MoneyGeek’s Take

Santander Personal Loan Review

Santander offers personal loans at fairly competitive rates that can be used for a wide range of purposes including home repairs, debt consolidation or medical expenses. Santander does not specify a minimum credit score requirement but borrowers with a good to excellent credit score are more likely to be approved.

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Last Updated: 10/25/2022
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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


  • Santander

    • 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

  • APR

    6.99%–24.99%

  • Credit Score Requirements

    Not specified

  • Income Requirements

    Not specified

  • Loan Amounts

    $5,000–$50,000

  • Loan Terms

    36–84 months

  • Permitted Uses

    Debt consolidation, Medical expenses, large purchases, home improvement

  • Prohibited Uses

    Post secondary education expenses

  • Time to Receive Funds

    1–2 days

  • Origination Fees

    None

  • Late Fees

    Not specified

  • Prepayment Penalty Fees

    None

  • Co-signers and Co-applicants

    Allowed

  • Perks

    • Quick funding
    • Low fees
    • Flexible loan limits and repayment terms
  • Mobile Application

    Available for Android and iOS

Is Santander Right for You?
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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.

1

Prequalify

You can check your rate and available loan amount in less than 5 minutes with no impact to your credit score.

2

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.

3

Wait for Approval

Loan approval typically takes one to two days but depending on your profile, you may get same-day approval and funding.

4

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.

5

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.

6

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.

7

Make Payments

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.

Read More on Personal Loans

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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.