There’s no one personal lender that’s right for everyone, and Santander is no exception. However, there’s a lot to like about its products, and here are some of the most notable benefits:
Low interest rate range
Santander has personal loan rates significantly below the average for the personal loan industry, both at the high and low end. For context, a $20,000 personal loan with a repayment term of seven years and an APR of 6.99% would have a monthly payment of $301.76. Over the life of the loan, this could save borrowers thousands of dollars as they consolidate their credit card debt.
Same day financing
In many cases, Santander funds its personal loans on the same day. This is not a guarantee and the exact timing depends on the time of day your request is received, your credit profile and the institution you sent the funds to. Santander says most of its loans are funded within two business days.
Easily check your rate
Santander prides itself on making its application process as easy as possible and allows potential borrowers to verify their personalized loan offers quickly and without impacting their credit score.
No set-up fees or prepayment penalties
Unlike many of its competitors, Santander charges no personal loan origination fees, even for approved borrowers with less than stellar credit scores. There are also no prepayment penalties if you choose to pay off your loan quickly.
Borrow up to $50,000
Santander personal loans range from $5,000 to $50,000. Borrowers can choose repayment terms ranging from three to seven years. The seven-year term is a longer repayment term than many other lenders offer and can be attractive to borrowers who want to keep their monthly payments as low as possible.
What could be improved
As mentioned, there is no perfect personal loan originator for everyone. Here are some potential downsides that might apply to you:
Not available in all states
This is perhaps Santander’s biggest negative factor. As of 2022, Santander only provides personal loans to borrowers in 21 states. The majority of them are found along the east coast. Unless you live in a state where Santander provides personal loans, all the other positives don’t really matter to you.
High minimum loan amount
Santander loans range from $5,000 to $50,000, and while that meets the needs of most borrowers, it also doesn’t serve those who might need to borrow less. There are several competitors that provide personal loans as low as $1,000.