With a loan or line of credit from Santander Bank, you can be prepared for life's expenses, whenever they happen. Whether you're looking to consolidate higher interest rate debt, renovate your kitchen, or cover an unexpected repair, Santander Bank offers plenty of borrowing options that could fit the bill.

Santander Lines of Credit
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Help Me Decide

Choose Between Different Types of Loans and Lines of Credit

What's the Difference Between a Line of Credit and a Loan?

Types of Loans or Lines of Credit

What is an Unsecured Loan?

An unsecured loan is tied to your commitment to pay your loan as promised in your credit agreement. Personal Loans and Credit Cards are common types of unsecured credit products. Additional points to consider:

  • An unsecured loan avoids using your personal assets as collateral.
  • Your creditworthiness is an important factor for getting approval for an unsecured loan.
  • Unsecured loans generally have a higher interest rate than secured loans.

Questions to Ask

Now that you understand the basic differences between lines of credit and loans, here are a few questions to ask yourself:

  • How much do I need to borrow? Do I need a fixed amount or the flexibility to use up to a certain amount, as needed?
  • Do I have collateral that I can secure to a loan or line of credit? Do I want to use that collateral to borrow?
  • Am I more comfortable with a predictable monthly payment or a payment that varies based upon how I borrow?
  • What type of loan or line of credit best meets my needs?

* All loans subject to approval