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Santander Bank personal loans: 2023 Review

Updated on Sept. 21, 2023
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At a glance

Rating: 4.4 stars out of 5
Bankrate Score
Caret Down
Rating: 4.5 stars out of 5
Rating: 4.9 stars out of 5
Customer Experience
Rating: 4.4 stars out of 5
Rating: 3.8 stars out of 5

About Bankrate Score

With over 450 brick-and-mortar locations, Santander Bank offers personal loans that come with low fees and flexible repayment options.

Loan amount $5,000-$50,000
APR from 6.99%-24.99%
Clock Wait
Term lengths 36 to 84 months

Santander Bank's personal loans are best for no origination fees.

Best for no origination fees

Many lenders, especially online lenders, charge an origination fee — both required or optional. Santander's loans have no origination fee and low minimum rates that meet a wide range of consumer needs, offering both online and in-person services and support.

Santander Bank pros and cons


  • Checkmark

    No origination fee

  • Checkmark

    Offers support resources and financial tools

  • Checkmark

    Over 450 brick-and-mortar locations


  • Close X

    Limited state availability

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    Credit minimums not specified

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    Loans can only be disbursed electronically

Do you qualify?

Santander doesn't list the nitty-gritty financial minimums, but 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. 

What Santander bank doesn't allow loan funds to be used for

You can't use one of Santander Bank's personal loans to finance post-secondary educational expenses. 

How this lender compares

Rating: 4.4 stars out of 5
Bankrate Score
APR from
Loan Amount
Term Length
36 to 84 months
Min Credit Score
Not disclosed
Rating: 4.6 stars out of 5
Bankrate Score
APR from
8.49% - 24.49%
Loan Amount
$3,000 - $100,000
Term Length
12 - 84 months
Min Credit Score
Not disclosed
Rating: 4.8 stars out of 5
Bankrate Score
APR from
Loan Amount
Term Length
24 to 84 months
Min Credit Score

Santander Bank vs. Upstart

Upstart offers one of the most competitive interest rate minimums on the market, and applicants may be eligible even without a credit score. However, its maximum APR is much higher than Santander's, which means if you have a less favorable credit score, you may be able to get a lower rate with Santander. 

For those in excellent credit health, you'll likely have better luck with scoring a lower interest rate with Upstart than with Santander. Even though Upstart charges an origination fee, those with excellent credit may be able to get a lower APR, even with the fee. 

Santander Bank vs. Prosper 

Prosper personal loans match many of Santander's desirable features; namely, its low APR and maximum loan amount. However, Prosper doesn't offer an autopay discount, and unlike Santander it does charge an origination fee. That being said, Santander may be the better option for borrowers in good credit health due to the potential lower borrowing costs. 

Santander Bank: in the details

What we like and what we don’t like

Before you take out a loan with Santander Bank, here's what you need to know about the potential benefits of borrowing with the bank and what we would change.

What we like

  • No origination fee: Santander doesn't charge an origination fee, which can save borrowers a good chunk of change in fees and can increase the overall value of their loan.
  • Offers support resources and financial tools: For those who are younger in their credit journey and borrowers who need financial advice, the lender offers a helpful database of resources and information.
  • Over 450 brick-and-mortar locations: The lender offers a number of in-person locations across the Northeast and in Miami, Florida.

What we don't like

  • Limited state availability: Santander's personal loans are only available to customers in Washington, D.C. and within one of 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: While there are over 450 brick-and-mortar locations across the country, the loans funds can only be disbursed electronically to your bank account. 


How to contact Santander 

For personal loans specifically, you can contact a customer service specialist at 833-716-5626 from 8:00 a.m ET to 5:00 p.m ET Monday through Friday. The bank doesn't list any other contact information, which puts it at a disadvantage compared to other lenders that offer 24/7 availability and chat options. 

How to apply for a personal loan with Santander

Santander Bank's personal loan application — called EZApply — can be completed completely online. However, if you'd prefer in-person assistance, you can visit a physical location if you live near one of its branches. 

Features and additional perks

Borrowers who enroll in automatic payments from any deposit account will receive a 0.25 percent APR discount. Plus, the bank offers a highly rated mobile app and includes tutorials on how to manage your account and set up alerts on its website.

Fees and penalties

Unlike many personal loan lenders, Santander doesn't charge any origination or closing fees and forgoes prepayment penalties. Whether the lender charges any other fees or penalties is not disclosed.

Santander Frequently asked questions

How Bankrate rates Santander Bank

Overall Score 4.4 Explanation
Availability 4.5 Same-day approval and potential same-day funding make for a high score, but minimum income not being listed drops it.
Affordability 4.9 Santander Bank earns a high score for a competitive APR range and low fees.
Customer Experience 4.4 Online application and mobile app account access boost its score, but it doesn't have weekend customer support.
Transparency 3.8 Few requirements are listed, but prequalification is available.


To select the top personal loan lenders, Bankrate considers 20 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed over 30 lenders and gave each a Bankrate rating, which 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 took into account whether prequalification was available, as all these factors are key for consumers to make an informed decision.

Editorial disclosure: All reviews are prepared by 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.