28 states plus Washington, D.C. (Arizona, California, Connecticut, Colorado, District of Columbia, Delaware, Florida, Georgia, Illinois, Indiana, Massachusetts, Maryland, Maine, Michigan, Minnesota, Missouri, North Carolina, New Jersey, New Hampshire, New York, Ohio, Oregon, Pennsylvania, Rhode Island, Tennessee, Texas, Virginia, Vermont and Washington).

  • Credit Score: While Santander doesn't publicly disclose a minimum credit score, a higher score usually means better chances of approval and more favorable loan terms.

  • Income: Santander doesn't state a minimum income requirement, but your income level is crucial for demonstrating your ability to repay the loan.

  • Debt-to-Income Ratio (DTI): Santander doesn't specify a particular DTI ratio, but personal loan lenders usually see anything under 36% as favorable, indicating you aren't heavily burdened by debt.

If your financial profile isn't as strong as you'd like, consider getting a co-applicant, which Santander allows on personal loans. Adding one, like a spouse or a more creditworthy individual, can improve your chances of approval or help you secure a lower interest rate. However, remember that a co-applicant is equally responsible for the loan repayment, which could impact their credit and financial situation if issues arise with the loan.

Is a Santander Personal Loan Right For You?

Deciding if a Santander personal loan is right for you entails matching your financial needs and situation with what it offers. Choosing the right lender can save you money and stress in the long run.

Who Can Benefit From a Personal Loan From Santander?

Santander stands out as a personal loan lender because it charges no origination, closing or prepayment fees. What you borrow is what you focus on without worrying about unexpected expenses that can add up over time. It's particularly beneficial for budget-conscious borrowers who prioritize transparency in their financial dealings.

Applicants who value efficiency will appreciate Santander's straightforward online application process. It's quick, user-friendly and can be completed in just a few steps. The option for same-day funding is a big plus for borrowers who need funds in a hurry, making it a good fit for those facing urgent financial needs, like unexpected repairs or sudden expenses.

Borrowers open to setting up automatic payments can find an added benefit. Choosing automatic deductions from a Santander checking account lets you enjoy a reduced interest rate. This small discount can lead to significant savings over the loan's lifetime, making it a financially savvy choice for long-term borrowers.

Who Shouldn’t Secure a Personal Loan From Santander?

Residents outside the 28 states where Santander operates, plus Washington, D.C., should look elsewhere for a loan. If you're not in one of these areas, unfortunately, Santander's services won't be available to you. The same goes for those who don't prefer completing an online application or don't have easy internet access. The bank's branches are only located in nine states, limiting in-person service options.

If around-the-clock customer support or a live chat option is important to you, Santander may fall short. The bank does not offer 24/7 customer service or chat support, which can be a downside for those who prefer constant access to help or have unpredictable schedules. Lastly, applicants who prefer to know the minimum credit score requirements upfront might find Santander's lack of transparency in this area to be a drawback.

How to Apply for a Santander Personal Loan

Understanding the application process ensures you're prepared every step of the way. Here are the steps to securing a personal loan from Santander:

Start with EZApply

This online tool lets you check your potential loan rate without affecting your credit score. It’s a no-commitment step to see what you might qualify for.

Complete the Application Online

You’ll need to provide your Social Security number, employment details and proof of income. Having this information ready helps speed up the application process. Also, if you're new to Santander, ensure you have a 10-digit Offer Code.

If you prefer support during the application process, you can visit a local branch or call a Santander specialist. It can be especially helpful if you’re not comfortable with online applications.

E-Sign for Your Funds

After applying online, the next step is to e-sign the necessary documents. This step finalizes your application.

Wait for Funding

Once your application is submitted, the time it takes to receive funds can vary. In many cases, same-day funding is available, depending on your specific situation and creditworthiness. However, be prepared for a possible waiting period, especially if additional documentation is required or further review is needed.

You can navigate the Santander personal loan application process with ease by following these steps, allowing you to secure the funds you need without unnecessary delay or complications.

What to Do If You’re Denied

Not getting approved for a personal loan from Santander can be disappointing, but it's not the end of your financial journey. There are several steps you can take to understand and improve your situation:

  • Understand the Reasons for Denial: Santander will provide reasons for loan denial. It could be due to your credit score, income or debt-to-income ratio. Knowing exactly why you were denied can help you address these issues directly.

  • Boost Your Financial Profile: Work on improving your credit score by paying bills on time, reducing debts and checking your credit report for errors. Improving your financial stability makes you more appealing to lenders.

  • Consider a Co-Applicant: Adding someone with a stronger credit profile can improve your chances of approval. A co-applicant shares responsibility for the loan, which can lower the risk for the lender.

  • Look for Alternative Financing Options: If Santander isn't right for you, explore other options like credit unions, other banks or online lenders. Each has different criteria and might be more suited to your financial situation.

  • Seek Professional Financial Advice: A financial advisor can offer personalized advice to improve your creditworthiness and guide you towards the best borrowing options for your situation.

A loan denial isn’t a full stop — it’s an opportunity to reassess and improve your financial health. By understanding the reasons behind the denial and taking proactive steps, you can better position yourself for future financial success, whether with Santander or another lender.

FAQ About Santander as a Personal Loan Lender

To help you better understand Santander as a personal loan lender, we’ve compiled a list of frequently asked questions to give you more insight into what Santander offers, helping you make an informed decision about your personal loan needs.

Does Santander have restrictions on how you can use your funds from a personal loan?
What is the minimum credit score requirement for a Santander personal loan?
How long does Santander take to approve a personal loan?
Does Santander have a mobile app?
Is a Santander personal loan secured or unsecured?
How much can I borrow using a Santander personal loan?
What fees will I encounter with a Santander personal loan?
How does applying for a Santander personal loan affect my credit score?
Does Santander offer an autopay discount for personal loans?
Can you have co-signers on a Santander personal loan?

About Christopher Boston

Christopher Boston headshot

Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.

Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.

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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.