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Santander Personal Loans Review: A Good Option if You're Eligible

Review Updated
Matt Frankel, CFP®
Matt Frankel, CFP®
| 2 others [ + ]
Dana George
Dana George
Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
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Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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No fees and a below-average interest rate range make Santander an excellent place to begin shopping for a personal loan. Here, we'll unpack the features Santander Personal Loans offer and help you decide if it's the right personal loan for you.

Santander Personal Loans

Great for: Cosigner loans

Logo for Santander Personal Loans
Rating image, 4.0 out of 5 stars.
4.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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Minimum Credit Score
Undisclosed
Loan Amounts
$5,000 - $50,000
APR Range
7.99% - 24.99%
Term Length
36 - 84 months

Santander allows for cosigners and can accommodate same-day approval, which is a valuable feature not every lender offers. Additionally, there are no origination fees or prepayment penalties.

  • Same-day funding available
  • No origination fees, closing fees, or prepayment penalties
  • Flexible repayment terms
  • Full services bank in Northeast U.S. and in Miami, Florida
  • High minimum loan amount
  • Only available in 28 states
  • Minimum requirements not specified

Compare the best personal loans

Get the best rates and terms to fit your needs. Here are a few loans we'd like to highlight, including our award winners.

Lender APR Range Loan Amount Min. Credit Score Next Steps
Fixed: 8.99%-29.99% APR (with all discounts)
$5,000 - $100,000
680
7.99% - 24.99%
$2,500 - $40,000
660
6.70% - 35.99%³
$1,000 - $50,000¹
300

Full Santander Personal Loans review

One way Santander is different from its competitors is its willingness to provide same-day funding when possible. That means borrowers needing a quick infusion of cash may see it in their checking account by the end of the day. Santander also allows cosigners on its loans, which not all personal loan lenders do.

As long as we're talking about what sets this lender apart, it's hard not to be impressed that Santander Personal Loans carry no origination fees or prepayment penalties, automatically saving borrowers money.

Opinions from across the web

Since Santander doesn't operate in my state, I wanted to learn what actual borrowers have to say about their experience.

What social media says

Unhappy consumers may be more likely than happy consumers to leave remarks online, but Santander appears to have more than its fair share of dissatisfied customers. Customers appreciate the easy application process and no origination fee or prepayment penalty.

Complaint topics range from confusion when Santander purchased their loan from another lender to late payment penalties. The stress of a difficult financial situation may color the way borrowers view (and review) the lender, or perhaps Santander has taken steps to improve customer relations. While most of the online comments were negative, some also indicated their positive experiences and appreciation of an easy application process.

What other review websites say

Average review site rating: 3.9/ 5.0 stars

We looked at five top review sites to learn more about what they think of Santander's loans. Overall, other reviewers agreed with our assessment of Santander, highlighting perks like the ability to have a cosigner, accommodating same-day approval when possible, and saving consumers money by not charging origination fees or prepayment penalties. We also agreed that it would be nice if Santander were more transparent regarding the credit score required to qualify for a loan.

We do differ from other reviewers in a couple of ways. While we believe consumers seeking a new bank may care how many brick-and-mortar locations it has, we don't see it as an essential factor in choosing a lender for a personal loan. We also differ on whether it's necessary to have the option of receiving a paper check.

Santander's funding is disbursed electronically, which is unlikely to be an issue for most borrowers.

What we love about Santander Personal Loans

There's no such thing as a personal lender that's right for everyone, and Santander is no exception -- here are some of the most notable perks.

Low interest rate range

Santander has personal loan rates that are significantly below average for the personal lending industry on both the top and bottom ends of the range. The best interest rates are available to highly qualified borrowers on a variety of loan term lengths (many competitors only offer their best rates on shorter-term loans).

For context, a $20,000 personal loan with a seven-year repayment term and 7.99% APR would have a monthly payment of $311.62. Over the life of the loan, this could save borrowers who consolidate credit card debt thousands of dollars.

Same-day funding

In many cases, Santander funds its personal loans on the same day. This isn't a guarantee and the exact timing depends on the time of day your application is received, your credit profile, and the institution where you have the funds sent. Santander says most of its loans are funded within two business days.

