Are you looking for a fixed rate unsecured personal loan? Take a look at what Santander Bank has to offer.
Life can get out of hand quickly. Whether you’re looking to consolidate your debts, pay off medical bills, repair your car or all of the above, a personal loan could be just what you need. Santander Bank offers personal loans from $5,000 up to $35,000, and fixed rates.
This bank offers a wide range of financial services and products. These include checking accounts, savings accounts, certificates of deposit, auto loans, personal loans, lines of credit, home loans, credit cards and investment solutions. It provides business banking services as well.
How does borrowing from Santander work?
Santander Bank provides personal loans to individuals. A Santander personal loan offers a lump sum amount of money along with the stability of a fixed interest rate. This way, you know that your payments will remain the same through the course of the loan term.
You can use proceeds from these loans for different purposes such as covering educational expenses, renovating or repairing your home, going on a vacation, paying medical bills, consolidating your debt or getting married. The annual percentage rate (APR) you get depends on your creditworthiness. If you have an excellent credit rating you can get a competitive APR.
You can apply for this loan online or in person. The amount you can borrow varies from $5,000 to $35,000. You don’t have to pay any application fees or annual fees towards this loan. If you get payments to automatically deduct from a Santander checking account you qualify for an interest rate discount. This unsecured loan does not require any kind of collateral.
Don’t want a bank loan? Compare offers from top online lenders
Benefits of Santander Bank personal loans
If you’re thinking about applying for a Santander personal loan, take some time to review what’s on offer:
- Loan amount options. The minimum you can borrow through a Santander personal loan is $5,000. The maximum limit is $35,000. This lets you borrow how much you need, so you don’t have to worry about paying unnecessary additional interest.
- Loan term options. The bank offers several fixed payment terms that you can choose from. These extend up to 5 years. Bear in mind that while a shorter loan term results in higher payments, a longer term leads to paying more interest.
- Rate discount. If you opt for ePay, which entails making payments towards your loan automatically from your Santander checking account, you qualify for an interest rate discount of 0.25 percentage points. The discount discontinues if you opt out of ePay at a later date.
- Competitive interest rate. If you have excellent creditworthiness and opt in for ePay you can get an APR from 6.99%. Other loan APRs with ePay are 8.99%, 10.99%, 12.99%, 14.99% and 16.99%. Your credit score plays a vital role in the APR you get.
- No collateral. This is an unsecured loan so you don’t have to provide any kind of collateral.
- Fees and charges. The Santander personal loan does not attract any application fees, annual fees or closing costs.
- Payments. You have to make payments on a monthly basis. You can only make principal and interest payments.
- Checking account requirement. You can apply for this loan even if you don’t have a Santander checking account. However, you would not qualify for the interest rate discount.
Does Santander Bank have lines of credit?
Yes. Santander has unsecured lines of credit between $5,000 to $35,000 available for both customers and noncustomers. Interest rates can be as low as 9.24%. Account holders are eligible for a rate discount when they set up automatic payments from a checking account, and there is no annual fee for Select, Premier or Premier Plus account holders.
You can access your line of credit by check or online transfer.You can choose to make interest-only payments or pay back the principal balance and interest. As you repay, your funds will become available to you again for the full length of your draw period.
What other products does Santander Bank offer?
Santander Bank offers credit in different forms. Some of your other options include:
- Savings secured loan. A Santander savings secured loan can help you get access to money quickly. You can use funds in your Santander savings account, certificate of deposit or money market account to secure the loan. Since you’re providing collateral you can get a competitive APR. You can borrow a minimum of $1,000 through this loan. The maximum limits to 98% of your deposit balance.
- Auto loan. If you want to buy a new or used car you can think about getting a Santander auto loan. If you opt for automatic payments you can get an APR as low as 2.54% for a new car and 2.99% for a used car.
- Overdraft line of credit. If you have an existing Santander checking account you can apply for an overdraft line of credit. The maximum limit is $10,000. This line of credit gives you access to extra money as and when you need it.
Here’s how you can apply for a personal loan from Santander
You can walk into any Santander Bank branch to apply or you can apply online. To submit an online application, simply click on the Go to Site button. You can apply if you meet these eligibility criteria.
- You are over 18 years of age.
- You are an American citizen or a permanent resident of the US.
- You have a regular source of income
- You don’t have poor or bad creditworthiness
Successfully completing the application requires that you include some basic information:
- Your full name, date of birth and Social Security number
- Residential history for the last 2 years
- Your contact information
- Details about your employment and income