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Santander Bank Personal Loan Review

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Santander Bank is a lender with more than 600 branches, mainly in New England. If you’re a current Santander Bank customer seeking a personal loan, you may find competitive rates and low fees at your local branch. However, you don’t need to be a current customer to get a loan — so long as you don’t mind skimping on a rate discount for Santander Bank checking account customers.

To learn more about Santander Bank’s personal loan, click below:

Santander Bank personal loan highlights

  • Low interest rates: Rates on a personal loan from Santander Bank range from 6.99% to 16.99% APR. That means a personal loan from this lender may be a viable option for consolidating credit card debt.
  • No origination fees: The personal loan has No origination fee. That means that borrowers don’t see upfront fees driving up the cost of the loan.
  • Hard credit inquiry: When you apply for a personal loan from Santander Bank, the credit request will show up on your credit report. This could cause a small dip in your credit score.
  • Discount for ePay from Santander checking: Santander Bank offers a 0.25% ePay discount if you sign up for automatic payments from a Santander Bank checking account.
  • Not available nationwide: Borrowers must live in New England or the Mid-Atlantic region to qualify for a loan from Santander. The lender issues loans to borrowers in Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont and Washington, D.C.

Santander Bank at a glance

  • APR range: 6.99% to 16.99%
  • Minimum credit score: Not specified
  • Terms: 24 to 60 months
  • Origination fee: No origination fee

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Terms Fees and penalties
  • Terms: 24 to 60 months 
  • APR: 6.99% to 16.99%
  • Loan amounts: $5,000 to $50,000
  • Time to funding: 3 days
  • Credit check: Hard Pull
  • Origination fee: No origination fee
  • Prepayment fee: None
  • Late payment fee: Not specified
  • Other fees: None

Eligibility requirements

  • Minimum credit score: Not specified
  • Minimum credit history: Not specified
  • Maximum debt-to-income ratio: Not specified

Santander Bank doesn’t provide a deep-dive into what it takes to qualify for a personal loan. As is common when you apply for an unsecured personal loan, your credit score and debt to income ratio will be weighed. That’s because the lender won’t have collateral to fall back on should you default on your loan.

More general requirements for this personal loan include:

  • You must be at least 18 years old
  • You must live in Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont or Washington, D.C.

It’s worth noting that you don’t have to be an existing Santander Bank customer to take out a personal loan. However, borrowers who set up ePay from a Santander Bank account will get a 0.25% rate discount.

Applying for a personal loan from Santander Bank

The application process with Santander Bank is designed to take 15 minutes or less when you apply online. While applying, you’ll need to provide information such as:

  • Your name
  • Email address
  • Social Security number
  • Current income
  • Employment status

Santander Bank allows you to apply with a co-signer or a co-applicant. If you’re including a co-applicant, you’ll need to provide their contact information as well.

When you’re applying, Santander Bank will do a Hard Pull credit inquiry, which affects your credit score. Consider comparing personal loan rates from lenders that offer soft credit pulls before you apply at Santander Bank.

Once your loan application is complete, Santander Bank will make a lending decision and be  able to send funds within 3 business days, though it may take longer if you don’t have a checking account with the lender.

Pros Cons
  • Low rates: Rates range from 6.99% to 16.99% APR.
  • No origination fee: You won’t pay any upfront fees when you borrow from Santander Bank.
  • Wide range of loan amounts: Borrowers can take out loans ranging from $5,000 to $50,000 (depending on their ability to repay).
  • Not available nationwide: Loans only available in Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont or Washington, D.C.
  • Funding takes at least two days: If you have a Santander Bank checking account, the funds from your loan may be available 3 days after applying. Otherwise, funding takes longer.
  • Must sign up for ePay from Santander account for lowest rate: To get the 0.25% discount, you must sign up for ePay from a Santander checking account.

Who’s the best fit for a Santander Bank personal loan?

With low rates, fixed payments, and a broad range of repayment periods, the personal loan from Santander Bank could be a good loan option for someone looking to consolidate high interest credit card debt.

The best candidates for the Santander Bank personal loan are those with strong credit and who are comfortable borrowing a fair amount of funds. (Remember: Santander Bank’s minimum loan amount is $5,000, much higher than many competitors.) Although Santander Bank doesn’t specify a minimum credit requirement, it’s a safe bet to assume the lender’s highly competitive rates are reserved for borrowers with high credit scores.

Current customers of the bank will benefit the most, too. The lender offers a 0.25% rate discount to borrowers who set up autopay from a Santander Bank checking account. If you have strong credit, you can easily find competitors that offer an autopay discount without the need for you to open a checking account with them.

Alternative personal loan options


  • APR: 3.99% to 19.99%
  • Minimum credit score: Not specified
  • Terms: 24 to 144 months
  • Origination fee: No origination fee

Both Santander Bank and LightStream offer fixed-rate personal loans with no origination fees and the same minimum $5,000 loan amount. However, Lightstream’s minimum and maximum APR are lower than Santander Bank’s, and the lender offers a Rate Beat program where it’ll offer a rate 0.10% lower than a competitors’. This makes LightStream a top choice for borrowers with excellent credit.

But Lightstream has a few other pluses over Santander Bank: It offers terms lasting up to 12 years, and loans up to $100,000. You can also sign up for autopay (and receive a rate discount) without needing a bank account with the lender.


  • APR: 4.99% to 28.99%
  • Minimum credit score: Not specified
  • Terms: 12 to 72 months
  • Origination fee: Not specified

If you’re comfortable keeping your checking account and personal loan with the same lender, BBVA is another option to consider. Rates on BBVA’s personal loans start at 4.99%, two points lower than the rates from Santander Bank. It also offers a broader range of terms, including payoff periods as long as 72 months.

However, BBVA has a much higher maximum APR compared to its competitors, and you can only start an online application for a BBVA loan if you have a reservation code. That makes Santander Bank the slightly more convenient (and potentially safer) pick, depending on your situation and needs.

Discover Bank

  • APR: 6.99% to 24.99%
  • Minimum credit score: Not specified
  • Terms: 36 to 84 months
  • Origination fee: No origination fee

At face value, the personal loans from Santander Bank and Discover seem similar. Neither has an origination fee, and they both offer the same minimum (though Discover’s maximum is notably higher). However, a couple differences are important.

While Santander Bank offers a shorter minimum term, Discover offers a longer maximum term. And where Santander Bank has local branches where you can enjoy face-to-face time with your lender, Discover is an online-only institution.


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