Santander Bank loans overview September 2018 |
santander bank

Santander Bank loans

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A bank offering personal, business and home loans for those looking to finance their next big expense.

Santander Bank operates throughout much of the Northeast and Florida offering personal loans, multiple lines of credit and mortgages to cover you, no matter what you need.

Take advantage of their low interest rates, even without an account. And if you’re a business that’s been around for at least 13 months or you’re looking for an SBA loan, you may be able to get the funds you need to help your company grow.

What types of loans does Santander Bank offer?

Personal loan. You can borrow between $5,000 and $35,000 with a personal loan from Santander Bank. APRs from 6.99%–16.99% (with autopay) if you sign up with your Santander checking account.

Read our Santander Bank personal loan review

Personal line of credit. Available in amounts between $5,000 and $35,000, a line of credit will give you access to your funds whenever you need them, and you only have to pay back as much as you use.

Business loan. Term loans, lines of credit and equipment financing for eligible businesses that have been around for at least 13 months. It also offers SBA loans for startups and other businesses unable to find traditional financing.

Read our Santander Bank business loan review

Home equity line of credit. If you own your home and want to borrow from your equity, Santander Bank can give you access from $10,000 to $750,000.

Overdraft line of credit. Protect your Santander Bank checking or savings account from overdraft by investing in an overdraft line of credit up to $10,000.

Mortgage. You can buy a new home or refinance a previous mortgage with a loan from Santander Bank. There are multiple types of mortgages available to make an informed decision.

Why should I consider borrowing a loan from Santander Bank?

  • No prepayment penalty. Able to pay off your loan early? Great! Santander Bank doesn’t charge a prepayment penalty.
  • Coapplicants welcome. Add a coapplicant to your personal loan to strengthen your chances of approval.
  • Simple application. The personal loan application is quick and painless. If have your employment and income details handy, you should be able to complete it in less than 15 minutes.
  • Autopay discount. Santander Bank gives borrowers a 0.25% interest deduction on personal loans and lines of credit when you sign up for automatic payments from your Santander checking account.
  • No requirement to have a Santander bank account. You don’t have to hold an account with Santander Bank to take out a personal loan, but having an account will score you autopay discount.
  • SBA preferred lender. If you’re looking for a Small Business Administration loan, Santander Bank may be able to help.

Where does Santander Bank fall short?

  • Limited state availability. To borrow from Santander Bank, you’ll need to live in one of its serviced states, which include: Connecticut, Delaware, Florida, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Rhode Island. Eligible states vary by loan type, so contact a specialist to see if you qualify.
  • Must visit a branch. Most loans require you to close on your loan in person — and business loans are entirely done at a branch location.
  • Limited website information. Although you’ll be able to find the basics about each loan on Santander’s site, getting the specifics for your chosen loan type requires a visit to the branch or a phone call to customer support.
  • High minimum loan amounts. The starting amount for a personal loan is $5,000 and for a business loan is $10,000, so this might not be the best option for your smaller financing needs.

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Rates last updated September 23rd, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Max. Loan Amount APR
Credible Personal Loans
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Good to excellent credit
4.99%–36% (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
3.09%–35.99% (fixed)
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
4.99%–35.99% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
6.16%–35.89% (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
6.990% – 14.865% (fixed)
Payoff Personal Loans
Pay down your debt with a fixed APR and predictable monthly payments.
5.99%–24.99% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
34%–155% (Varies by state) (fixed)
Best Egg Personal Loans
A prime lender with multiple repayment methods.
640 FICO®
5.99%–29.99% (fixed)
FreedomPlus Personal Loans
Consolidate debt and more with these low-interest loans. Cosigners welcome.
4.99%–29.99% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
16.05%–35.99%* (fixed)

