What Is a Personal Loan? | What Are Personal Loans Used For? | Santander Bank - Santander
What Are Personal Loans?
A Personal Loan is money you borrow from a bank for a specified period of time with no collateral required. You receive the funds in one lump sum, you have a fixed rate and a fixed term and you benefit from fixed monthly payments.
So, if you’ve got higher interest debt you’d like to consolidate, appliances you would like to upgrade or car repairs on the horizon, you can use a personal loan for almost any financial need or life event.
What Are Personal Loans Used For?
Personal Loan Features
The Difference Between a Santander Bank Personal Loan and Credit Card Debt
Monthly Payments for Personal Loans
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*Based on the time your application is received, same-day funding is available in many cases, depending on your creditworthiness and the funding instructions you provide.1Rates: To get a Personal Loan (“Loan”) with the Annual Percentage Rate (APR) and/or the maximum terms shown, you must reside in MA, MD, RI, CT, NH, NJ, PA, NY, DE, ME, VT, FL or DC, meet our credit standards, and use automatic payment (ePay) from any Santander Bank N.A. checking account. Fixed loan APRs (with ePay) range from 6.99% to a maximum 24.99%, depending on your creditworthiness. The minimum Loan amount is $5,000 and the maximum is $50,000. The minimum loan term is 36 months and the maximum loan term is 84 months. The APR on the Loan will increase by 0.25 percentage points and the payment will increase, if ePay is not elected or is discontinued. APRs and other terms are accurate as of will result in an interest rate discount. Personal Loans cannot be used to finance post-secondary educational expenses.
Loan accounts are subject to approval.
Personal Loan Monthly Payment Example
Monthly payments on a Santander Personal Loan with a 84-month term and our best rate of 6.99% APR.1
2National Average APR for a credit card as of 05/27/2021 (source: https://www.bankrate.com/calculators/credit-cards/credit-card-minimum-payment.aspx). Estimated using a credit card monthly payment, based on 3.00 % of outstanding balance, with a minimum of $15 (source: bankrate.com/calculators/credit-cards/credit-card minimum-payment).