Santander Loans: What You Need To Know

Santander offers a variety of financial services to individuals and businesses, including personal loans. These loans can be applied for online or in-person at a Santander branch. To be eligible for a Santander personal loan, you must be an existing customer or have an offer code, be 18 years or older, have a primary residence in a qualifying state, and have a smartphone and a valid tax identification or Social Security number. The bank also has specific income requirements for different loan amounts. Santander's personal loans can be used for any legal expense except to finance post-secondary education and do not charge an origination fee. However, the bank has received overwhelmingly negative reviews on Trustpilot, with nearly nine out of ten users giving it a 1-star rating.

Personal loans

Santander does offer personal loans. These loans can be used for any legal expense except to finance post-secondary educational costs. The bank offers loans from $5,000 to $50,000 with flexible terms ranging from 3 to 7 years. The fixed Annual Percentage Rate (APR) on these loans ranges from 7.99% to 24.99% and is dependent on the borrower's creditworthiness and use of automatic payments (ePay).

To be eligible for a Santander personal loan, you must be an existing customer or have an offer code, be 18 years or older, have a primary residence in a qualifying state, have a smartphone (if applying online), and provide a valid tax identification or Social Security number. Additionally, borrowers must have a credit score of 700 or higher.

Santander's personal loans have a non-revolving credit limit, which means that funds are borrowed as a lump sum and must be paid back in monthly instalments according to a fixed schedule. The bank does not charge an origination fee, and borrowers have the option to pre-qualify for a loan before submitting a full application. This can be done by using Santander's online checker tool, which will not impact your ability to get credit elsewhere.

Once you have been approved for a loan, you will submit a formal personal loan application and provide additional documents such as W-2s, pay stubs, and tax documents. Santander will then perform a hard credit check, which may temporarily lower your credit score. It is important to note that Santander does not offer a hardship program for borrowers who face financial difficulties.

Online application

Santander offers a variety of financial services, including personal loans. To apply for a Santander personal loan online, you must be an existing customer or have an offer code. You must also meet the following criteria:

• Be 18 years or older
• Have a primary residence in a qualifying state
• Have a smartphone (if applying for a loan online)
• Provide a valid tax identification or Social Security number
• Have a regular yearly income of £10,500+ for loans up to £19,999, or £20,000+ for loans between £20,000 and £25,000
• Be on the electoral roll and live permanently in the UK
• Not have been declared bankrupt or had a CCJ or an IVA within the last 6 years

Before you apply, Santander will check your chances of being approved for a loan. This check will not impact your ability to get credit elsewhere. If you have Experian CreditLock or a similar service with another credit reference agency, you'll need to switch it off before you apply. Once you submit your application, Santander will perform a credit check.

If you are a customer and you have a Digital Banking Agreement and an electronic signature, you can check via Online Banking whether you already have a pre-approved loan available.

If you accept a loan offer, you'll submit a formal personal loan application, which may require additional documents, such as W-2s, pay stubs, and tax documents. Santander will perform a hard credit check when you apply, so your credit score could temporarily dip. Most lenders require proof of income, which can speed up the application process. Santander does not offer a hardship program for borrowers who become unemployed or face financial difficulty.

Eligibility criteria

Santander offers a variety of financial services to individuals and businesses, including personal loans. The eligibility criteria for a Santander loan are as follows:

• You must be an existing customer or have an offer code.
• Be 21 years or older (some sources state 18 years or older).
• Have a primary residence in a qualifying state.
• Have a smartphone (if applying for a loan online).
• Provide a valid tax identification or Social Security number.
• Have a credit score of 700 or higher (although there is no specific minimum credit score, a higher score will increase the likelihood of approval).
• Have a regular yearly income of £10,500+ for loans up to £19,999, or £20,000+ for loans between £20,000 and £25,000.
• Be on the electoral roll and live permanently in the UK.
• Not have been declared bankrupt or had a CCJ or an IVA within the last 6 years.
• Be able to make the repayments over the full term of the loan.

It is important to note that Santander's personal loans are only available to customers living in specific states or countries, so it is essential to check the eligibility criteria on their website before applying. Additionally, Santander will perform a hard credit check during the application process, which may temporarily lower your credit score.

Loan disbursement

Santander does offer personal loans. However, it does not lend for certain purposes, as outlined in its Key Facts Document. To be eligible to apply for a Santander personal loan, you must be an existing customer or have an offer code, be 18 years or older, have a primary residence in a qualifying state, have a smartphone (if applying online), and provide a valid tax identification or Social Security number. You must also have a credit score of 700 or higher. Before you apply, Santander will check your chances of being approved for a loan. This will not impact your ability to get credit elsewhere.

A disbursement can also refer to a payment from a fund or an account drawdown. A disbursement includes money paid out for a loan, to run a business, or as dividend payments. When money is withdrawn from a retirement account, a retiree receives a disbursement, which represents a drawdown on the balance in their account. A disbursement can be positive or negative. A positive disbursement results in a credit to an account, while a negative disbursement results in an account debit. A negative disbursement may occur if financial aid funds are overpaid and later withdrawn from the account.

Disbursements can be managed through controlled disbursement, a cash flow management service offered by banks to their corporate clients. This allows customers to review and reschedule disbursements on a day-to-day basis, maximizing the interest earned on the cash in their accounts by delaying when money is debited from the account. Third-party payments are also considered disbursements, where payments are made on behalf of a client to various third parties for costs like court fees, private investigator services, courier services, and expert reports.

Customer reviews

Santander offers personal loans to customers in 28 states and the District of Columbia. The bank provides loans of up to $50,000 with interest rates as low as 7.99%. The bank has received mixed customer reviews. While some customers have praised the bank for its quick and easy application approval process, others have criticised it for its poor customer service and misleading APR%.

One customer review from the 24th of January 2024 mentions that they received a letter with no information about APR% and were told to wait up to 2 weeks for another letter with the correct APR%. The customer felt that this was misleading and unethical. Another review from the 8th of September 2022 accuses Santander of being a "fascist company" that ignores complaints.

On the other hand, a review from the 11th of March 2025 mentions that the application process was straightforward and fast, and the interest rate was in line with what was advertised. Similarly, another review from the 26th of February 2025 mentions that it was their second time using Santander for a loan and they had no issues with early repayment.

Santander has also received negative reviews for its poor online experience, especially with its mobile app. The bank has a rating of 1.4 stars out of 5 on Trustpilot and 1.07 stars out of 5 with the Better Business Bureau. However, it is important to note that Santander operates internationally, and many of these reviews may be from consumers in other countries, which may not reflect the experiences of those based in the U.S.

Overall, Santander's personal loans may be a solid option for good- or excellent-credit borrowers looking for large loans and flexible terms, but the bank's poor customer service and misleading practices have been a source of concern for some customers.

Frequently asked questions