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Santander Review

Sean Lapointe
Feb. 15, 2024
4 min read
Santander Bank Summary
Santander is a banking services company founded in 1902 as Sovereign Bank. It rebranded to its current name in 2013 after a takeover by Spain-based, Santander Group in 2009. One of the bank’s current products is personal loans, which it offers at competitive rates and flexible terms. You can apply for a loan online in 10-15 minutes and potentially get funds the same day. What’s more, Santander doesn’t charge any fees for its personal loans.


  • Flexible loan terms
  • No fees
  • Same-day funding is possible


  • Only available in certain states
  • Minimum credit requirements not specified

Santander Bank at a glance

Editorial score

Variety of loan types

Offers most loan types

Online experience

Has learning resources, access to rates, mobile app

Customer services and support

Multiple ways of reaching lender but limited hours

Loan amount range

Loan amount up to $50K

Repayment flexibility

Loan terms 60 months+

Suitable For?

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.

Loan Features

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

Application Process

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. 

Loan Terms

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.

Repayment Terms

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. 

Privacy and Security

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. 

Help and Support

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

How Santander Compares



7.99% - 24.99%

10.25% - 16.50%

7.80% - 35.99%

Minimum credit score




Loan amounts




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.


How does a Santander personal loan work?

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.

What can I use my Santander loan for?

Approved uses for Santander loans include debt consolidation, home remodeling or improvement, moving, and covering emergencies and unexpected medical costs. 

What credit score do you need for a personal loan at Santander?

Santander has a minimum credit score of 700.

Apart from personal loans, what else does Santander offer?

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.

Physical Address

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.

Written by
Sean Lapointe
Sean LaPointe is a freelance personal finance writer with a passion for helping readers make informed financial decisions. With over 8 years of personal finance writing experience, Sean has written for a wide variety of top publications, including The Motley Fool, Angi, Top10.com, and BestMoney. Sean’s commitment to providing readers with the most up-to-date information means he’s always researching the latest financial products.
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