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?
Consider a personal loan as a way to gain financial flexibility when you have a specific borrowing amount in mind.
Let’s say you’ve got a family reunion to plan and you know how much you’ll need to make it memorable. A Personal Loan is a great option because you receive a specific amount in one lump sum. A Personal Loan can also be used to consolidate higher interest debt into one lower monthly payment. Need to upgrade your appliances or make auto repairs? There are so many ways to use a Personal Loan.
Personal Loan Features
Competitive
Flexibility
The Difference Between a Santander Bank Personal Loan and Credit Card Debt
With a Personal Loan from Santander Bank, you borrow money for a specified period of time. You receive a one-time, lump sum that you pay back through fixed monthly payments with a fixed rate and fixed term.
Credit cards often have higher variable rates that may increase over time and have no set repayment term.
Qualification for either product is based on your creditworthiness, income, and other additional factors.
Monthly Payments for Personal Loans
| Amount | $5,000 | $10,000 | $20,000 |
|---|---|---|---|
| Monthly Payment | $75.44 | $150.88 | $301.76 |
Please note that this comparison assumes you qualify for a loan with an Annual Percentage Rate (APR) of 6.99%. Fixed loan APRs (with ePay) range from 6.99% to 24.99%, depending on your creditworthiness.
*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 term shown, you must reside in MA, RI, CT, NH, NJ, PA, NY, DE, ME, VT, FL, MD, DC, GA, CA, AZ, TX, IL, OH, MI, or NC, meet our credit standards, and use automatic payments ( ePay ) from any deposit 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 , and may change thereafter. 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
| Amount | $5,000 | $10,000 | $20,000 |
| Monthly Payment | $75.44 | $150.88 | $301.76 |
Privacy Policy | Terms of Use | Accessibility | © 2023 Santander Bank, N. A - 
Equal Housing Lender - Member FDIC