Santander Bank Personal Loan Review
NMLS#1136
Read more about how we rated Santander Bank.Established in Pennsylvania in 1902, Santander Bank serves about 149 million customers from all over the world and has branches mainly in New England. Here’s what you need to know before filling out an application for a personal loan with this lender:
- Fast funding: If you get a personal loan from Santander Bank, you may receive your funds the same day you sign your loan agreement.
- No origination fee: Santander Bank doesn’t charge an origination fee, a common administrative fee associated with personal loans. This lender also doesn’t charge prepayment penalties.
- Rate discount: If you sign up for autopay, you can qualify for a 0.25% discount on your annual percentage rate (APR).
- Limited accessibility: This lender is not widely available in the U.S. To qualify for a Santander Bank loan, you’ll need to live in one of the 29 states where it offers loans.
- Unclear eligibility requirements: Santander Bank doesn’t shed much light on its eligibility requirements. For instance, it doesn’t specify the minimum credit score you’ll need to qualify for a personal loan.
- Best for current or former customers: To get a personal loan from Santander Bank, you’ll either need to be a current or former customer or have an offer code. Since this lender is available only in 29 states, you’ll want to verify that it operates in your state before applying.
Santander Bank pros and cons
Like with all personal loan lenders, it’s good to be aware of both the pros and cons associated with Santander Bank before submitting an application.
| Pros | Cons |
|---|---|
No origination fees 0.25% APR discount with autopay Potentially same-day funding | Funding only available in some states Unclear eligibility requirements High minimum loan amount |
When taking out a personal loan with Santander Bank, you won’t have to pay any origination fees, closing costs or prepayment penalties. Of the three, origination fees are the most common and usually range from 1% to 8%. Borrowers may also receive a 0.25% APR discount if they sign up for autopay.
On the downside, Santander Bank does not offer personal loans in every state. This lender is also unclear about the eligibility requirements applicants will need to meet to get a loan. If you’re looking for a small personal loan, Santander Bank may not be a good fit for you as its minimum loan amount is $5,000.
Santander Bank requirements
Other than requiring borrowers to be at least 18 years old, Santander Bank does not supply much information about its loan eligibility requirements. Here’s what we know:
| Minimum credit score | Not specified |
| Residency | Must live in one of the following states: Arizona, California, Colorado, Connecticut, Delaware, Washington, D.C., Florida, Georgia, Illinois, Indiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Hampshire, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, Rhode Island, Tennessee, Texas, Vermont, Virginia or Washington |
| Required documents |
|
If Santander Bank’s loan options won’t work for your borrowing needs, shop around for a lender that helps you meet your financial goals and can offer you the best-fitting rates, terms and amounts.
How to get a loan with Santander Bank
To get a Santander Bank personal loan, you’ll need to go through the following application process.
Fill out an application
The first step toward getting a loan from Santander Bank is to fill out an application. Since this lender allows you to prequalify for a loan, the initial application process won’t impact your credit score.
To access the application, you’ll have to verify that you’re a current or former Santander customer. Otherwise, you’ll need a 10-digit offer code to begin the application.
Once in the application, you’ll input your last name, Social Security number, ZIP code and date of birth so the company can locate your account. You may also have to provide other information, such as your employment status, income and whether you own or rent a home.
Review your options
If you’re preapproved for a loan with Santander Bank, you can choose from a handful of options with varying terms and minimum monthly payments. If you decide to move forward with one of the options, you’ll need to verify your information and submit to a hard credit pull.
A hard credit pull is a credit background check that can cause your credit score to temporarily drop by a few points. Most legitimate personal loan lenders require a hard credit pull to finalize your loan application.
Some of the information you’ll have to verify may include your identity, income and residency. You may have to provide government-issued identification, pay stubs, W-2s or a mortgage/rental agreement.
Sign your agreement
If you pass the hard credit check and verify your information, Santander Bank may officially approve your personal loan request.
Next, you’ll have to sign a loan agreement. Then you’ll wait for your funds to be deposited into your bank account. Many borrowers might see same-day funds, but not all.
If you aren’t approved for a personal loan, there are steps you can take to increase your odds of approval, including improving your credit score, paying your bills on time and checking your credit report for errors.
How Santander Bank compares to other personal loan companies
Even if you believe Santander Bank aligns with what you’re looking for in a personal loan, it never hurts to shop around and compare other lenders. Here’s how Santander Bank stacks up against similar personal loan lenders.
| Santander Bank | Upstart | Upgrade | |
|---|---|---|---|
| LendingTree’s rating | 3.9/5 | 4.5/5 | 4.6/5 |
| Minimum credit score | Not specified | 300 | 580 |
| APRs | 7.99% – 24.99% | 7.80% – 35.99% | 8.49% to 35.99% |
| Loan amount | $5,000 to $50,000 | $1,000 to $50,000 | $1,000 to $50,000 |
| Repayment term | 36 to 84 months | 36 and 60 months | 24 to 84 months |
| Origination fee | No origination fee | 0.00% - 12.00% | 1.85% - 9.99% |
| Funding timeline | May receive same-day funds | Receive funds within one business day | Receive funds as soon as one business day |
| Bottom line | Santander Bank offers fast funding and doesn’t charge origination fees. However, its limited availability in the U.S. makes it inaccessible to many consumers. Eligibility criteria are also unclear. | While Upstart may charge you an origination fee, it does offer more flexibility when it comes to loan amounts. It may also offer faster funding than Santander Bank. | Upgrade charges origination fees, but it does provide quick funding and low-credit borrowers may qualify. It also allows for joint applications and has flexible terms. |
How we rate our lenders
To come up with our star rating for personal loan companies, LendingTree considered 22 data points across three categories:
- Accessibility: We paid attention to whether lenders offered loans to nontraditional borrowers, as well as those without excellent credit scores. We also checked if lenders offered soft credit pulls, and whether they were transparent about eligibility criteria other than credit scores.
- Rates and terms: We wanted to know if lender rates, terms, amounts and fees were not only transparent but competitive.
- Repayment experience: We based this category on lenders’ reputations, customer support availability and unique benefits.
The data points reflect every step of the process to shop and apply for, borrow and repay personal loans. A five-star lender, for instance, has flexible eligibility requirements, offers you the chance to prequalify without commitment and supports you in zeroing your balance.
The 22 data points, culled from the lenders themselves, determine the overall rating. We score lenders consistently, sometimes awarding partial points, so that you can make apples-to-apples comparisons when shopping around.
LendingTree isn’t paid for conducting these reviews, and lenders don’t have control over their content. With our reviews and ratings, we aim to give our users the objective and exhaustive information they need to make the best possible decisions.
Frequently asked questions
Santander Bank does not disclose its credit score requirements. However, this lender does state that it considers your credit score and your debt-to-income ratio — or how much debt you have compared to your income.
You must also be at least 18 years old and live in a state where Santander Bank offers loans.
If you apply for a personal loan with Santander Bank, you may need to verify your income. You can do this by providing documents such as pay stubs or W-2s.
Santander Bank needs to verify this information to evaluate your debt-to-income (DTI) ratio and determine whether you can repay a personal loan. Generally, you want to keep your DTI ratio below 35%; otherwise, lenders may think you won’t be able to afford loan payments and could decline your personal loan application.
Like many personal loan lenders, Santander Bank offers flexibility when it comes to how borrowers can use their funds. Here are some of Santander Bank’s approved loan uses:
Debt consolidation
Home improvement projects
Moving costs
Medical expenses
Weddings
Travel plans