Santander bank personal loans review July 2018 | finder.com

Santander Bank personal loans review

We know that everyone's situation is unique and we aim to help you find the right product for you. We may receive compensation when you visit our partners' sites or are approved for their products. You can read more about how we maintain editorial independence and how we make money here.

This Northeast bank offers loans up to $35,000, even if you’re not a member.

There are times when you need a large lump sum of money to pay for an expense and simply don’t have the savings to cover it. When this happens, a personal loan can be the answer.

It allows you to pay for something over time with affordable payment. With a loan from Santander Bank, you can conquer those big expenses without impacting your savings.

Product NameSantander Bank Personal Loans
Min Loan Amount$5,000
Max. Loan Amount$35,000
APR6.99%–16.99%
Interest Rate TypeFixed
Minimum Loan Term1 year
Maximum Loan Term5 years
Application Fee$0
  • At least 18 years old
  • US citizen or current resident
  • Have a regular source of income

What makes Santander Bank unique?

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.

How does a personal loan from Santander Bank work?

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%–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 need to reside in one of the serviced states before you apply, which include New Hampshire, Connecticut, Delaware, Rhode Island, Maine, Massachusetts, New York, New Jersey, Maryland, Pennsylvania, Vermont and Washington, DC.

Santander Bank personal line of credit

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 8.99%, and just like its personal loan, you can borrow between $5,000 and $35,000. You’ll pay an annual fee between $25 and $50 using Santander Banks line of credit unless you have a Santander Select, Premier or Premier Plus deposit account.

Borrow what you need during the five-year draw period, accessing your funds through checks or online account transfers. During this time you’ll make at least interest-only monthly payments. Once the draw period is over, you’ll enter your five-year repayment period when you’ll start paying on your principal plus interest.

What are the benefits of borrowing from Santander Bank?

  • Rate discount with autopay. If you sign up for automatic payments, Santander Bank will discount your interest rate by 0.25%. This could add up to large savings over time.
  • No checking account required. You don’t have to have an account with Santander Bank in order to qualify for a loan. But if you do, you’ll be eligible to sign up for automatic payments that could save you money on interest.
  • Coapplicants welcome. Strengthen your chances of approval with a low interest rate by applying with a creditworthy cosigner.
  • Debt consolidation calculator. Santander Bank’s site offers a debt consolidation calculator that adds up the costs of your loans and credit cards and helps you choose whether you want to consolidate with a home equity loan, home equity line of credit, personal line of credit or personal loan. The results tab will show you how much you might save refinancing and whether it’s worth it to consolidate your debt.

Are there any drawbacks to borrowing from Santander Bank?

  • Credit check required. When you apply for a personal loan from Santander Bank, you’ll have to submit to a credit check. This is common for most lenders and is usually a big part of determining your interest rate and loan terms.
  • Not completely online. Thought you can complete the application process online, you have to visit a branch in your area to close on your loan.
  • High APR. You don’t need to have the best credit to get a loan from Santander, but you’ll pay the price. Santander Bank charges higher interest to those they deem riskier borrowers. Some customers have reported APRs as high as 19%.
  • Negative customer reviews. Not every person is pleased with Santander Bank. High fees and poor customer service, as well as problems processing payments mean many people have had problems with their loans and accounts.

Compare other personal loan providers

Rates last updated July 17th, 2018

Reveal your potential loan offers and rates

Answer two quick questions to filter the loan offers and get the best one for you.

Select your credit score range

I don't know my credit score

Finally, select where you live.

To get your credit score:

Experian logo

Experian is a leading provider of personal and business credit reporting. Find out your FICO score now for less than the cost of a cup of coffee.

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
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
580
$100,000
4.99%–35.99% (fixed)
Upgrade Personal Loans*
Affordable loans with two simple repayment terms and no prepayment penalties.
620
$50,000
6.87%–35.97% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
$40,000
6.16%–35.89% (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
680
$100,000
6.575%–14.865% (fixed)
Credible Personal Loans
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Good to excellent credit
$50,000
4.99%–36% (fixed)
Best Egg Personal Loans
A prime lender with multiple repayment methods.
640 FICO®
$35,000
5.99%–29.99% (fixed)
Prosper Personal Loans
Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.
640
$40,000
6.95%–35.99% (fixed)
FreedomPlus Personal Loans
Consolidate debt and more with these low-interest loans. Cosigners welcome.
640
$35,000
4.99%–29.99% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
34%–155% (Varies by state) (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
Varies
$30,000
16.05%–35.99%* (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
580
$100,000
3.09%–35.99% (fixed)

Compare up to 4 providers

How do former borrowers review Santander Bank?

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.

Am I eligible?

To qualify for a personal loan from Santander Bank, you’ll need to meet the following eligibility requirements:

  • At least 18 years old
  • US citizen or current resident
  • Have a regular source of income

How do I apply?

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.

    1. Go to Santander Bank’s site and hover over Borrowing. Under Loans, select Personal Loans.
    2. Click Apply Now.
    3. Enter your full name, phone number and email. Select whether you’re applying with a coapplicant, confirm you’re not a robot and click Continue.
    4. Enter information about yourself, including your resident status, Social Security number and date of birth. Click Continue.
    5. Enter information about your residence, including your address, whether you rent or own, your monthly mortgage or rent payment and when you last moved. Click Continue.
    6. Select whether you’re employed full-time or part-time or whether you’re self employed, a homemaker, student or retired. Click Continue.
    7. Enter your employer’s name, phone number as well as your start date, occupation and how much you make annually, monthly, biweekly or weekly. Click Continue.
    8. Enter your prior employment if you’ve been employed for less than two years at your current position or are retired. Click Continue.
    9. Enter your additional income and its sources, if applicable. Click Continue.
    10. Enter your requested loan amount, your preferred term, whether you’d like a Santander Account and if you’ll be using the funds for debt consolidation. Click Continue.
    11. Select if you or someone you’re related to has been an official in the executive, legislative, administrative, military or judicial branches of a government and if you’re connected to a gambling establishment. Click Continue.
    12. Read and agree to the Electronic Communications and Military Lending Act disclosures.
    13. Authorize Santander Bank to collect your credit history.
    14. Select the branch you’d like to visit to close your personal loan.
    15. Review your application and click Submit.

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.

I got the loan. What happens next?

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.

Bottom line

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.

Frequently asked questions

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.
Go to site