Personal Line of Credit

No matter what your goals are, a Personal Line of Credit can help make them a reality. Make home repairs, take a memorable vacation, cover medical expenses or plan for that special occasion. You can use your line of credit as often as you want, for practically anything you wish, and only pay interest on the amount you borrow.

Depending on your needs, you can apply for either a Personal Line of Credit or Personal Loan. For help deciding which is best for you, use the simple chart below. We're here to help!

  Personal Line of Credit Personal Loan
Type of Account Revolving line of credit Installment loan with fixed term
Ideal for Customers who want ongoing access to credit as they need it Customers who need a lump sum and want the stability of a predictable rate and payment
Interest rate Variable interest rate, currently as low as 8.49% APR*, for qualifying applicants with automatic payment from any linked Santander checking account Predictable rate, as low as 10.49% APR**, for qualifying applicants with automatic payment from any linked Santander checking account
Term 60 month draw period, followed by 60 month repayment period We offer several fixed repayment terms up to 5 years. Select the one that suits you best.
Collateral requirement No collateral required No collateral required
Closing costs No closing costs No closing costs
Loan/Line amount available $5,000-$25,000 $5,000-$25,000
Monthly payment Payment amount can change monthly
"Principal and Interest" or "Interest Only" options
Predictable monthly payment amount
"Principal and Interest" option only
Access to funds By check or online transfer One-time, lump sum disbursement

A Personal Line of Credit allows you to borrow from $5,000 up to $25,000 with no collateral required and it provides the flexibility to access funds for any type of borrowing need. Some additional features and benefits include:

  • Competitive variable rate
  • Easy access to your line of credit using checks or online account transfers
  • Ability to re-use your line of credit as you repay
  • Rate discount when you have your payments automatically deducted from any Santander checking account
     

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 *To get a Personal Line of Credit ("Line") with the APR shown above, you must reside in MA, RI, CT, NH, NJ, PA, NY, MD, DE, ME, VT or DC, have or open any Santander Bank, N.A. checking account, and use automatic payment (ePay) from that account. You must also meet our highest credit standards. Contact us for information about higher rates that may be available to applicants who do not meet those standards. APRs on Lines may vary monthly based on the latest U.S. Prime Rate as published in The Wall Street Journal as of the first business day of the month, plus a margin of 5 .24% (now 8.49% with ePay for credit qualified applicants). Minimum Line APR is 7.49%. Maximum Line APR is 18%. The amount of any annual fee charged on a Line account will vary based on the type of deposit account you have with Santander at the time the fee is assessed. The annual fee will be waived as long as you maintain a Santander Premier account. The annual fee will be $25 as long as you maintain an existing Santander Preferred account. In all other cases, including when you open a new Santander Preferred Plus account, the annual fee will be $50. Line use is subject to the terms of the Personal Line of Credit Agreement, including terms that permit Lines to be suspended, reduced or terminated in certain circumstances. The minimum Line amount is $5,000. The maximum Line amount is $25,000. The APR on the Line will increase by 0.25 percentage points, and the payment will increase, if ePay from a Santander checking account is not elected or is discontinued. APRs and other Line terms are accurate as of 10/17/13 and may change thereafter. A Santander checking or savings account is not required to qualify for a Line. Offer subject to approval.

**To get a Personal Loan ("Loan") with the APR shown above, you must reside in MA, RI, CT, NH, NJ, PA, NY, MD, DE, ME, VT or DC, meet our highest credit standards, have or open any Santander Bank, N.A. checking account, and use automatic payment (ePay) from that account. Loan APRs (all with ePay from a Santander checking account) are 10.49%,11.49% or 12.99%, depending upon your creditworthiness. Payment examples on a Loan of $10,000 for 60 months at 10.49% APR, 11.49% APR or 12.99% APR are $214.89, $219.88 or $227.48, respectively. The minimum Loan amount is $5,000. The maximum Loan amount is $25,000. The APR on the Loan will increase by 0.25 percentage points, and the payment will increase, if ePay from a Santander checking account is not elected or is discontinued. APRs and other terms are accurate as of 10/17/13 and may change thereafter. A Santander checking or savings account is not required to qualify for a Loan. Offer subject to approval.