Our Verdict
Choose Santander Bank if you are from the Northeastern region of the United States or you live in Connecticut, Massachusetts, Rhode Island, New York, New Jersey, Delaware, Pennsylvania, New Hampshire, Maryland, Texas, Maine, Michigan, California, Ohio, Vermont, District of Columbia, Georgia, AZ, Illinois, or North Carolina.
Know that Santander Bank is relatively one of the new banks in the USA and its personal lending products are for debt consolidation, home improvement, medical expenses, big purchases, and unexpected repairs.
Don’t expect much from the bank as the bank only has less than 500 branches in 21 states. You may have to travel miles before you reach the nearest bank. In addition, don’t expect any transparency in rates and terms, contact the bank customer service to know your specific rates, terms, and requirements. Nevertheless, enjoy low rates, flexible repayment terms, zero origination fee, discount on rates, and no prepayment fees.
Santander Bank
Corporate Headquarters
75 State Street; Boston,
Massachusetts, United States.
Phone Number: 8337265626
Pros
- Low rate
- Discount on rates
- Numerous lending products
- Quick funding
Cons
- Limited availability
- Small branch number
- No transparency
- Small loan amount
Who This Product Is Best For
Consider this product if you are a borrower who:
- Lives in any of the states served by Santander
- Wants a lender that offers quick funding
- Wants a lender that charges zero fees on origination
- Prefers discount on the rate
Who This Product Isn't Right For
Look for another lender if you are a borrower who:
- Prefers lenders with a presence in more than 21 states
- Needs a loan amount higher than $50,000
- Has a low credit score
- Prefers banks with numerous branches across its service states
What This Product Offers
Debt consolidation: Refinance your debts with Santander debt consolidation to merge your debts into one and pay it off at a fixed and reduced rate.
Home improvement: Use this loan for your home renovation, like leaking roof, changing of furniture, changing of light bulbs, repainting of your home and others.
Medical expenses: Book an appointment with your doctor and use this loan to cover medical checks, drug bills, and other health-related expenses.
Emergency loan: Use this loan as a ready-made finance to cover unexpected expenses like car repair, and fine payments.
Product Details
Be aware that Santander Bank loan details are not loan specific but rather a generalization for every type of personal loan. Call its loan specialist to find out the specific rates and terms for any product of your choice.
Debt consolidation
Merge the debt on your credit cards including any other debts you owe into one, and pay it off within a short period.
Expect a financing amount between $5000 to $50,000 at a competitive rate that is as low as 6.99%. Get a loan amount that ranges from $5,000 to $50,000 and a favorable repayment period that begins from 3 years to 7 years.
Take advantage of Santander personal loan benefits like a 0.25% discount on rate when you activate the autopay system for direct deduction from your deposit account. Enjoy zero origination fees, prepayment penalties, and closing fees.
Home improvement
Use this loan to refurbish your home. Get an amount that starts from $5,000 to $50, 000 including a friendly interest rate that begins from 6.99%. Your repayment period ranges from 36 months to 84 months. Tap into Santander benefits when you use a loan by setting up an automatic deduction of the loan amount from your personal deposit account to enjoy a 0.25% reduction on rates. Don’t bother about origination fees, closing fees, and prepayment penalties because they are all free with Santander’s personal loan.
Medical expenses
Cover your medical bills like doctor appointments, over-the-counter drugs, crutches and wheelchairs with Santander medical expenses personal loan. Anticipate a loan offer that begins from $5,000 to $50,000 at a low rate that starts from 6.99% upward. Expect a repayment period from 3 years to 7 years.
In addition to the projected loan offer, ensure you set up an autopay system to get a discount rate of 0.25%. Enjoy zero origination fee, fee-free prepayment penalties, and zero closing fee.
Emergency loan
Use this loan to tackle any impromptu financial situations in your ways such as car repair, loss of income, taxes, fines, and groceries purchases. Know that an amount between $5,000 – $50,000 awaits you when you consider this loan. Flex on the low rate that starts from 6.99% and the flexible term begins from 36 months to 84 months. Don’t worry about the origination fee, closing, or prepayment fee. Set up an autopay system to get a rate deduction on a loan which can be up to 0.25%.
Where This Product Stands Out
Friendliness in rate
Maximize competitiveness in loan rate which can be as low as 6.99% when you take out a personal loan from this lender. Be aware that the rate you get depends on your creditworthiness and your preferred loan amount.
