:max_bytes(150000):strip_icc()/ScreenShot2020-05-13at1.19.11PM-351b555ad9524f62947a36cc5ac2d901.png)
:max_bytes(150000):strip_icc()/Lars-Peterson_BW-WebReady-2-43cacd4cab5e45729ec26702c70dfd90.jpg)
:fill(white):max_bytes(150000):strip_icc()/santander-logo-a0c5ecd8fa1d49a989f1797fd9046643.png){kind=logo}
Santander Bank / Investopedia
Our Take
Santander Bank offers personal loans and other banking products to customers in 28 states and the District of Columbia. While its service area is limited, it offers loans up to $50,000 and can disburse funds quickly. However, this bank has a relatively short history in the U.S. and below-average customer service reviews.
- Pros & Cons
- Key Takeaways
- Company Overview
- specifications
Same-day funding may be available
No prepayment penalty or origination fees
Pre-approval with soft credit check
Not available in all states
High minimum loan amount
- Santander Bank offers personal loans ranging from $5,000 to $50,000, with interest rates as low as 7.99%, in 28 states.
- Santander Bank offers same-day funding for many borrowers, meaning it could be a good option if you need money quickly.
- You may pre-qualify for a Santander Bank personal loan without a hit to your credit report, and a co-borrower can help you qualify.
- Despite its benefits, Santander Bank has relatively poor customer reviews, meaning it’s not right for borrowers for whom customer service is a top priority.
Santander Bank was founded in Spain but has been serving customers throughout the northeastern U.S. and Florida since 2013.
Personal loans through Santander are available for nearly every purpose. The bank also offers mortgages and home equity lines of credit (HELOCs). Currently, Santander only offers products and services (including personal loans) to customers residing in Santander’s footprint, which includes 28 states and Washington, D.C.
While Santander offers products and services in 28 states, brick-and-mortar branches are only available in nine states. However, Santander may be worth considering for customers in the bank’s service area who are looking to borrow funds quickly.
Santander Bank / Investopedia
Pros Explained
- Same-day funding may be available: Depending on borrower specifics and when the application is received, some Santander personal loans can be disbursed electronically as soon as the same day.
- No prepayment penalty or origination fees: There are no origination fees to borrow a loan and no penalties if you pay off your Santander personal loan ahead of schedule.
- Pre-approval with soft credit check: Santander offers an online pre-approval process that just takes a couple of minutes. You’ll get an estimated interest rate but without any impact on your credit score.
Cons Explained
- Not available in all states: Currently, Santander personal loans are only available to borrowers in 29 states.
- High minimum loan amount: The minimum personal loan amount with Santander is $5,000, which is higher than many other lenders. Many lenders offer loans as low as $1,000, with some going even lower than that.
Types of Personal Loans Offered by Santander Bank
How you use the funds from a Santander Bank personal loan is mostly up to you. These funds can be used to:
- Consolidate debt
- Make home improvements
- Cover medical expenses
- Pay for unexpected repairs
- Fund big purchases
Santander’s personal loans cannot be used to pay for post-secondary educational expenses.
Debt Consolidation the Most Popular Reason for Getting a Loan
According to Investopedia’s Personal Loan Borrower survey, debt consolidation is the most common reason cited for getting a personal loan. Paying for home improvements and large purchases were the next two most common reasons.
Time to Receive Funds
Depending on your creditworthiness, when your application is received, and how you prefer to have your loan funded, Santander offers same-day funding. This shorter-than-average time frame means that you could apply for a loan in the morning and have your loan funds by the end of the day.
After you’re approved for your personal loan, funds will be deposited via ACH transfer into your checking or savings account.
Borrower Requirements
To qualify for a personal loan with Santander Bank, you’ll need to be at least 18 years of age and reside in one of the 29 states it operates in or in Washington, D.C.
When you apply, Santander will review your credit score, employment status, debt-to-income ratio, and other factors to determine your eligibility. However, it doesn’t set minimum requirements for these factors.
Santander Bank Personal Loan Features
- Soft credit inquiry for initial approval: In just a few minutes, you can get an idea of the loan amount and interest rate you’ll qualify for with only a soft credit check. This won’t affect your credit score, but it can help you determine whether or not to proceed with a loan application.
