Santander existing customers may be able to access preferential interest rates at certain conditions – here’s how it works.
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.
|Loan type||Unsecured Personal Loan|
|Loan amounts||£1,000.00 to £25,000.00|
|Loan terms||1 Year to 5 Years|
|Loan rate type||Fixed|
|Same day funding available|
|Same day funding note||Available in branch.|
|Instant decisions in most cases|
|Soft-search facility available|
|Overpay without penalty|
|Concurrent loans allowed|
|Topping-up pays off existing loan and initiates a new loan|
|Repayment methods||Direct Debit|
Am I eligible?
|Available to||Existing Customers only|
|Age||21 or over|
|Income||£6000.00 Per Annum|
|Acceptance note||Minimum Applicant Income £6,000 Per Annum.|
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).