Promising a decision within 24 hours when you apply online, Santander loans are available to both new and existing customers, though 1|2|3 World and Santander Select customers can enjoy enhanced rates on selected loan amounts.
Calculate the cost of a Santander loan
Late repayments can cause you serious money problems. See our debt help guides.
Our calculator lets you pick how much you want to borrow, over a timeframe that suits you, to estimate how much you would pay back each month and overall.
We base our calculations on Santander’s representative APR , but it’s important to note that credit is subject to status and your circumstances may affect the rate you’re offered.
What's in this guide?
How do Santander loans compare against the competition?
Santander Group is a Spanish bank that originated (in case you hadn’t already guessed it) in the city of Santander, Spain. After purchasing both Alliance & Leicester and the savings arm of Bradford & Bingley, and merging with Abbey National, Santander became a standard fixture of UK high streets.
Whether you’re looking to buy a new car, consolidate debt, refurbish the kitchen, or take that desperately needed holiday, Santander offers competitive and flexible fixed-rate loans. It’s quick and easy to apply online, and you don’t need to already bank with Santander (although existing customers may be able to access a better rate).
How do Santander personal loans work?
Available to both new and existing customers, these loans are unsecured personal loans, meaning they’re be based on creditworthiness, rather than using property, vehicles and other assets as collateral.
While Santander’s loan rates can be competitive, the advertised representative APR may not be the rate you’ll receive: Santander will offer you a rate based on assessment of your personal financial circumstances.
Existing customers (such as 1|2|3 World and Santander Select customers) may be able to access lower loan rates depending on the size of the loan and personal circumstances. If that’s you, you can calculate costs and check if you’ll get a better rate using our calculator.
What is APR?
The Annual Percentage Rate (APR) is designed to provide an annual summary of the cost of borrowing. It takes into account interest and any mandatory charges – for example an application fee. Santander doesn’t charge an application, product or admin fee, so the APR and the interest rate are the same.
Lenders like Santander must calculate the APR of their products in the same way and must tell you the APR before you sign an agreement. This means that, for consumers, it can be a handy tool for comparison.
There’s a big catch, however: lenders only have to give the advertised representative APR to 51% of customers, while the other 49% could pay more (hence why it’s referred to as the representative APR). Santander runs credit searches with credit reference agencies Experian, TransUnion and Equifax and weighs this up alongside details of your income and outgoings, the loan that you’ve applied for, and any previous dealings you’ve had with Santander, to decide on the rate to offer you.
Am I eligible for a Santander personal loan?
You should only apply for a Santander personal loan if you’re certain you can meet the repayment terms, and you meet the following criteria:
Santander will consider your application taking into account factors like your credit score, income and expenditure.
What info will I need to apply?
If you’ve decided that a Santander personal loan is for you, then you can apply online. Make sure you have the following details handy:
- Addresses for the past 3 years.
- Employer’s address and postcode.
- Monthly income and expenditure.
- Bank/building society details.
Can I make overpayments or repay my loan early?
Yes. When you make an overpayment, unless you request otherwise, your monthly repayment amount will stay the same but you can potentially repay the loan more quickly.
If you want to pay the whole loan off ahead of time in one go, call 0800 028 4055 to request a final settlement figure.
The good news is that you won’t be charged a penalty for paying off your loan early. The not-so-good news is that you probably won’t save as much as you may have hoped in interest. This is because your final settlement will be based on a “final settlement date” that’s 28 days from when you give notice if your loan has less than a year left to run, or 28 days plus one calendar month if your loan has more than a year left to run.
Some lenders offer better early-repayment terms than others. If there’s a likelihood that you’ll be able to clear a loan ahead of time, then hunting out favourable early-repayment terms could save you money.
Frequently asked questions
Get personalised loan quotes
Read more on this topic
Debt statistics How far in the red is the UK We explore the latest debt statistics for both the government and individuals in the UK.
TSB announces new short term loans – but will they be worth it? TSB will offer short term loans for customers looking to avoid expensive overdrafts or payday loans.
Koyo loans Koyo claims to be the UK's first online consumer lender based around Open Banking. See how you could get a loan with no credit history.
Azure Money personal loans A bad credit provider that only works with brokers, Azure Money matches the needs of a specific set of customers.
Leap Loans review February 2020 Leap offers p2p loans for debt consolidation at "dynamic" rates. We investigate what it means and whether it makes a competitive deal.
Monzo personal loans The super-popular UK challenger bank Monzo now offers flexible personal loans to existing users.
My Community Finance personal loans review 2020 Borrow £1,000 to £25,000 with a personal loan from an ethical and fairly priced lender through My Community Finance.
Compare pre-approved loan deals in less than 2 minutes Find the best rates and terms available to you from a panel of lenders, without hurting your credit score.
Compare loans for people on disability-related financial support If you're receiving disability benefits, you can still qualify for a loan. Compare your options and find other resources available.
Loans like On Stride Check out our list of loan providers offering similar products and services to On Stride so you can compare them side by side.