Looking to take out a loan but not sure where to turn? You’ve heard of Santander Personal Loans and you’re wondering if they are legit or a scam. Well, it is important to do thorough research before committing to any large financial decision and this article aims to provide you with the information needed to make an informed decision.
We will review Santander Personal Loans and share our insights on whether it provides an affordable and reliable service. Santander offers personal loans with terms of 36 or 84 months. Loan amounts range from $5,000 to $50,000. The interest rate you’ll pay depends on your creditworthiness, and Santander doesn’t charge origination and late fees.
You can apply for a Santander personal loan online, and if you’re approved, you can get your money as soon as the next business day. Be aware that you may be asked to provide additional documentation before your loan is funded.
|Loan Amount||From $5,000 to $50,000|
|Loan Terms||From 36 to 84 months|
|APRs||From 6.99% to 24.99%|
|Immigration Status Considered||N/A|
|Employment Statuses Considered||N/A|
|Intended Use||Debt consolidation, medical bills, home improvements, vacations, etc.|
|Joint Loan Applications Accepted||No|
|Verification Documents Required||Social Security number, Income verification documents, Employment verification documents.|
|Minimum Credit Score||680|
|Loan Purpose||Personal use|
|Supported Income Types||N/A|
|How Long To Get Funds||Within 2 business days|
|Other Prerequisites||Borrower must be over 21 years old|
Santander is a multinational bank based in Spain. It offers a wide range of financial products and services, including personal loans. Santander personal loans are available to residents of the United States, Puerto Rico, and the UK.
Their personal loans have fixed rates and terms. Loan amounts range from $5,000 to $50,000 and they don’t charge origination fees or prepayment penalties.
Santander personal loans can be used for a variety of purposes, including debt consolidation, home improvements, and medical expenses. On top of that, they also offer a convenient online application process and quick decision-making. Loans are typically funded within 48 hours of approval.
Minimum credit score requirements for Santander personal loans vary by loan amount and type. For example, the minimum credit score for a $10,000 loan is 680 while the minimum credit score for a $50,000 loan is 720. Borrowers with excellent credit may qualify for rates as low as 6.99%.
Santander Personal Loan Rates, Terms, and Fees
Santander doesn’t have any prepayment fees and they also don’t have any origination fees. This is a great thing since it means that you as a borrower will not need to pay more than you borrowed.
Although you will not be charged a prepayment fee, after 56 days of paying your loan early you will be issued a fee. There is no mention of how much that fee is.
And when it comes to the interest rates, they are considered average and competitive in comparison to other lenders. Keep in mind that you will have different rates based on the loan amount you take and the better your credit score the better rates you will also get.
Types of Personal Loans Offered by Santander
Santander offers several types of personal loans, each with different terms and conditions. Here’s a brief overview of the different kinds of loans offered by Santander:
- Consolidate debt
- Make home improvements
- Cover medical expenses
- Pay for unexpected repairs
- Funding big purchase
How to Qualify for Santander Personal Loans
If you’re looking to take out a Santander personal loan, there are a few qualifications you’ll need to meet first. Here is how to qualify:
- Agree to Santander Bank’s online application terms
- This involves confirming that you live in one of the 12 states this bank serves (or D.C.) and that you are willing and able to accept the loan funds electronically into your checking or savings account.
- Fill out the initial application
- Submit a full application
- Provide requested documentation
- You may be asked to provide additional documentation, such as recent pay stubs or other income verification.
After you do so, in order to complete your application, you will need to go to the nearest branch in order for them to approve the loan.
Santander Personal Loans Pros and Cons
If you’re looking for a personal loan, Santander may be a good option. But like any lender, there are both pros and cons to consider before you apply.
On the plus side, Santander offers competitive rates and terms on its personal loans. You can borrow up to $50,000 with repayment terms of up to 84 months. And there are no origination fees or prepayment penalties. So if you qualify and are approved for a loan, you can get the money you need at a reasonable cost.
One downside to Santander personal loans is that they’re not available in all states. So if you live in an ineligible state, you won’t be able to apply. Additionally, Santander will mostly approve people with good credit scores. So if your credit isn’t strong, you may not qualify for the best rates and terms.
|No origination fees or prepayment fees||Only operates in 21 states across the U.S.|
|0.25% APR discount with autopay||Unclear eligibility requirements|
|Funds deposited same day||High minimum loan amount|
|Good APR offered||Checking account required|
Is There an Origination Fee for Santander Personal Loans?
An origination fee is an amount some lenders have and should cover the costs of issuing a loan to the borrower. The good news for customers is that Santander personal loans do not have a fee of this kind.
This essentially means that you won’t have to take care of any additional charges in order to get a loan from this lender. However, it’s important to note that these charges are not the only thing you should consider before taking out a loan from the lender.
Is Santander a Legitimate Company?
If you’re considering a Santander personal loan, you may be wondering if the company is legitimate. Although Santander is a large, international bank, there have been some complaints about the company’s personal loan products and services.
Santander is a member of the Consumer Financial Protection Bureau (CFPB) and is regulated by state and federal laws. Although they do not have accreditation from Better Business Bureau (BBB)
In case you’re considering taking out a Santander personal loan, we suggest you read the terms and conditions carefully before you apply. You should also compare offers from multiple lenders to make sure you’re getting the best deal possible.
Overall, they are a legitimate company but have poor online ratings and customer satisfaction. Due to this, we advise you to find a company with a better reputation and good work ethic. On top of that Santander Bank is not available everywhere in the USA, which can present a huge problem for the majority of their potential clients.
Summary of Santander Personal Loans
- Santander personal loans are unsecured loans that allow you to borrow from 5,000 up to $50,000.
- You can check your rate without affecting your credit score and there are no origination or prepayment fees.
- To apply for a loan, you’ll need to provide some basic personal information, a Social Security number, and documents verifying your income and employment.
- The company does not have BBB accreditation but is registered in CFPB.
Santander Personal Loans FAQs
1. How long does it take to get a Santander personal loan?
The company often issues loan funds the same day, but the maximum wait period can be up to 2 business days.
2. How will I receive the personal loan funds from Santander?
You will receive your personal loan funds in the bank account you put on your application form.
3. What is the minimum credit score required for a Santander personal loan?
The minimum credit score required for getting a personal loan from Santander is 680.