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Santander Bank Personal Loans Calculator & Overview

Carla Soto
Updated 4 Sep 2023
Fact checked

Santander Bank logo

Santander Bank was founded in 1902 and is based in Boston, Massachusetts. They hold over $57.5 billion in deposits, and employ around 9,800 people. They have a full suite of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards.

Taking out a loan, such as one from Santander Bank, can be a major financial decision. You must be able to clearly grasp the pros and cons including the total cost of the loan. Start by calculating your potential monthly payments. The Santander Bank personal loans calculator can assist you in determining this.

Personal loans have an annual percentage rate (APR) varying from around 3% to 36% APR. The interest rates you can receive will depend on a range of factors, such as your credit score, income, and debt-to-income ratio. On a loan of $10,000 over 5 years, the cost could vary between $10,781 and $21,680. The interest cost is between $781 and $11,680.

Personal loans from Santander Bank in a nutshell

Like other lenders, Santander Bank offers its own list of features and benefits. Look at the list below so you can determine if they fit your personal expectations and payment preferences:

Here is a roundup of the vital features and benefits of a personal loan from Santander Bank:

  • Loan amounts: minimum $5,000; maximum $50,000
  • Loan terms: between 36 and 84 months (from 3 to 7 years)
  • Loan fees: $0 origination fee; $0 prepayment penalty; $0 closing fee
  • Interest rates: from 6.99% to 24.99% APR
  • Discount: 0.25% for automatic payments

 

Requirements for a Santander Bank personal loan

You are qualified to apply for a personal loan at Santander Bank if you are:

  • At least 18 years of age
  • A resident of one of the following states: MA, RI, CT, NH, NJ, PA, NY, DE, ME, VT, MD, or DC

Potential applicants of a personal loan from Santander Bank will need to provide the following documents:

  • Social security number
  • Basic employment and income information
  • Credit history

 

Santander Bank personal loan calculator

Loan Amount

$20,000

Term

3 months

Santander Bank

Santander Bank personal loans

Estimated Month Repayments
Interest Rate
6.99%
APR
Repayment Period
36 months
to 84 months
Loan Amounts
$5,000
to $50,000
Whether you want to consolidate credit card debt, cover medical expenses, or make needed home improvements, a Santander Personal Loan can help you get it done fast:

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Minimum and maximum loan periods vary between 1 month and 10 years. Annual Percent Rates (APR) vary between 4.99% and 35.99% p.a. Total interest repayments vary between $592 and $916 over the life of the loan. *APR is based on an unsecured loan of $20,000 over a term of 3 years. WARNING: This APR is true only for the examples and may not include all charges. Different terms, fees or loan amounts might result in a different APR. These rates can change without further notice.

 

Pros and cons of Santander Bank personal loans

Pros

  • No loan fees
  • On the spot prequalification
  • Same day funding for qualified borrowers
  • High borrowing limits
  • Flexible repayment term lengths

 

Cons

  • Smaller loan amounts not available
  • Maximum APR range higher than those from other lenders

Frequently asked questions

Do I need collateral for a Santander Bank personal loan?

No, personal loans at Santander Bank are unsecured and do not require collateral.

How much can I borrow from Santander Bank?

Santander Bank offers personal loans between $5,000 and $50,000.

How long should I repay a personal loan from Santander Bank?

Santander Bank offers personal loan terms between 3 and 7 years (from 36 to 84 months).

How much does Santander Bank charge for its personal loans?

The personal loan rates from Santander Bank can be as low as 6.99% and can reach up to 24.99%.

Will I qualify for a rate discount if I opt for automatic payments of my Santander Bank personal loan?

Yes. There is a 0.25% APR discount if you set up an auto-pay option for your personal loan at Santander Bank.

Will the prequalification process affect my credit?

During your application process for a personal loan at Santander Bank, there will be a hard inquiry on your credit history. This could impact your credit score for up to two years.

How long will it take to get funds after my Santander Bank personal loan is approved?

Loan approval and funding can occur in as little as two days for Santander checking customers who provide a valid email address at application.


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Carla Soto
Carla Soto

Carla is a skilled copywriter at BestFind with a background in marketing and communications. She specializes in reviewing personal loan and finance products to help readers navigate the complex world of personal finance.

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