Compare up to 4 providers

Rates last updated September 23rd, 2018
Unfortunately, none of the business loan providers currently offer loans for these criteria.
Name Product Product Description Min Loan Amount Max. Loan Amount Requirements
LoanBuilder, A PayPal Service Business Loans
Customizable loans with no origination fee for business owners in a hurry.
Annual business revenue of at least $42,000, at least 9 months in business, personal credit score of 550+.
Lendio Business Loan Marketplace
Submit one simple application to potentially get offers from a network of over 75 legit business lenders.
Must operate a business in the US or Canada, have a business bank account and have a personal credit score of 560+.
OnDeck Small Business Loans
A leading online business lender offering flexible financing at competitive fixed rates.
Must have been in business for at least one year with annual revenue of $100K+. Must have a personal credit score of 500+.
Lending Express Business Loan Marketplace
At least 3 months in business and $10,000+ in monthly revenue. Your business might also qualify if it's been in business at least 6 months with $3,000+ in monthly revenue.
Fora Financial Business Loans
No minimum credit score requirement and early repayment discounts for qualifying borrowers.
Business age 6+ months. Monthly revenue $12,000+. No open bankruptcies.
LendingClub Business Loans
With loan terms that vary from 1 to 5 years, enjoy fixed monthly payments and no prepayment penalties through this award-winning lender.
2+ years in business; $50,000+ in yearly sales; No bankruptcies or tax liens; At least 20% ownership of your business; Fair or better personal credit
LendingTree Business Loans
Multiple business financing options in one place including: small business loans, lines of credit, SBA loans, equipment financing and more.
Varies by lender and type of financing
Varies by lender and type of financing
Varies by lender, but you many require good personal credit, a minimum business age and minimum annual revenue.
National Business Capital Business Loans
Get a large business loan to cover your financing needs, no matter what the purpose is. Startups welcome with 680+ credit score.
Your company must have been in business for at least 6 months and have an annual revenue of at least $180,000.
Kabbage Small Business Line of Credit
A simple, convenient online application could securely get the funds you need to grow your business.
Must have been in business for at least 1 year. Revenue minimum is $50,000 annually or $4,200 per month over the last 3 months.

Compare up to 4 providers

How much will it cost me to borrow?

The total cost of any loan product depends on your interest rate, the amount you borrow and the term of your loan. Santander Bank has a monthly payment calculator for personal loans, lines of credit and mortgages. Select your loan amount, interest rate and loan term to calculate your payments.

Using a personal loan as an example, if you borrow $15,000 for a home improvement project, with an interest rate of 8.99% and a payment term of 36 months, you’ll pay between $477 and $481 a month. You’ll end up paying around $2,316 in interest, bringing your total loan to around $17,316.

The fees associated with borrowing are detailed in your loan contract. Some types of loans, like personal loans, don’t have associated fees. Others may, depending on the terms you’re given. As with most loans, you should expect to be charged a small fee if you make a late payment.

Are loans from Santander Bank safe?

Yes. Santander Bank has a valid safety certificate that keeps your personal information private when you enter it on its site. You can choose to limit some of the information Santander Bank collects about you by calling the number listed on the privacy policy page. Contact information for the bank is also easy to find. Most pages have it listed on the lefthand side so can call or email a customer service representative if you have any issues.

How do I apply?

Santander offers loans for both personal and business use, which means you’ll face different application processes depending on the type of loan you want to apply for. However, you’ll begin the process by following these steps:

  1. Visit Santander Bank’s site.
  2. On the personal or business pages, hover over Borrowing.
  3. Select the type of loan you want to apply for.

For business loans, you’ll need to get in touch with Santander Bank by scheduling an appointment. For personal loans, you can fill out your application online. Mortgages and other home loan products will be a mix: You can either fill out a prequalification application or call to speak with a specialist.

More about Santander Bank

Santander Bank opened in the Northeast in 2013. It has over 600 branches and thousands of ATMs in its serviced states, and Santander prides itself on its commitment to respectful and responsible lending. It contributes not only to its clients, but also to education around the globe through scholarships and donations to higher education.

Beyond loans, you can also take out a credit card at Santander Bank or expand your investment portfolio with Santander’s help. Santander has accounts for your personal, business and corporate needs, whether that’s limited to a simple banking relationship or expanded to include loans and lines of credit.

Bottom line

Santander Bank could be a good option for individuals and businesses alike who are looking to take out a loan or line of credit. If you’re looking for a personal loan, you won’t need an account and you’ll see limited fees. And whether your business is well established or a startup looking to get off the ground, Santander may be able to help. However, keep in mind that Santander’s services are largely limited to states in the Northeast and Florida, so you’ll want to reach out to a loan specialist to see if you qualify.

Want to learn about other options out there? Visit our guide to personal loans and our page on business loans to compare lenders.

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Even Financial Personal Loans

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Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.

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SoFi Personal Loan Fixed Rate (with Autopay)

No fees. Multiple member perks such as community events and career coaching.

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