Santander 123 and Select Customers Personal Loan review December 2022

Santander existing customers may be able to access preferential interest rates at certain conditions – here’s how it works

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Banking group Banco Santander was originally founded in Spain, but now provides a variety of banking services to 125 million customers around the world.

In the UK, it offers personal loans to both new and existing customers. If you are a 1|2|3 World or a Santander Select customer, you may be able to access lower interest rates on loans between £15,000 and £25,000.

As usual, the interest rate you’re offered once applied depends on your personal circumstances, so there’s no guaranteed you’ll actually get the advertised rate – but you might, if your credit score is good enough. You can check Santander’s representative APR (Annual Percentage Rate) for 1|2|3 World customers and Santander Select customers in our table below.

Santander personal loans are unsecured, fee-free and can be repaid in advance without paying a fee, so they make a flexible option if you need to spread an unexpected expense over a longer period of time.

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Name Product Total Payable Monthly Repayment Representative APR Link
Santander 123 and Select Customers Personal Loan
Check eligibility
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 5.4% p.a. (fixed). Representative APR 5.4% and total payable £10,833.12 in monthly repayments of £300.92.

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Key details

Loan typeUnsecured Personal Loan
Loan amounts£1,000.00 to £25,000.00
Loan terms1 Year to 5 Years
Loan rate typeFixed
Product fee0%
Same day funding available
Same day funding noteAvailable in branch.
Instant decisions in most cases
Soft-search facility available
Joint applications
Overpay without penalty
Concurrent loans allowed
Topping-up pays off existing loan and initiates a new loan
Repayment methodsDirect Debit
Representative example: Borrow £10,000.00 over 3 years at a rate of 5.4% p.a. (fixed). Representative APR 5.4% and total payable £10,833.12 in monthly repayments of £300.92.

Am I eligible?

Available toExisting Customers only
Age21 or over
Credit profilesGood
Acceptance note£1,000 - £19,999 – annual income of £7,500+
£20,000 - £25,000 – annual income of £20,000+

How do I apply

As you may have guessed, Santander 123 and Select Customers Personal Loans are only available to 1|2|3 World customers and Santander Select customers. There are a bunch of different Santander products that can give you the 1|2|3 World or the Santander Select status, and they have different eligibility criteria, but the most straightforward one is probably the 1|2|3 Current Account, for which you are eligible if you pay at least £500 a month into it and have at least two active direct debits.

If you are a 1|2|3 World customer or a Santander Select customer, you can apply for a personal loan both online or in person. Applying online shouldn’t take more than a few minutes, whereas if you’d rather talk to someone it’s best to book an online appointment in your local branch to speed up the process.

In any case, here are the documents and information you’re going to need:

  • Three years of address history.
  • Your employer’s details (name, address, contact number).
  • Your bank account details (from which Santander will take monthly direct debits to repay the loan).
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