The Santander Group, founded in 1857, serves over 100 million customers worldwide and is the parent company of Santander Bank, one of the largest banks in the world in terms of market capitalization. In the United States, Santander has nearly 700 branches and over 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.
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 Bank's service area do not qualify. Santander also offers its customers a line of credit with different rates and terms than its personal loans.
Santander offers borrowers fixed interest rates ranging from an APR of 6.99% to 16.99%, 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.
Santander offers loans ranging from $5,000 to $35,000 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.
Santander only offers personal loans in Connecticut, District of Columbia, Delaware, Massachusetts, Maine, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont.
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, those with a low credit score or 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.
Santander is a highly rated global financial institution that offers competitive rates on personal loans without requiring collateral or charging an origination fee. Late and returned payments do each incur a 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 $35,000.
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