Santander Personal Loan Review

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APR

6.99%
To
16.99%

Credit Req.

Not specified

Terms

24 to 60

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Santander’s personal loan might be a great option for you if you want to work with a traditional brick-and-mortar bank. ... Read More


To get a Personal Loan (“Loan”) with the Annual Percentage Rate (APR) shown, you must reside in MA, MD, RI, CT, NH, NJ, PA, NY,DE, ME, VT, or DC, meet our highest credit standards, and use automatic payment (ePay) from any Santander Bank N.A. checking account. Fixed loan APRs (with ePay) range from 6.99% to 16.99%, depending on your creditworthiness. The minimum Loan amount is $5,000 and the maximum is $50,000. The APR on the Loan will increase by 0.25 percentage points and the payment will increase, if ePay is not elected or is discontinued. APRs and other terms are accurate as of 10/01/2018 and may change thereafter. A Santander checking account is not required to qualify for a Loan, but use of ePay from a Santander checking account will result in an interest rate discount. Personal Loans cannot be used to finance post-secondary educational expenses. Loan accounts are subject to approval.

Santander personal loan details
 

Fees and penalties

  • Terms: Terms range from 24 to 60 months.
  • APR range: Loan APRs range from 6.99% to 16.99%. If you do not elect for ePay, your APR will be 0.25% higher.
  • Loan amounts: You can borrow a minimum of $5,000 and a maximum of $50,000.
  • Origination fee: There is no origination fee for Santander personal loans.
  • Prepayment fee: Santander has no prepayment penalties for personal loans.
  • Other fees: There are no application or annual fees.

Eligibility requirements

Although Santander doesn’t provide explicit credit requirements to qualify for a personal loan, it does state that borrowers must meet its “highest credit standards” — however, there is no specific credit score requirement listed.

When you apply, Santander will review your score and your debt-to-income ratio, among other factors, and your APR will vary according to your creditworthiness. You do not have to have a Santander checking account to be eligible for a personal loan, but without one, you won’t qualify for the APR discount.

Santander also requires that you live in one of the following states: Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont, as well as Washington, D.C.

Applying for a personal loan from Santander

You can apply for a Santander personal loan online. If you choose the latter, expect the process to take 10 to 15 minutes. You’ll need the following information to complete your application:

  • Social Security number
  • Employment history
  • Income information

Santander allows co-applicants on personal loans. You’ll be asked to provide that person’s information as well.

Pros and cons of a Santander personal loan

Pros:

Cons:

  • Low rates. Santander has lower starting rates than many lenders, although those rates are reserved for borrowers with the highest credit scores.
  • Minimal fees. There is no origination fee. The lender also doesn't charge application, prepayment or annual fees for personal loans.
  • Term options. With terms ranging from 24 to 60 months, you have the option to pay your loan off quickly or over a longer period.
  • Limited to borrowers in certain states. Santander only serves personal loan customers in states that have — or are near — brick-and-mortar branches. If you live outside of the Northeast or Mid-Atlantic, you likely won’t qualify.

Who’s the best fit for a Santander personal loan

If you are looking for a lender you can meet with face-to-face, Santander is one to consider. Thanks to the residency requirement to apply for a personal loan, you won’t be far from a bank branch if you’re actually eligible for its services.

Santander’s loan terms (24 to 60 months) give borrowers a lot of flexibility to pay off their loans quickly or reduce their monthly payments by extending the term out longer. Many personal loans have terms of 36 or 60 months, so if you’re looking to minimize the time you carry this debt, Santander might be a good option for you.

Santander has reasonable rates compared to other lenders — its highest APR is set at 16.99% with the ePay discount — though you will need a good credit history to qualify. These loans are also good for those who want to avoid fees. Assuming you make your payments on time, you are unlikely to owe anything extra.

Santander consumer reviews

Santander has an A+ rating from the Better Business Bureau but has received mixed reviews from borrowers on LendingTree (MagnifyMoney’s parent company), granted there are few reviews to glean information from.

One consumer review praises the bank’s customer service, while another notes that the loan application process was slow and the customer support poor.