- Quick loan funding: Depending on your personal factors and when you’re approved, you can get electronic funding of your personal loan as soon as the same day.
- Mobile app or online banking platform access: Borrowers can manage personal loan accounts through Santander’s online banking platform or mobile app. There, customers can track their balance, make payments, and more.
Co-Signers and Co-Applicants
Santander doesn’t allow co-signers or co-borrowers on its personal loans.
Can You Refinance a Personal Loan With Santander Bank?
Borrowers cannot refinance their loans with Santander.
A personal loan can be a good option if you’re interested in consolidating or paying off existing debt, such as credit card balances. However, depending on the interest rate you’re offered, you may be able to consolidate your debts for less with a balance transfer or a HELOC.
Customer Service
If you need help with your loan application or have questions about a new or existing personal loan, you can contact Santander Bank in one of two ways. You can visit a local branch if there’s one nearby. However, Santander Bank services 29 states and the District of Columbia but has local branches in only nine of those locations.
The other option is to contact Santander by phone.
| Medium | Contact | When |
|---|---|---|
| Telephone | 833-726-5626 | Monday–Friday, 8 a.m.–5 p.m. |
Customer Satisfaction
When it comes to customer satisfaction, Santander Bank has received less-than-desirable ratings online. For example, the company has a rating of just 1.4 stars out of 5 on Trustpilot and 1.07 stars out of 5 with the Better Business Bureau.
Consumers have complained about the slow responsiveness of customer service agents. That said, the bank operates internationally, and many reviews are from consumers in other countries, which may not reflect the experiences of those based in the U.S.
Finally, Santander has many complaints with the Consumer Finance Protection Bureau, many of which are specific to its personal loans and other lending products.
Santander was subject to enforcement action by the Consumer Financial Protection Bureau in 2016 and by the Federal Reserve in 2017. Those enforcement actions have since been resolved and/or terminated.
How to Qualify For and Apply For a Santander Bank Personal Loan
You can apply in person at a branch location, and the bank also accepts online applications. Once you submit a full application (which takes approximately 10 to 15 minutes), you’ll receive the final terms of your loan offer.
- Agree to Santander’s Bank online application terms: This involves confirming that you live in one of the 29 states this bank serves (or Washington, D.C.) and that you are willing and able to accept the loan funds electronically into your checking or savings account.
- Fill out the initial application: By providing basic personal information—such as your name, date of birth, Social Security number, email address, and mailing address—you can see the loan amount and rate for which you may qualify. This involves a soft credit check and won’t impact your credit score.
- Submit a full application: If you’re happy with the initial terms and loan amount Santander offers, you can submit a full application. This process involves providing additional personal information and takes about 10 to 15 minutes to complete.
- Provide requested documentation: You may be asked to provide additional documentation, such as recent pay stubs or other income verification. You must also provide your checking or savings account details so loan funds can be disbursed.
- Sign the agreement and receive funds: Once your loan is approved, you must sign your loan agreement electronically. Then, depending on your loan details and when it is approved, you will receive your funds as early as that same day.
Though you can get pre-approved in just minutes and see the loan terms you’re offered (including an interest rate), this isn’t a guarantee of approval. Additionally, the terms you’re quoted could change once you submit your full application. Loan terms and approval are based on the results of a hard credit inquiry, in addition to your supporting documentation.
Other Banking Services and Loans Offered by Santander Bank
Santander is a full-service financial institution, meaning it offers a wide variety of banking, borrowing, and investment products. Here are the other products Santander offers:
- Checking accounts
- Savings accounts
- Money market accounts
- Certificates of deposit (CDs)
- Credit cards
- Investment accounts
- Small business banking
- Commercial banking
Compare Santander Bank With Other Personal Loan Lenders
| Santander | Citibank | LightStream | |
|---|---|---|---|
| APR Range | 7.99%–24.99% | 11.49%–20.49% | 7.44%–25.79% |
| Loan Amounts | $5,000–$50,000 | $2,000–$30,000 | $5,000–$100,000 |
| Loan Terms | 36–84 months | 12–60 months | 24–240 months |
| Recommended Minimum Credit Score | 680 | No stated minimum | 680 |
| Origination Fee | None | None | None |
| Time to Receive Funds | Same day | 2 days | Same day |
The Bottom Line
Santander Bank’s quick funding of personal loans (as soon as the same day) between $5,000 and $50,000 makes it a competitive option for those who live in its limited service area of the northeastern U.S. and Florida. Santander offers APRs as low as 7.99%, and applicants can get pre-approved online in just minutes without any impact on their credit score. The bank’s personal loans come with no annual fees, origination fees, or prepayment penalties.
