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Santander’s personal loans could be suitable if you want to stretch your loan term as much as possible so you can pay less each month. The bank’s maximum repayment term of seven years is longer than what many other lenders currently offer.
Santander might also be worth considering if you’re looking for quick access to loan funds. Depending on the time Santander receives your application, the bank can disburse funds to you the same day.
Santander offers personal loans for a range of different uses, from debt consolidation to home renovations. You can check your rate online without affecting your credit score. This lender also doesn't charge origination, closing, or early payment penalties.
One major drawback of Santander personal loans, however, is that they are only available to permanent residents of AZ, CA, CO, CT, DE, DC, FL, GA, IL, IN, ME, MD, MA, MI, MN, MO, NH, NJ, NY, NC, OH, OR, PA, RI, TN, TX, VT, VA, and WA.
Loans available for a variety of uses
You can prequalify with no impact on your credit score
No fees
Applying for a Santander loan takes 10-15 minutes. Here’s how it works:
1. Agree to terms: Confirm your primary residence is in one of the states covered, and that you’re willing to both sign your closing documents and have funds deposited into your account electronically.
2. See your rate: Here, you’ll enter some basic personal information, including your name, date of birth, social security number, and address. Santander will then tell you if you prequalify for a loan and the rate you can get. This stage involves a soft inquiry and won’t affect your credit score.
3. Submit a formal application: If Santander pre-approves you for a loan, the next step is to submit a full application. You’ll have to provide some additional information here, such as your employment status and income. This time, the lender will do a hard search on your credit report, which might negatively impact your credit score.
4. Review and sign your agreement: If your application is successful, Santander will send you a loan agreement, which you can review and sign electronically.
5. Wait for your funds: According to Santander, you’ll receive funds in your designated bank account in one to two working days—or even the same day.
You need to be at least 18 years old and a resident of a supported state to apply for a personal loan at Santander.
Santander has a minimum credit score of 700. This score is based on your credit payment history, the amount owed, length of credit history, new credit accounts, and types of credit used.
Santander’s APRs on personal loans range between 7.99% - 24.99% if you sign up for automatic payments. Your rate will rise by 0.25% if you opt out of Autopay. Loan amounts, meanwhile, range between $5,000 and $50,000.
Santander offers flexible loan terms ranging from three to seven years. When choosing your repayment term, bear in mind that the longer it is, the more you’ll pay in interest overall.
Santander maintains several security measures to ensure the privacy and security of all customer data, including Secure Sockets Layer (SSL) and 128-bit encryption technologies.
Additionally, only its employees, companies working on its behalf, or other parties required or permitted by law can access your personal information.
Santander offers customer support for the loan decision process. Once your loan is funded, the inbound customer service agents are available by phone from 8am to 8pm EST, Monday-Saturday.
If you require in-person assistance, the bank has physical branches across multiple states in the Northeast and in Miami, Florida, that you can visit.
Online reviews paint a mixed picture of Santander’s customer support. On Trustpilot, some customers report long wait times at its physical branches and when trying to reach the bank on the phone. However, others praise the lender’s customer service, stating they were quickly able to speak to someone who solved their issues promptly.
Phone: 877-768-2265
| Santander | Achieve | Upstart | |
|---|---|---|---|
APR | 7.99% - 24.99% | 8.99 to 35.99% | 7.80% - 35.99% |
Minimum credit score | 700 | 620 | 300 |
Loan amounts | $5,000-$50,000 | $5,000-$50,000 | $1,000-$50,000 |
Loan term | 36-84 months | 24-60 months | 36-60 months |
Suitable for | Competitive rates, flexible loan terms, no fees | Lower-than-average credit score | Low loan amounts, low credit score |
Santander’s APR range of 7.99% - 24.99% compares favorably to that of competing lenders Achieve and Upstart. But what truly sets Santander apart is its terms flexibility, which allows you to spread your repayments for up to 84 months. With both Achieve and Upstart, the maximum repayment term is only 60 months.
That said, Upstart could be a better option for borrowers looking to apply for smaller amounts. It offers loans of as little as $1,000. Furthermore, the minimum credit score required for a loan at Upstart is 300, which is quite low compared to other lenders.
Personal loans from Santander are unsecured, meaning you don’t need to put up any collateral. The minimum amount you can borrow is $5,000, while the maximum is $50,000. The loan is repayable over a fixed period (usually three to seven years) at a fixed interest rate that depends on your credit profile.
Approved uses for Santander loans include debt consolidation, home remodeling or improvement, moving, and covering emergencies and unexpected medical costs.
Santander has a minimum credit score of 700.
Santander is a full-service bank. In addition to personal loans, it offers a range of other services, including checking accounts, saving accounts, credit cards, mortgages, insurance products, and wealth management.
With no fees, competitive APRs, and a long maximum loan term of 84 months, Santander is a solid option for borrowers looking for a personal loan to finance different kinds of projects or expenses.
The lender’s online pre-qualification tool allows you to see the rate and amount you can get, without affecting your credit score. If your application is successful, loan disbursement is fast, and you could even get your funds the same day.
Santander Bank, NA
824 North Market Street, Suite 100
Wilmington, DE 19801
This review was created with information from the company website and reviews on comparison sites.
