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With over 450 brick-and-mortar locations, Santander Bank offers personal loans that come with low fees and flexible repayment options.
$5,000-$50,000
7.99%-24.99%
36 to 84 months
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.
No origination fee
Offers support resources and financial tools
Over 450 brick-and-mortar locations
Limited state availability
Credit minimums not specified
Loans can only be disbursed electronically
Santander doesn't list the nitty-gritty financial minimums, but here's what it does disclose about its eligibility requirements.
Its website says that it will review factors like your credit score, employment status and debt-to-income (DTI) ratio when determining eligibility.
You can't use one of Santander Bank's personal loans to finance post-secondary educational expenses.
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.
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.
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.
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.
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.
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.
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.
| 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:
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.
