Santander Bank Personal Loans Review

(June 2024)

Santander Bank Personal Loans Review

In This Article

Our Verdict

Santander Bank’s personal loan is a good option for individuals who want a personal unsecured loan for almost anything except payment of post-secondary school education. The loan has the advantage of pre-qualification enquiry at no cost to the borrower.

Santander Bank’s personal unsecured loan is only available to residents of the 12 Northeastern States and Washington DC

Pros

  • Has quick and straightforward loan processing
  • Available Customer Service round the clock
  • It has no origination fee
  • No prepayment penalties for early payment
  • Disburse funds the same day loan is approved or maximum of two business days
  • It has reasonably low APR
  • Gives pre-approval response in minutes without affecting credit score of the applicant.
  • Accept co-application for loan
  • Provides mobile application to track balance and make payments.

Cons

  • Does not give beyond $50,000 loan amount.
  • Mandates you accept loan electronically alone when you apply online.
  • Physical branches only available in 9 States
  • The loan is only available in the 12 Northeastern States
  • Does not specify the credit score you need to apply
  • Mandates you to visit physical branch to access other fund disbursement method apart from online

Who This Product Is Best For

santander bank

Santander Bank’s personal loan product is best for you if you’re a person who:

  • Resides within the 12 States where Santander Bank’s personal unsecured loan is available and does not mind online disbursement of funds.
  • Resides within the 9 States where Santander Bank’s physical branch is available.
  • Is intending to pay off his loan before time and is not ready to pay a prepayment fees.
  • Likes to test loan terms at no cost before applying.
  • Wants to apply for loan with another person but bear only his own portion.
  • Does not want to pay any origination fee to apply for loan.
  • Wants a fairly long time of loan repayment.
  • Does not need funds more than $50,000.

Who This Product Isn't Right For

Think twice before you apply for Santander Bank ‘s personal unsecured loan product if you’re a person who:

  • Have a bad business credit score.
  • Lives outside the 9 States of the Northeast where Santander Bank is physically available and does not want electronic disbursement.
  • Lives outside the 12 States of the Northeast where Santander Bank’s personal unsecured loan is available.
  • Wants more than a $50,000 personal loan.
  • Wants to know the minimum credit score to apply for the personal unsecured loan.

What This Product Offers

Personal Unsecured loans

When you have needs of funds to pay for repairs, make improvements, consolidate debts or handle medical expenses, consider the personal unsecured loan which needs no collateral or Home equity.

The rate for this loan is subject to terms, amount and your credit history.

Product Details

Personal Unsecured Loans

You can use Santander Bank’s personal unsecured loan for several needs like payment of big fund purchases, consolidation of debt, repairs and property improvements but you cannot take the loan to pay for post-secondary educational expenses.

The amount available to you under Santander Bank’s personal unsecured loan is from $5,000-50,000 with the APR of 6.99% to 24.99%. If you take this Santander Bank’s personal unsecured loan, the mandate for you is to repay the loan within 3 to 7years. Determine the rates by considering your credit history, the amount and the location you reside. Make use of the Santander Bank’s tools for checking terms at no cost to you.

Apply for Santander Bank’s personal unsecured loan without paying any origination fee, however, it’s best you take advantage of the free pre-qualification option which the bank provides to ascertain your eligibility and the terms likely to follow your loan amount including the credit score you require for the loan.

Santander Bank’s personal unsecured loan is only available in the 12 Northeastern States of Connecticut, Delaware, Florida, Massachusetts, Maine, Maryland, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont, and Washington DC.

Loan amount

$5000 to $50,000

APR

6.99% – 24.99%

Terms

36 months – 84 months

Repayment schedule

Monthly (Varies)

Origination Fee

$0

Prepayment Penalties

Nil

Where This Product Stands Out

No Origination Fee

Don’t disturb yourself about what the origination fee is when you want to apply for Santander Bank’s personal unsecured loan because it does not exist. You only need to think about other charges and interest rates but definitely not origination fee.

No Cost Pre-qualification

It can be demoralizing to apply for a loan and then find out you don’t qualify for the loan or the amount you are applying for. Some other time, it might be the terms you don’t like but you have invested yourself too much into it to stop.

The pre-qualification at no cost option you have with Santander Bank is definitely a laudable feat. Approach the bank to ascertain your qualifications for the loan.

No Prepayment Penalties

You take up loans when you are in need of funds and when you are in abundance you want to pay back your debt and be free. However, many lenders will make you pay a penalty for paying off your loan before time.

Pay  off your Santander Bank’s personal unsecured loan when you have the capacity to without fear of prepayment penalties.

Co-application

Do you need a certain amount but you fear the interest rates will be too much or it will affect your credit score? Get someone else who’s in need of funds and co-apply with him.

Santander Bank’s personal unsecured loan stands out for allowing co-application, you only pay back the part the bank disburses to you and the attendant interest while your co-applicant takes theirs also.

Where This Product Falls Short

Limited Loan Amount

The maximum loan amount you can take from Santander Bank’s personal unsecured loan is $50,000. If you are in need of more funds than the available threshold, then this product is of no significant importance to you.

Available in very Limited States

Santander Bank’s personal unsecured  loan is only available in 12 Northeastern states and Washington DC. If you are not in any of Connecticut, Delaware, Florida, Massachusetts, Maine, Maryland, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont, and Washington DC, this loan is out of your reach and I can as well say that you don’t need the information in this article.

Physical Branch Limited To 9 States

To have the chance of getting funds disbursement method different from online, you have to apply for your loan by visiting a branch of Santander bank; you can only receive your funds online if you apply online.

Out of the 12 States where Santander Bank’s personal unsecured loan is available, only 9 States have physical branches of the bank.

How to Qualify for This Product

Even though one of Santander Bank’s shortfall is that it does not state what credit score you need as requirements to qualify for personal loan, a very strong credit history will not only strengthen your chances of loan approval but also you’re getting a favorable interest rate. Build a credit score of 800 and above for Santander Bank’s personal unsecured loan approval and for favorable terms.

How to Apply for This Product

To apply for Santander Bank’s personal unsecured loan, prepare the following documents/information:

  • Bank Statements of Account.
  • Profit and Loss Statements.
  • Balance Sheets
  • Statement of Owners Equity
  • Recent personal and business tax returns.
  • Address, social security number, SSN, etc.
  • Business Plan

Apply in a branch of Santander Bank, online or by phone. Try the pre-qualification option of the bank which also gives you the likely interest rates. Agree to the terms of Santander Bank’s personal unsecured loan application and confirm your residency in any of the 12 States where the bank is available. Submit your application and attach the documents that match your application. Wait for the approval.

Alternatives to This Product

PNC Bank

PNC Bank is a veteran in personal loans. You can check interest rates, apply online and access the funds right away.

M&T Bank

 M&T Bank is a specialist bank where personal unsecured loan is on the discussion. The terms are flexible, the process is fast and fund disbursement is also quick.

Customer Reviews

Better Business Bureau (BBBs) rating for Santander is 1.1 out of 5 stars from the average of 93 customer reviews. In three years, about 394 clients made complaints.

Santander score the average ratings of 1.4 out of 5 on TrustPilot, according to 574 customer reviews.

Methodology

In reviewing Santander Bank’s personal loans based on 20 data points in the categories of loan details, we used loan costs, eligibility and accessibility, customer experience and the application process. We rated Santander Bank’s personal loans 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 score and time in business requirements and the geographic availability of the lender.

Finally, we evaluated Santander Bank’s personal loans customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.

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