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Applying for a personal loan

Find answers to questions on how to apply for a personal loan, including how much you can apply for, what information you need to provide, how long the process takes, and more.

Am I eligible for a personal loan?

To answer this question definitively, you must submit a personal loan application. Santander will review factors like your credit score, employment status, and debt-to-income ratio to determine if you qualify. To apply for a Santander Personal Loan, you also must be at least 18 years old and a resident of one of the states listed under the "Rates and terms" section of our personal loan page.

How much should I borrow?

The amount you request when applying for a personal loan should be limited to your actual needs since borrowing more money than you need can make the loan more costly over time. To calculate how much money you should borrow, add up all your debts or anticipated expenses to come up with an ideal loan amount.

How much money can I borrow?

Santander Bank offers personal loans in amounts ranging from $5,000 to $50,000.

What information do I need to apply for a personal loan?

To speed up the loan application process, you should have the following information handy: (1) your Social Security number (SSN), (2) employment details, and (3) proof of income. Once we have this information, we will determine if any additional information is required.

How long does it take to get a personal loan?

If you have all your information ready to go, you can complete our online personal loan application in approximately 10-15 minutes. If you would feel more comfortable having someone assist you with the application, you can also make an appointment to apply at your local branch, or call a Specialist at 833-SAN-LOAN, Monday to Friday between 8:00 a.m. and 5:00 p.m. ET.

Once you've submitted your loan application, there may be a waiting period before you receive the funds. Same day funding is available in many cases, however, some may take a little longer depending on whether additional documents are requested, or if additional review is required to make a final decision.

Do I need collateral for a personal loan?

No. Personal loans at Santander Bank are unsecured and do not require collateral. This means that you do not need to provide any personal assets, like your vehicle or property, for example, to "secure" your loan. If another lender requests collateral, it means they may seize the collateral assets to recover some of their money if the borrower defaults on the loan.

How will applying for a personal loan affect my credit score?

During the application process, an underwriter will make a credit inquiry with one of the three credit bureaus, which could impact your credit score for up to two years. This "hit" is usually small, sometimes fewer than 5 points, and depends on how many other inquiries have recently been made. Beyond the initial credit inquiry, your credit score should not be impacted as long as you make your payments on time.