Santander Personal Loans Review | The Ascent

Top perks

There’s no such thing as a 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 perks:

Low interest rate range

Santander has personal loan rates that are significantly below average for the personal lending industry on both the top and bottom ends of the range. For context, a $20,000 personal loan with a seven year repayment term and 6.99% APR would have a monthly payment of $301.76. Over the life of the loan, this could save borrowers who consolidate credit card debt thousands of dollars.

Same-day funding

In many cases, Santander funds its personal loans on the same day. This isn’t a guarantee and the exact timing depends on the time of day your application is received, your credit profile, and the institution where you have the funds sent. Santander says most of its loans are funded within two business days.

Easy to check your rate

Santander prides itself on making its application process as easy as possible and allows prospective borrowers the ability to check their customized loan offers quickly, and with no impact to their credit score.

No origination fees or prepayment penalties

Unlike many of its competitors, Santander doesn’t charge any personal loan origination fees whatsoever, even for approved borrowers with less-than-stellar credit scores. There are also no prepayment penalties if you choose to pay back your loan quickly.

Borrow up to $50,000

Santander’s personal loans range from $5,000 to $50,000. Borrowers can select loan 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 appealing to borrowers who want to keep their monthly payments as low as possible.

What could be improved

As mentioned, there is no personal loan originator that is perfect for everyone. Here are some potential drawbacks that could apply to you:

Not available in all states

This is perhaps the biggest negative factor about Santander. As of 2022, Santander only makes personal loans to borrowers in 21 states. The majority of these are along the East Coast. Unless you live in a state where Santander makes personal loans, all of the other positive factors don’t really matter to you.

High minimum loan amount

Santander’s loans range from $5,000 to $50,000, and while this meets the needs of most borrowers, it also doesn’t serve those who might need to borrow less. There are several competitors that make personal loans of as little as $1,000.