Personal Loan Resources – Repaying Your Loan | Santander Bank - Santander
Repaying your personal loan
Find answers to questions on repaying your personal loan, including how long you have, where to make payments, and if you can pay off your loan early.
How long do I have to pay off my loan?
Your loan term dictates how long you have to pay off your loan. At Santander, our personal loans come with a fixed interest rate and fixed term, and repayments are made on a monthly basis. So, for example, if you have a 5-year term, you would need to pay monthly installments for up to 5 years. If you wish to pay your loan off early, Santander does not charge an early payment penalty.
Can I pay off my loan early?
Yes, you can pay off a personal loan early by increasing your monthly payments or through a lump sum payment. There is no penalty for paying off your loan early; in fact, it can reduce the interest that you have to pay on the loan, saving you money. But before you do, it’s a good idea to take a look at your budget to ensure you have enough discretionary income to put towards your loan.
How do I pay off my loan early?
There are many different techniques for paying off a loan early. While many people will tell you that their way is the best, it’s important to choose a method that works for your budget and lifestyle.
If you have enough money available, paying it off in a lump sum is a straightforward option. You can also pay more than your monthly payment amount to pay down the principal, or you can make one extra payment a year. A tax refund, a bonus, or any unexpected windfall could be used to pay down your loan early. Taking a side job and cutting down on non-essential purchases can also help.
If you need help putting together an early repayment plan, call a Specialist at 833-SAN-LOAN, Monday to Friday between 8:00 a.m. and 5:00 p.m. ET.
What is the mailing address for Consumer Loan accounts payments?
You can mail your loan payment to either of the following two Santander Bank addresses.
450 Penn Street
Reading, PA 19602
Regular Mail (statement stub and payment check)
PO Box 847051
Boston, MA 02284