Santander Bank Personal Loans Review: Enjoy Low Rates But Be Wary of Customer Service

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

santander personal loans review

If you’ve shopped around for a personal loan, you’ve noticed that several big banks, such as Capital One and Bank of America, don’t offer them to consumers.

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%
Origination fee $0
Prepayment fee $0

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.

Image credit: Santander Bank

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:

  • Connecticut

  • Delaware

  • Massachusetts
  • New Hampshire
  • New Jersey
  • New York
  • Pennslyvania
  • 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.”

You can read more Santander Bank customer reviews through the Better Business Bureau and ValuePenguin.

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!
LenderRates (APR)Loan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Personal Loans: Fixed rates from 5.950% APR to 14.740% APR (with AutoPay). Variable rates from 5.825% APR to 14.365% APR (with AutoPay). SoFi rate ranges are current as of May 18, 2018, and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.825% APR assumes current 1-month LIBOR rate of 1.90% plus 4.175% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
  2. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

2 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate Disclosure: Fixed interest rates range from 4.99% – 16.24% (4.99% – 16.24% APR) based on applicable terms. Lowest rates shown are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

* Important Disclosures for Upgrade Bank


Upgrade Bank Disclosures


  • Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.
  • 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
Check rate nowon SLH's secure site
5.83% - 14.74%1$5,000 - $100,000
Check rate nowon SLH's secure site
5.96% - 35.97%*$1,000 - $50,000Visit Upgrade
8.00% - 25.00%$5,000 - $35,000
Check rate nowon SLH's secure site
4.99% - 29.99%$10,000 - $35,000Visit FreedomPlus
4.99% - 16.24%2$5,000 - $50,000Visit Citizens
15.49% - 34.49%$2,000 - $25,000Visit LendingPoint
5.99% - 35.89%$1,000 - $40,000Visit LendingClub
5.49% - 18.24%$5,000 - $75,000Visit Earnest
9.95% - 35.99%$2,000 - $35,000Visit Avant
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.