Santander Review

Is this the loan company for you?

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  • No fees for personal loans
  • Interest rate discount for ACH payments


  • APR discount requires specific account
  • Loans not available in all states

What You Need to Know

Santander does not have fees for their personal loans. There are no application fees or a yearly fee. They do not charge origination fees or closing costs. Santander does not have a fee for paying the loan off early. They may charge a late fee.

Santander offers a rate discount of 0.25 percent for automatic loan payments. Each month you use automatic electronic withdrawals you receive this discount. There is no fee if you choose not to continue to make payments electronically, but the interest rate will increase to the regular rate.

To earn the interest rate discount, you must link your loan to a Santander checking account. You must then make the automatic payments through that checking account. Payments from another bank's checking account will not qualify for the discount.

Santander's personal loans are not available in all states. You must live in one of the following states to apply for a loan. Those states include:

Qualifications to Apply for Santander Loans

Useful Information About Santander Loans

Additional Relevant Information

The qualifications to apply for Santander loans are vague. If you open a loan at a branch location, employees can clarify the criteria. There they can assess your financial history and see if you qualify for a personal loan.

If you are not already a customer with Santander, you must have a 10-digit offer code to apply for a personal loan online. Applying for a loan in a branch location may have different stipulations.

History and Achievements

Santander started in Spain. They began offering services in the Northeast in 2013. Today in the United States, they have over 600 branch locations, 6,000 ATMs, and employ more than 9,000 workers.

Santander has over $57 billion in deposits. They offer personal and business accounts. Those accounts include checking, savings, and money market accounts. They offer mortgage, business, and personal loans. Customers must live in certain states to apply for Santander accounts. Headquarters are in Boston, Massachusetts.

Frequently Asked Questions

Can I apply for a loan entirely online?

Yes. Personal loan applications are entirely online. Customer service does suggest visiting a branch location to apply. You can apply online if you choose.

What is the lowest my credit score can be?

Santander does not specify a minimum credit score. Approval can include credit history, credit score, income, debt, and other factors.

What is the smallest loan amount available?

The minimum loan amount is $5,000.

What is the largest loan amount available?

The maximum Santander loan amount is $50,000.

What are the loan term lengths?

Santander loan terms range from 24 to 60-months.

Are the interest rates competitive?

Yes. Santander offers competitive interest rates. Their rates are competitive with other online lending companies.

Are the interest rates fixed?

Yes. Santander's personal loans offer fixed interest rates for the life of the loan.

What types of loans are available?

They offer personal loans for debt consolidation, weddings, vacations, or for large purchases. They provide mortgage loans and personal lines of credit, as well.

What information do I need to apply for a loan?

Santander requires a valid address, phone number, email, and SSN. You must verify your income and employment. They will make a credit check to verify your credit history. Other information may be necessary based on your qualifications.

How long does approval take?

Loan approval typically takes two days. You must provide a valid email address to have your loan approved so quickly. Approval and funding may take longer, depending on your qualifications.

How long will it take the money to enter my account after approval?

After approval, the funds can be in your account within two days. Funds may take longer to transfer, depending on your qualifications and your bank.

If I have been denied a loan before, how long do I have to wait to apply again?

The length of time could depend on why you received a denial.

What are the payment options to repay my loan?

Santander offers an interest rate discount for paying with automatic payments. There is not a fee for making payments in other ways, but you will not get the interest rate discount.

Can I pay my loan off early?

Yes. There is no penalty for paying your loan off early.

Is my information secure?

Yes. Their security measures comply with federal laws. Their computers, files, and buildings are secure. Santander limits who can see your personal information.

Does this loan company offer a mobile app?

Yes. You can download their app on the App Store or through Google Play. Through the mobile app, you can see your loan balance and the next payment date. You can see the interest rates and other information about your loan.

How do I contact customer service?

Contact customer service through phone, email, or by visiting a local branch location. Their customer center is open every day from 6 a.m. to 7 p.m. ET. You can follow Santander on Facebook, Instagram, Twitter, and YouTube.

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