Fee-free benefits
Choose this lender to enjoy zero fee benefits on origination charges, closing fees, and prepayment penalties. However, note that you may have to pay a late fee charge if you default on any of your loan payment schedules.
Discount on rate
Set up an autopay method to allow automatic deduction of your loan repayment from your deposit account and enjoy a discount rate that can reach up to 0.25%.
Wide range availability by state
Know that Santander serves more than 20 states in the United States. Consider this bank if you live in any of the states it serves.
Variety in lending products
Do you prefer a lender with different kinds of loan options? Place your bet on Santander Bank. With this lender, you can get a loan to consolidate your debts, improve your home, pay for medical expenses, and tackle any unexpected financial problems. You can see this lender is impressive, right?
Where This Product Falls Short
Insufficient details on loan products
Don’t expect to see specific details on any of this lender’s personal loan products. Schedule a meeting with a Santander loan specialist to find out detailed information regarding any lending product that suits you.
Limitations in regional operation
Be aware that Santander Bank operates majorly in the Northeastern region of the USA. Consider other lenders if you are not from this region. You may find it difficult to use its service due to distance.
Insufficiency in branch availability
Note that you may find it challenging to reach the nearest Santander branch to your home.
Remember that Santander only operates less than 500 branches across 21 states and this indicates that the branches are scarcely available in those states.
Prepare to spend a handful amount on transportation just to reach the nearest branch.
Limitation in the loan amount
Check out other banks or credit unions if you want personal loan cash that is more than $50,000. Santander Bank can only give you a loan amount from $5,000 to $50,000. Check your financial needs very well to see if this lender can meet them, otherwise, you can consider other alternatives.
Restrictions in eligibility
Know that you can only qualify for Santander Bank personal loan products if you reside in any of the 21 states that the bank serves. In addition to this, you may have to open a checking account with Santander to receive the borrowed money.
How to Qualify for This Product
Use the prequalification feature on Santander personal loans web page. Click on check my rate to see what kind of personal loan you may qualify for. Note that you must have an active bank account with Santander to be eligible for any of its personal lending options.
With the above explanation, examine yourself if you have the following requirements to know if you stand a chance of qualifying for any of its lending products.
- A good FICO score
- An existing deposit account with Santander Bank
- Birth certificate
- Reason for the loan
How to Apply for This Product
Don’t expect full transparency in applying for Santander personal loans unless you call a loan specialist to guide you on the proper ways to apply for this bank personal lending option. However, to start applying for the Santander personal loan, know that the following steps are paramount.
- Call the bank loan specialist
- Visit any of the bank’s branches
- Apply online to find out your specific rate and term.
While applying, get the following documents ready.
- Personal information like your date of birth, SSN (Social Security Number) email address and mailing address.
- Financial statements such as bank statements, annual revenue, and debt-to-income ratio.
Alternative to This Product
SoFi
Choose SoFi to get a higher loan amount that can reach up to $100,000 at an interest rate that is as low as 8.99%. Expect a flexible term that is up to 7 years.
One more advantage, this lender has no benchmark for credit scores, which means you may qualify for the bank personal loan even with a bad credit score. You can also access its loan products from any state in the US.
Chase Bank
Consider Chase Bank if you value a lender that offers a higher loan amount with a competitive rate. Get between $1,000 and $100,000 with a flexible rate that can be as low as 5.00%.
LightStream
Choose LightStream to get a personal loan amount that is up to $100,000 including a rate that is as low as 6.99% and a repayment term that reaches up to 7 years. You can qualify for this loan with a fair credit score of 600.
Customer Reviews
Santander Bank has a poor star rating of 1.1 stars out of the possible five stars from 94 reviews on Better Business Bureau’s website. The agency does not display bank positivity as the bank is yet to secure BBB accreditation. However, the bureau claims that Santander has closed 550 complaints in the last 4 years on the website.
Methodology
We reviewed *this product* based on 20 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated *this product* based on the weighting assigned to each category:
- Loan cost: 35%
- Loan details: 25%
- Customer experience: 20%
- Eligibility and accessibility: 10%
- Application process: 10%
Within each major category, we also considered several characteristics, including available loan amounts, repayment terms and applicable fees. We also looked at minimum credit scores and time in business requirements and the geographic availability of the lender. Finally, we evaluated *this product* customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.
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