Features

The Santander Group was founded in 1857, with 102 million customers and 14,500 branches worldwide it is the eleventh largest bank in the world in terms of market capitalization. In the United States, Santander has 700 branches and 9,000 employees. Its corporate offices are based in Boston and it has an A+ rating with BBB and a four-star rating with Bauer Financial. As well as retail and corporate banking, Santander also provides auto loans and unsecured personal loans.

How Does Santander Work?

Santander provides competitively priced unsecured personal loans to borrowers whether or not they have a bank account with Santander. The application process can start online or at one of their branch offices. After 48 hours, borrowers will receive a response. If they qualify they must make an appointment with their local branch to sign the documents. People who don't live within Santander's service area do not qualify. Santander also its customers a line of credit with different rates and terms than its personal loans.

What Are Santander's Interest Rates?

Santander offers borrowers fixed interest rates ranging from 6.99% to 14.99% (as of August 2015), depending on their creditworthiness. There is no application fee but these rates include a 0.25% discount for customers that agree to Santander's automatic payments feature: ePay. Borrowers who don't register for ePay must add 0.25% to their rate.

How Much Money Can I Borrow from Santander?

Santander offers loans ranging from $5,000 to $25,000 and doesn't require collateral or annual fee. The repayment terms range from 2 to 5 years. For example, if you borrow $10,000 for 60 months at an interest rate of 6.99% APR, the monthly payments will be $197.96. The same loan with a 14.99% APR has monthly payments of $237.85.

Which States Does Santander Operate In?

Santander only offers personal loans in states where it has branches. This includes Massachusetts, Rhode Island, Connecticut, New Hampshire, New Jersey, Maryland, Delaware, Maine, Vermont or Washington D.C.

What Is Santander's Application Process Like?

Borrowers must live in a state where Santander has branches but the process can start online. Loan officers look at borrowers' entire credit profile, not just their credit score. However, a credit score of 680 is a minimum and borrowers with a high debt to income ratio may struggle to qualify. By applying for a loan, borrowers authorize Santander to perform a hard credit inquiry on their behalf, which could have a negative effect on their credit score. If your loan application is successful, you a loan officer will make an appointment with you at your local Santander branch to sign the documents.

How Is Santander Better than Other Lenders?

Santander is a highly rated global financial institution that offers competitive rates on personal loans without requiring collateral or charging an origination fee. Late payments do incur a $20 and returned payments have a $35 fee, but these fees are standard for banks. Loan terms are flexible: ranging from 2 to 5 years, which allows for low payments on loans of $5,000 to $25,000.

  • Credit bureau reporting
  • Interest APR
    6.99% - 14.99%
  • Joint loans available
  • Loan Amount
    $5000 - $25000
  • No late fees
  • Max Loan Term (Months)
    60
  • Lend to military?
  • Institution Type
    Bank Direct Lender
  • Approval Speed (Hours)
    48
SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

No reviews found.

Be the first to write a review for this company!

Write a Review

New Review for Santander Bank

In category:  

Rate your experience:

Cancel

Other Personal Loans companies