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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.

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

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 7.49% APR*, for qualifying applicants with automatic payment from any linked Santander checking account Predictable rate, as low as 6.99% 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

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*Rates: To get a Personal Line of Credit ("Line") with the best rate shown above, you must live in MA, RI, CT, NH, NJ, PA, NY, MD, DE, ME, VT or DC and use automatic payment (ePay) from any Santander checking account. If ePay is discontinued, the interest rate will increase by 0.25 percentage points and your payment will increase. You must also meet our highest credit standards. Ask about higher rates that may be available for applicants who do not meet those standards. The Line Annual Percentage Rate (APR) may vary monthly based on the latest U.S. Prime Rate published in The Wall Street Journal as of the first business day of the month, plus a margin of 4.24% (now 7.49%). The minimum Line APR is 6.49% and the maximum rate is 18.00% APR. Fees: $50 annual fee. The fee is assessed in the first month after the account is opened and each following year on the account anniversary date during the draw period. The fee will be waived if you have a Santander Select or Premier checking account at the time the fee is assessed and will be reduced to $25 if you have a Preferred checking account. Preferred Plus Checking account customers will be assessed the standard $50 fee. Draw & Repayment Terms: The Line has a 5-year draw period during which you can obtain advances and elect either principal and interest or interest-only payments. Thereafter, no additional advances may be taken and the Line will enter its 5-year repayment period during which you must repay both principal and interest. Other Information: 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 and the maximum is $25,000. All information is accurate as of April 1, 2015 and is subject to change. Line accounts are subject to approval.


To get a Personal Loan ("Loan"), you must reside in MA, RI, CT, NH, NJ, PA, NY, MD, DE, ME, VT or DC, meet our highest credit standards, and use automatic payment (ePay) from a Santander Bank N.A. checking account. Loan APRs (with ePay) are 6.99%, 8.99%, 10.99%, 12.99%, or 14.99%, depending upon your creditworthiness. Payment examples on a $10,000 Loan for 60 months at an APR of: 6.99% is $197.96; 8.99% is $207.53; 10.99% is $217.37; 12.99% is $227.48; or 14.99% is $237.85, respectively. The minimum Loan amount is $5,000 and the maximum is $25,000. 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 April 1, 2015 and may change thereafter. A Santander checking account is not required to qualify for a Loan. Loan accounts subject to approval.