Despite all of its benefits, Santander’s personal loans aren’t right for everyone. For example, it won’t be suitable for borrowers in the 21 states Santander doesn’t service. Additionally, because the minimum loan amount is $5,000, Santander’s personal loan won’t be the right fit for someone who wants to borrow a smaller amount.
What Do I Need to Apply for a Personal Loan?
To apply for a personal loan with Santander or any other lender, you’ll need to provide documents and information to help the lender verify your identity and eligibility. First, you’ll need to provide personal information such as your name, contact information, and Social Security number.
You’ll also need to provide documents to show the lender that you’ll be able to repay the loan. You may need to provide proof of employment and income, which can include pay stubs, W-2 forms, and/or tax returns.
Is Santander a Good Bank?
Santander offers a variety of financial products and has physical branches in nine states. For borrowers who want a brick-and-mortar bank where they can visit a physical branch, it could be a good fit. It might also be the right choice for borrowers who can qualify for a personal loan and have sufficient credit to get Santander’s minimum interest rate, which is lower than many other lenders.
However, Santander isn’t the right bank for everyone. It has generally poor customer reviews, so it may not be the right fit for someone for whom customer service is a top priority.
What Credit Score Do You Need for a Santander Personal Loan?
Santander Bank reports its minimum credit score requirement as just 600, which is in the “bad” range. However, your chances of qualifying for a personal loan are always best when you have good credit and don’t have negative marks on your credit report.
How Long Does It Take to Get a Santander Personal Loan?
Depending on your situation, you could have your Santander personal loan funded as quickly as the same business day. However, if you need a larger loan amount, have a more complex financial situation, or don’t respond to requests for information in a timely manner, it could take a bit longer.
Is Santander Good for Bad Credit?
Santander Bank doesn’t disclose its minimum credit score requirements, so it’s difficult to say whether it would be a good fit for someone with bad credit. However, because Santander allows you to pre-qualify without it affecting your credit, it’s worth completing the form to see if you’re likely to qualify.
Methodology
Investopedia’s list of the best personal loans is based on comprehensive research of 59 lenders.
To evaluate and rank personal loan providers, we collected and scored over 2,600 data points from 59 lenders, including traditional banks, credit unions, fintechs, and finance companies. We researched and evaluated 45 criteria, such as APRs, loan amounts and terms, fees, customer experience, and more. Research and data collection occurred from July 23 to October 18, 2024.
We organized the 45 criteria into four categories and weighted 26 (involving more than 1,500 data points), using the others for background and editorial richness. We then scored and weighted each criterion to develop our overall star rating for each lender. The categories and their weights for this project are:
- Borrowing Requirements: 24.00%
- Lender Features: 24.00%
- Loan Costs: 30.00%
- Loan Terms: 22.00%
Learn more about how we evaluate personal loans in our complete methodology.
:max_bytes(150000):strip_icc()/BestPersonalLoans_ReviewsImages_LightStream1-ff59542c082c4b8a9397791b46eb0831.jpg)
:max_bytes(150000):strip_icc()/BestPersonalLoans_ReviewsImages_Upgrade-fd88e9c7358d43cd93872962e1aa4a38.jpg)
:max_bytes(150000):strip_icc()/BestPersonalLoans_ReviewsImages_FirstTech-3c19dd623ba64ee2813c96ff3e1006a4.jpg)
:max_bytes(150000):strip_icc()/BestPersonalLoans_ReviewsImages_WellsFargo-819164acd0db445cb56278cc6af341bf.jpg)
:max_bytes(150000):strip_icc()/BestPersonalLoans_ReviewsImages_UC-7e72d4cffe774c0c9dff196224bf6ed4.jpg)
:max_bytes(150000):strip_icc()/BestPersonalLoans_ReviewsImages_OppLoans-66fa895d9b53411883930af6ed34a523.jpg)