Keep in mind that Santander personal loans are only available to borrowers in a few states. One advantage to working with Santander is that a brick-and-mortar bank won’t be far away, so if you have customer service concerns, you can meet with an employee face-to-face.

Santander FAQ

Santander offers personal loans as well as personal lines of credit. The bank also finances auto and home loans.

No, but you’ll get an interest rate discount if you make loan payments using a connected Santander account.

No, Santander personal loans are unsecured, which means you don’t have to put up assets to receive funds.

There are very few limits on how you can use the cash from your personal loan. Santander doesn’t allow you to finance post-secondary educational expenses, but home improvement projects, vacation cost, debt consolidation and other areas are fair game.

One benefit of a personal loan (versus a line of credit) is that you’ll have consistent and predictable monthly payments. Of course, if you choose to pay your loan off more quickly, you may pay more in some months. Santander doesn’t charge a prepayment penalty, so paying your loan off early could save you some interest.

Santander may charge a fee for late payments.

If you don’t meet Santander’s residency or credit requirements, not to worry. There are other lenders that might work for you.

Alternative personal loan options

Upgrade

Upgrade
APR

5.99%
To
35.89%

Credit Req.

620

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.50% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Upgrade is an online lender that offers fairly priced personal loans for a term of either 36 or 60 months.... Read More.


Personal loans made through Upgrade feature APRs of 5.99%-35.89%. All personal loans have a 1.5% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by WebBank, Member FDIC.

If you need your loan quickly, want to check rates without impacting your credit, or need to borrow less than Santander’s minimum loan amount, online lender Upgrade is a good option. Fill out an online form to apply for personal loans between $1,000 to $50,000 — you’ll receive a decision almost immediately and your money within four business days of approval. Loan APRs range from 5.99% to 35.89%, higher than many other lenders, and terms are set at 36 or 60 months. To be eligible for the best rates, you’ll need to sign up for autopay. Upgrade does charge an origination fee of 1.50% - 6.00% and may assess other charges and fees over the life of your loan.

Marcus by Goldman Sachs®

Marcus by Goldman Sachs®
APR

6.99%
To
28.99%

Credit Req.

Not specified

Terms

36 to 72

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Marcus by Goldman Sachs® offers personal loans for up to $40,000 for debt consolidation and credit consolidation. ... Read More


Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans).Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. For New York residents, rates range from 6.99% to 24.99% APR.

Marcus by Goldman Sachs offers a no-fee personal loan — that means all you’ll pay is your loan principal and interest, even if you pay late or miss a payment. Rates range from 6.99% to 28.99% APR and terms from 36 to 72 months, and you can borrow up to $40,000. If your credit is lower or you choose a longer term, you will generally pay a higher rate. If working with a traditional bank appeals to you, this may be a good alternative to Santander.

SoFi

SoFi
APR

5.99%
To
18.07%

Credit Req.

680

Minimum Credit Score

Terms

24 to 84

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

SoFi offers some of the best rates and terms on the market. ... Read More


Fixed rates from 5.99% APR to 18.07% APR (with AutoPay). Variable rates from 5.74% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of October 10, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.74% APR assumes current 1-month LIBOR rate of 2.05% plus 3.08% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

All rates, terms, and figures are subject to change by the lender without notice. For the most up-to-date information, visit the lender's website directly. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

See Consumer Licenses.

SoFi Personal Loans are not available to residents of MS. Minimum loan requirements might be higher than $5,000 in specific states due to legal requirements. Fixed and variable-rate caps may be lower in some states due to legal requirements and may impact your eligibility to qualify for a SoFi loan.

If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

SoFi has lower rates, longer terms, and higher loan amounts than many other lenders, and it doesn’t charge any fees. APRs range from 5.99% to 18.07%, and terms are set at 24 to 84 months for loans of $5,000 to $100,000. Like many lenders, SoFi offers the best rates to borrowers who sign up for automatic payments. SoFi will only do a soft pull when you check your rates with its online form, and you’ll never encounter origination fees or prepayment penalties. Another advantage to borrowing from SoFi: if you lose your job and apply for its unemployment protection program, SoFi will suspend your payments without penalty and provide job placement assistance.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Emily Long
Emily Long |

Emily Long is a writer at MagnifyMoney. You can email Emily here

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