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$35,000
Max. Loan Amount
6.99% to 16.99% (with autopay)
APR
Product Name | Santander Bank personal loans |
---|---|
Min. Loan Amount | $5,000 |
Max. Loan Amount | $35,000 |
APR | 6.99% to 16.99% (with autopay) |
Interest Rate Type | Fixed |
Loan Term | 1 to 5 years |
If you’re looking for a personal loan and live in the Northeast, you may have heard of Santander Bank. It offers unsecured loans that can be used for just about anything, and you don’t have to be a member to qualify, you just need to meet its eligibility criteria. This is different from a lot of other banks, which often require you to have an open account for months before you can take out a personal loan. However, Santander Bank offers the best rates to those that use autopay from a Santander Bank account.
A personal loan from Santander Bank is unsecured and can be used for just about anything. This makes it easy to fund the big expenses of life, from debt consolidation to home repairs. You can borrow $5,000 to $35,000 for terms between 24 and 60 months. Depending on your credit, your loan’s APR will range from 6.99% to 16.99% (with autopay) from your Santander checking account. If you choose not to sign up for automatic payments, then your loan’s APR will increase 0.25%.
There’s no application fee, but you will need to reside in one of Santander’s serviced states before you apply: New Hampshire, Connecticut, Delaware, Rhode Island, Maine, Massachusetts, New York, New Jersey, Maryland, Pennsylvania, Vermont and Washington, DC. This is because you’ll have to finish closing documents at a branch office, so be prepared to make an appointment once you’ve completed your application.
Santander Bank also offers personal lines of credit for members and nonmembers alike. These function similarly to personal loans, but rather than receive your funds as a lump sum, you’ll have access to them whenever you need — much like a credit card. Santander personal lines of credit have low starting variable rates of 9.49%, and just like its personal loan, you can borrow between $5,000 and $35,000. You can expect to pay an annual fee between $25 to $50, but it may be waved if you have a Santander Select, Premier or Premier Plus deposit account.
Lines of credit have a five-year draw period, during which you’ll be required to make interest-only payments, though you can pay more if you desire. You can access your funds through checks or online account transfers. Once the draw period is over, you’ll enter your five-year repayment period when you’ll start paying on your principal plus interest.
Santander Bank is not accredited by the Better Business Bureau (BBB), but it does receive an A rating and 3.63 out of 5 stars based on 15 customer reviews. As of June 2018, the bank has over 200 customer complaints filed against it, with many individuals citing problems with Santander’s car loan services and its checking accounts, not its personal loan offerings. On TrustPilot, there are only a handful of reviews, but many have left a 1-star rating pointing to Santander Bank’s poor customer service.
When deciding whether Santander Bank is the right option for you, consider these negative ratings, but it should only be a portion of your decision. Consumers tend to leave reviews while angry or upset, which may color their opinions. Customer reviews should just be one of the many things you look out when deciding which personal loan provider is best for your situation.
To qualify for a personal loan from Santander Bank, you’ll need to meet the following eligibility requirements:
Before you start the application, make sure you know your Social Security number and have your employment and income information handy. This will help streamline the process and make your applicatoin easier to complete.
Santander Bank will email you shortly after you finish your application with an application number. It will also mail you a letter within a few days to inform you of the credit decision and next steps you may need to take.
Once you receive your loan funds, you’ll need to start the repayment process. Follow the monthly payment schedule outlined in your loan contract. Santander Bank charges an annual fee if you get the loan without a Santander bank account.
You could pay late fees that vary by loan amount or returned check fees of $15. These can add to the cost of your loan, so if you’re unsure you’ll be able to make a payment on time, talk to a representative from Santander Bank to discuss alternate payment plans.
Santander Bank offers both personal loans and lines of credit for borrowers who need money for those big expenses in life. Unlike many other banks, Santander doesn’t require you to have an account to apply. However, you’ll save on your loan’s interest rate if you sign up for autopay with your Santander checking account. As always, compare your personal loan options before settling on a lender to ensure you find the right one for your situation.