Personal loans of up to $50,000 with the possibility of same-day deposit!
Santander Personal Loans is a division of the bank that offers personal loans ranging from $5,000 to $50,000 with flexible repayment terms between 3 and 7 years, featuring a fixed interest rate and no origination fees.
If a customer applies and gets approval during business hours on a weekday, it’s possible to receive the funds on the same day, subject to Santander Bank’s availability.
These personal loans from Santander aim to address various life situations for customers, including home repairs, moving costs, debt consolidation, credit card debt, and coverage for general emergencies.
An important advantage of Santander’s personal loan plans is a 0.25% savings on the interest rate when setting up automatic payments directly from the account that will receive the deposit from the bank.
If you believe that Santander Personal Loans could be a good option for your needs, keep reading.
Who is Santander?
The Santander Bank N.A. is the North American subsidiary of Grupo Santander, a Spanish company with over 170 years of history in the international market, particularly in the Americas and Europe,
Santander operates in countries such as Portugal, Brazil, and Spain, which is the group’s main headquarters. Overall, the company has trillions of euros in assets, holding a significant presence in various international contexts.
Santander’s portfolio of financial services includes private banking, financial management, insurance, personal loans, and credit card operations for individuals. The group also offers a diverse range of solutions for businesses, catering to both small enterprises and large conglomerates in need of comprehensive services.
How do Santander Personal Loans work?
O Santander offers a comprehensive section of personal loans available to the bank’s customers or individuals who provide a valid verification code obtainable through the bank. Santander’s personal loans do not require collateral, meaning there’s no need to present assets or real estate as support for the loan.
This is because the service is offered based on the customer’s credit score and income.
Customers can apply for loans ranging from $5,000 to $50,000 with repayment terms of 3 to 7 years and fixed monthly payments. The interest rate varies from 6.99% to 24.99% APR, depending on the loan amount and repayment period.
The loan application process can be completed entirely online, and if the customer chooses automatic debit payments from their account, they receive a 0.25% discount. Santander’s service does not charge guidance fees or closing fees, and there are no prepayment penalties.
The EZApply system provides quick verification for the customer to understand their credit potential without any commitment to Santander. Santander states that customers may receive the funds on the same business day, subject to the bank’s availability.
What are the benefits of applying for a loan at Santander?
- No extra fees: According to Santander, personal loans only incur the APR on the loan amounts without charging additional initiation or prepayment fees.
- Flexible plans: Personal loan options are quite open, ranging from $5,000 to $50,000 with repayment terms of up to 84 months, accommodating various customer needs.
- Trust and tradition: The loan carries the market reputation of Santander, one of the leading banking institutions in countries such as Spain, Portugal, and Brazil, providing security for the American audience.
- Possibility of same-day funding: Santander states that it can deposit the funds on the same day as the contract closing, promising a quick evaluation process. However, it is not guaranteed and depends on various banking conditions.
Possible Drawbacks
While it is possible to contact and request assistance, Santander loans are more geared towards current banking service customers and may not be entirely open to the general public. Additionally, the loan amounts ranging from $5,000 to $50,000 may be too low for some and too high for others, prompting the need to explore other options in the American market.
Want to learn how to apply?
The application process for Santander’s personal loan can be completed online or through direct interaction with the bank’s dedicated team. Regardless, it is highly recommended to thoroughly understand all the conditions beforehand.