Easy to check your rate

Santander prides itself on making its application process as easy as possible and allows prospective borrowers the ability to check their customized loan offers quickly, and with no impact to their credit score.

No origination fees or prepayment penalties

Unlike many of its competitors, Santander doesn't charge any personal loan origination fees whatsoever, even for approved borrowers with less-than-stellar credit scores. There are also no prepayment penalties if you choose to pay back your loan sooner than expected.

Borrow up to $50,000

Santander's personal loans range from $5,000 to $50,000. Borrowers can select loan repayment terms ranging from three to seven years. The seven-year term is a longer repayment term than many other lenders offer, and can be appealing to borrowers who want to keep their monthly payments as low as possible.

What Santander Personal Loans could improve

As mentioned, there is no personal loan originator that is perfect for everyone, so here are some potential drawbacks that could apply to you.

Not available in all states

This is perhaps the biggest negative factor about Santander. Santander only makes personal loans to borrowers in 28 states and D.C. Unless you live in a state where Santander makes personal loans, all of the other positive factors don't really matter to you.

High minimum loan amount

Santander's loans range from $5,000 to $50,000, and while this meets the needs of most borrowers, it also doesn't serve those who might need to borrow less. There are several competitors that make personal loans of as little as $1,000.

How to qualify for Santander Personal Loans

To qualify for Santander Personal Loans, you'll need to meet the lender's credit standards, have sufficient income to justify the loan, and have a solid employment history. You'll also need to reside in a state where Santander makes loans.

  • Credit history: Santander doesn't specify its minimum credit score, but it's safe to assume you'll need good credit (a FICO® Score in the upper 600s or higher to qualify).
  • Debt-to-income ratio: Santander will evaluate your income and other debts to ensure that you can comfortably afford your loan payments.
  • Employment history: In addition to an acceptable debt-to-income level, banks typically want to know that your income is reliable and will want to see details about your employment situation.
  • Residence: At this time, Santander only makes loans to borrowers who live in the following states: Arizona, California, Connecticut, Colorado, Delaware, Florida, Georgia, Illinois, Indiana, Massachusetts, Maryland, Maine, Michigan, Minnesota, Missouri, North Carolina, New Jersey, New Hampshire, New York, Ohio, Oregon, Pennsylvania, Rhode Island, Tennessee, Texas, Virginia, Vermont, or Washington. Santander also makes loans to those in Washington, D.C.

It's also worth noting that Santander allows consumers to apply with a co-borrower if their credit and income don't meet all of the lender's standards.

Application process

Santander's EZApply process is designed to make the personal loan application and funding process as smooth as possible. Here are the basic steps:

  1. You can check your rate and loan offers in just a few minutes and with no impact to your credit score. This makes it easy to compare Santander's rates with other lenders to ensure you get the best deal.
  2. Santander estimates that the entire loan application process will take approximately 10-15 minutes to complete online. It's important to note that during this part of the application process, a hard credit pull will be performed, which is the standard practice in the industry.
  3. Sign your loan documents and receive your funds, sometimes as quickly as the same day.

Is Santander Personal Loans right for you?

The right personal loan lender for you will depend on your personal situation. Santander can be an excellent choice for borrowers who:

  • Need a personal loan of up to $50,000
  • Have strong credit and an acceptable debt-to-income ratio
  • Might require a cosigner on their loan
  • Live in one of the states where Santander does business

FAQs

  • Santander doesn't specify a minimum credit score for its personal loans. However, based on the interest rate range, it's safe to assume you'll need a FICO® Score that is at least in the upper 600s, which is generally where the "good credit" realm begins. In order to qualify for the lowest interest rates, you'll likely need a score that is much higher.

  • Santander's application process is easy, as the entire application can be completed from start to finish in less than 15 minutes in most cases, and loans are funded quickly. However, it is important to mention that Santander is not a "low credit" lender, so as far as qualification standards go, it is on the tougher end of the spectrum among our favorite personal lenders.

  • Yes, Santander verifies applicants' income and compares it with the existing debts listed on the applicant's credit report in order to determine the debt-to-income ratio. In addition to stable employment and a solid credit history, Santander wants to make sure that its borrowers can comfortably afford to make the monthly payments on their loans.