But Santander Bank continues to offer the product to creditworthy customers. You can use a Santander personal loan for just about anything, from consolidating credit card debt to buying a stainless steel refrigerator.
If you prefer borrowing from a brick-and-mortar bank as opposed to an online one, learn more in this Santander Bank personal loans review.
Santander Bank personal loans review: Just the basics
Before jumping into the full Santander Bank personal loans review, check out the rates and terms on its personal loan. These details are accurate as of May 3, 2018. Check with the lender directly for the most up-to-date information regarding Santander Bank personal loans.
|Loan amounts||$5,000 – $35,000|
|Repayment terms||2 – 5 years|
|APRs||Fixed rates from 6.99% – 16.99%|
Santander Bank interest rates, fees, and terms for personal loans
Along with a personal line of credit, which you can access continuously, Santander Bank offers a personal loan to qualifying borrowers. You can borrow between $5,000 and $35,000 individually or with a cosigner.
Depending on your creditworthiness, loan amount, and repayment terms, your loan will come with a fixed APR between 6.99% and 16.99%.
Your interest rate will be fixed over the life of your loan, so you don’t have to worry about it increasing over time. You can also get an additional rate discount if you set up automatic payments from a Santander Bank checking account.
Since Santander Bank doesn’t charge an origination fee, you don’t have to worry about extra charges as long as you keep up with payments. Besides interest, the only fees you might have to pay are for penalties, such as for a late payment.
You can also choose repayment terms between two and five years. Santander Bank offers a personal loan calculator, so you can estimate your monthly bills and interest. You can also use our personal loan calculator to estimate the costs of borrowing.
By crunching the numbers, you’ll have a clearer sense of what repayment will look like on your loan. Plus, you can compare multiple personal loan offers to find the right one for you.
Applying for a Santander Bank personal loan
You can start your application for a Santander Bank personal loan online. But according to a customer service representative I spoke to, you’ll need to sign the final paperwork in person at one of its branches. Alternatively, you could do the entire application process in person at a Santander branch. Keep in mind, Santander Bank only has branches in the Northeastern U.S.
Santander Bank states on its website that the online application takes about 10 to 15 minutes to complete. You’ll get started by entering basic personal information, such as your name, address, and Social Security number.
You’ll also provide information on your employment and income. Santander Bank wants to make sure you’ll have the means to repay your loan. The bank also takes a look at your credit score and debt-to-income ratio.
After getting approved, you can select your loan terms and finalize your paperwork.
According to a customer service representative, the average time it takes to get approved and get your loan is one to two weeks. Also, Santander Bank can deposit the funds directly into your bank account if you’re a customer. If you bank elsewhere, it’ll give you a bank check or cash, depending on your loan amount.
Santander Bank has straightforward eligibility requirements
As with other lenders, you must meet Santander Bank’s credit and income requirements to qualify. You also must be a U.S. resident who is 18 years of age or older.
Finally, Santander Bank personal loans must be closed at one of its branches. The bank has branches in the following states:
- New Hampshire
- New Jersey
- New York
- Rhode Island
Santander Bank customers offer mixed reviews
Some Santander Bank customer reviews complain about the lender on WalletHub. One reviewer wrote, “I would really avoid using them. I dumped them for another bank and it was a good decision. They are just way into too many fees and fines for no apparent reason.”
Another dissatisfied customer wrote, “I have had a really hard time connecting with a customer service rep. I have literally been on hold for about 20 minutes and this is not the first time.”
A reviewer on Credit Karma, however, had a positive experience borrowing a Santander Bank personal loan. “The application process was really simple and quick,” the reviewer said. “Now I can kill off some of the high interest debt that is weighing me down.”
On the surface, Santander Bank offers a competitive personal loan product with reasonable rates and fees. But most Santander Bank personal loan reviews don’t rave about their experience with the bank.
Santander Bank customer service
Initially based in Spain, Santander Bank now has over 600 branches in the U.S.
For more information beyond this Santander Bank personal loans review, contact customer service at 877-768-2265 or send an email through its website.
Overall, Santander Bank offers decent rates to its customers, as well as the flexibility to pay off your loan over five years. But you might get lower rates elsewhere, so make sure to shop around for personal loans before choosing a lender.
Note: Student Loan Hero has independently collected the above information related to Santander Bank personal loans. Santander Bank has neither provided nor reviewed the information shared in this article.
Interested in a personal loan?Here are the top personal loan lenders of 2018!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.16% to 35.89%. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at time of application. The origination fee ranges from 1% to 6% and the average origination fee is 5.49% as of Q1 2017. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months or longer.
7 Important Disclosures for Earnest.
8 Important Disclosures for Avant.
* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.
** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33
* Important Disclosures for Upgrade Bank.
Upgrade Bank Disclosures
** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.
|7.73% – 29.99%||$1,000 - $50,000||Visit Upstart|
|6.26% – 14.87%1||$5,000 - $100,000||Visit SoFi|
|6.99% – 35.97%*||$1,000 - $50,000||Visit Upgrade|
|8.00% – 25.00%2||$5,000 - $35,000||Visit Payoff|
|4.99% – 29.99%3||$10,000 - $35,000||Visit FreedomPlus|
|5.99% – 18.99%4||$5,000 - $50,000||Visit Citizens|
|15.49% – 34.49%5||$2,000 - $25,000||Visit LendingPoint|
|6.16% – 35.89%6||$1,000 - $40,000||Visit LendingClub|
|6.99% – 18.24%7||$5,000 - $75,000||Visit Earnest|
|9.95% – 35.99%8||$2,000 - $35,000||Visit Avant|