Santander Bank personal loans: 2024 review

Where Santander Bank personal loans fall short 

• Limited state availability: Santander's personal loans are only available to customers living in Washington, D.C. and the 28 states listed on its website.
• Credit minimums not specified: The credit score history and minimums aren't specific on its website, which means you will need to prequalify if you want to know your eligibility odds.
• Loans can only be disbursed electronically: Loan funds can only be disbursed electronically to your bank account. Some lenders offer the option to have your funds mailed to you as a check instead. 

Santander Bank customer experience 

Customer support 

Santander has roughly 600 branches across Connecticut, Delaware, Florida, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Rhode Island. 

If you don't live in a state with a brick-and-mortar location, you can talk to a personal loan specialist at 833-716-5626 from 7 a.m. to 4 p.m. CT Monday through Friday. If you have general concerns, you can speak to a phone service agent at (888) 222-4227 Monday through Friday from 7 a.m. to 9 p.m. CT and 7 a.m. to 5 p.m. Saturday. 

Account holders may use Santander’s live agent chat feature from 7 a.m to 7 p.m CT Monday through Friday. If you're filing a complaint, select “complaints” as a reason for chatting with an agent. 

For less pressing matters, account holders can message the customer service department within their account portal. If you have a specific complaint or concern, you may list it in the subject line.

Digital experience 

Santander's mobile banking app is available for Android and Apple. Apple users seem to find the app more useful than Android users. It has a 4.8 out of 5 rating on the Apple store but a 3-star rating on the Google Play store. 

Most of the complaints are about the security measures required to access your account, the overall layout and the lack of information hosted within the account. 

The bank also offers an online resource guide, Prosper and Thrive. Prosper and Thrive provides articles and resources for three categories: those who are saving, paying down debt and seeking general financial advice.

What people are saying about Santander Bank 

Santander Bank's 890 online reviews on third-party host Trustpilot are overwhelmingly negative. The bank has not claimed its Trustpilot page and does not encourage users to leave reviews. Nearly nine of 10 users gave the bank a 1-star rating out of five stars.

However, very few reviews mention Santander’s personal loans specifically. 

Many of the complaints are about a poor online experience between devices, especially with the mobile app. Negative reviews also commonly included comments about poor customer service and long wait times. 

“I took a large personal loan out. I was then able to refi my house to pay off the loan. When I called to verify the check had arrived, I was told it had. After several days my account did not show paid. I called again and was told the check was never received. The next day the account showed paid in full. The account was overpaid and I called to inquire about the refund for the overpayment. I was told it would be 6 to 10 days. I did not receive a refund.”

— Trustpilot User

Most positive reviews were about satisfactory experiences at specific branches. 

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Do you qualify for a Santander Bank personal loan? 

Santander doesn't list specific financial requirements. Here's what it does disclose about its eligibility requirements. 

• Must be at least 18 years old.
• Must reside in one of the states listed.
• Have a valid Social Security number.
• Must be able to provide employment details. 
• Have proof of income available. 

Its website says that it will review factors like your credit score, employment status and debt-to-income (DTI) ratio when determining eligibility. These criteria are standard among lenders.

How to get a personal loan with Santander Bank 

1. Get a quote

You'll begin the process by signing the online application agreement, stating that you consent to an electronic deposit and that you live in an eligible state. You'll then fill out the initial application, which is the prequalification form and will tell you your predicted eligibility odds and interest rates.  

2. Add information ands finalize your application

After prequalifying, you'll then have to fill out the full application. This will require a hard-credit check and is predicted to take anywhere from 10 to 15 minutes to complete. You may be asked to provide more documentation or personal information, so be sure to have documents like proof of address, pay stubs, tax information or personal identification on hand. 

3. Review the loan details

After being approved, you'll sign the loan agreement and can expect to receive the funds within the same day as approval depending on the time and day you submit your application.

Methodology

Bankrate considers 20 factors when reviewing lenders. Credit requirements, APR ranges, fees, loan amounts and flexibility are all taken into account so that ratings are representative of how competitive lenders are for a wide range of credit profiles and budgets. The Bankrate Score for personal loans consists of four categories:

• Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
• Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
• Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
• Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also considered whether prequalification was available, as all these factors are key for consumers to make an informed decision.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.