Santander business loans review 2024

Santander is one of the most popular banks in the UK. We explore the range of business loans currently available with loan amounts starting from £25,001 to for up to 300 months.

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Santander business loans comparison

Santander business loans

Name Product Finder Score Loan type Loan amounts Loan terms Turnover/trading criteria Key benefit
Santander
3.0
★★★★★
Fixed or variable rate loan
From £25,001
to 300 months
No specified minimum turnover or time trading
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Other popular business loans

Name Product Finder Score Loan type Loan amounts Loan terms Turnover/trading criteria Key benefit
Nest Asset Finance
3.5
★★★★★
Fixed rate Unsecured Asset finance loan
No specified loan amounts
No specified loan terms
No specified minimum turnover or time trading
Portman Finance Business Loan
3.9
★★★★★
Fixed or variable rate Asset finance loan
£10,000 to £2,000,000
3 to 72 months
£100,000 annual turnover,
1 year trading
Representative example: Borrow £30,000 over 3 years at a rate of 7.26% p.a. (fixed). Total payable £36,537.84 in 36 monthly repayments of £1014.94.
iwoca Flexi-Loan
3.8
★★★★★
Variable rate Unsecured loan
£1,000 to £500,000
1 to 24 months
£25,000 annual turnover,
6 months trading
Your business loan rate varies based on your circumstances. Interest applies only to your outstanding balance on days you use the loan – there are no early repayment fees. Limited companies only.
Representative example: Borrow £10,000 over 12 months at a rate of 40% p.a. (variable). Representative APR 49% and total payable £12,294.
iwoca
3.8
★★★★★
Variable rate Unsecured loan
£1,000 to £500,000
1 to 24 months
No specified minimum turnover or time trading
Your business loan rate varies based on your circumstances. Interest applies only to your outstanding balance on days you use the loan – there are no early repayment fees. Limited companies only.
Representative example: Borrow £10,000 over 12 months at a rate of 40% p.a. (variable). Representative APR 49% and total payable £12,294.
Nest Unsecured Business Loan
4.0
★★★★★
Fixed rate Unsecured loan
£10,000 to £5,000,000
No specified loan terms
£200,000 annual turnover,
12 months trading
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Santander business loans overview

Santander was established in January 2010 when Abbey National merged with Bradford & Bingley, and was renamed Santander UK. Alliance & Leicester merged into the renamed business in May 2010. The firm has 20,000 employees, 14 million customers, and more than a thousand branches.

Does your business need additional funding to reach the next level? Or do you have a new company that needs a financial boost to get off the ground? For either of these scenarios, Santander may be a viable source of funding for you. It offers different types of business loans to suit the specific needs of different organisations and makes quick decisions on whether or not to issue funding.

Quick overview of Santander business loans

Minimum trading period Not specified
Loan terms Up to 300 months
Loan amounts From £25,001
Minimum turnover Not specified

Santander small business loans

The Santander Small Business Loan is designed to offer further financing to help your business grow. Some loans allow you to borrow up to £25,000 and others from £25,000, with no upper loan amount and loan terms up to 25 years. You must also have a current Santander business account to be eligible for a Santander small business loan.

Santander asset finance loan

This is a flexible, low-cost solution to fund the equipment and vehicles you need to grow your business. This includes vehicles for business or personal use, IT hardware and software, plant machinery, scaffolding, and kitchen equipment. The terms are fixed monthly payments so you’ll know exactly how much you’re repaying each month.

Santander corporate and commercial lending

This is aimed at larger businesses that need significant funding. For more information, visit www.santandercb.co.uk.

Santander commercial mortgage

Santander also offers commercial real estate loans for businesses looking to purchase, refinance or renovate commercial property. You can get either a variable or fixed rate loan, with loan terms up to 25 years.

Loans are offered from £25,000, with no maximum loan amounts. You will need to complete an application form to apply for a Santander commercial mortgage loan.

Key features of Santander business loans at a glance

  • Loan duration. The loan options have payment lengths that span between six months and five years.
  • Security. Santander offers secured and unsecured business loans. With secured loans, any of your assets may be used to repay the debt if you fail to make repayments. This could result in your home being repossessed.
  • Fixed monthly repayments. The Asset Finance Loan involves fixed monthly payments so you’ll know from the start what you’ll be paying each month.
  • Option to take a repayment holiday. This isn’t listed as a standard feature so you’d need to ask Santander whether it would allow this in your case, if you want it.
  • Quick decision. This is available with the Working Capital Loan. You can be approved within minutes but still have no obligation to take out a loan.
  • Repay your loan early at any time. With the Working Capital Loan you can repay the full amount within 6 months at no extra cost.
  • Quick access to funds. Santander’s loan information doesn’t specify this.
  • No setup fees. The bank’s Small Business Loans come with no setup fees.
  • Preferential rates for existing customers. Available to those who opt for the bank’s Asset Finance Loan.

Depending on the business loan in question, Santander offers fixed interest deals or variable interest deals.

Am I eligible for a Santander business loan?

You should only apply for a Santander Bank business loan if you’re certain you can meet the repayment terms, and your company meets the following criteria:

  • Trading for at least three months
  • Operating as a limited liability partnership or private limited company
  • Registered in the UK
  • Good and clean credit history
  • Directors, shareholders or members must not have had an individual voluntary arrangement (IVA) in the previous six years
  • Resident of the United Kingdom
  • Over 18 years old
  • Director of the company
  • Authorised signatory on the company’s bank account
  • Not declared bankrupt in the previous six years (you, and any of the other directors or owners or partners)
  • No court judgements or decrees for the previous three years
  • Not been a disqualified director or a director of a failed business within the previous six years
  • Good and clean credit history

How can I apply?

If you would like to get a Santander business loan, you can apply online, by appointment in a branch or alternatively by calling the lending team. The Santander business loans contact number is 0800 313 4481.

You may need to provide proof of the following:

  • Limited company number
  • 6 most recent VAT returns and 12 months of bank statements

Customer reviews

Santander has a rating of ‘Bad’ on Trustpilot with a score of 1.4 based on over 6,000 reviews (June 2023). Customers complained of poor customer service.

The Santander app has a rating of 4.8 based on over 2,000 reviews on the App Store and a rating of 3.6 on Google Play based on over 130,000 votes (June 2023).

Customer support

You can contact customer support by clicking on the ‘Chat with us’ function on their website or on the app. Alternatively, you can call Santander on 0800 028 4055. Lines are open on Monday to Friday from 8am to 8pm and on Saturdays from 8am to 4pm. The line is closed on Sundays.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more. See full bio

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