Use a personal line of credit from Santander Bank to fund your dreams.

What Is a Personal Line of Credit?

A Personal Line of Credit is an unsecured bank loan that gives you ongoing access to a certain amount of credit that you can reuse as you repay the outstanding balance. No collateral is required and you only pay interest on the amount of credit you use.

Perhaps you’ve been considering consolidating debt, upgrading your appliances or home repairs, paying for classes to pick up a new skill, or a much needed vacation. A Personal Line of Credit can be a great borrowing option to meet a variety of needs, including medical expenses.

What Can a Personal Line of Credit Be Used For?

Unlike an auto loan that requires you to use the money you borrow to purchase a car, you can use a Personal Line of Credit to cover expenses for just about anything.

For example, if you’re planning to consolidate your debt into one monthly payment, upgrade existing appliances, or go back to school, a personal line of credit is a good option because you can use as much or as little of the loan as you like. This money can also be used for things like emergency car repairs, medical expenses, or moving into a new abode. Getting a Personal Line of Credit can help you achieve your goals.

Personal Line of Credit key features1 include:

Flexibility

Thinking about going back to school full- or part-time? Borrow from $5,000 to $35,000 with no collateral required. Then use and reuse your line of credit as you repay it.

Competitive

We offer competitive variable rates as low as 7.74% APR with automatic payment from any Santander Bank checking account1.

Accessibility

Access your Personal Line of Credit easily via checks or online account transfers, up to your available credit limit.

The Difference Between a Personal Line of Credit and a Personal Loan

A Personal Line of Credit is a borrowing limit extended to you at a variable rate tied to an index, such as the Prime Rate. The funds are available to you up to a pre-assigned credit limit and you have the ability to re-use your personal line of credit as you repay. Your interest rate and monthly payment amount can change over time and will be based on the current interest rate and the amount of the credit line you have outstanding.

A Personal Loan is a specific amount of money that you borrow at a fixed rate for a specified period of time. You receive a one-time, lump-sum that is paid down through fixed monthly payments with a fixed rate and fixed term.

The decision on which type of loan is right for you depends on your personal situation. Both borrowing options help give you the financial flexibility to make your plans a reality.

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May We Also Suggest?

1Rates: To get a Personal Line of Credit ("Line") with the best Annual Percentage Rate (APR) shown, you must live in MA, RI, CT, NH, NJ, PA, NY, 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 applications who do not meet those standards. For new Lines of Credit, your initial APR is based on the U.S. Prime Rate published in the Money Rates table of The Wall Street Journal on the date you sign the credit agreement. Thereafter, your APR may vary monthly based on the U.S. Prime Rate published in the Money Rates table of The Wall Street Journal on the first business day of the month, plus a margin of 4.24% (now 8.24% with ePay for credit qualified applicants). The minimum Line APR is 6.49% and the maximum is 18.00% APR. Fees: The $50 annual 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, Premier, or Santander Premier Plus checking account at the time the fee is assessed and will be reduced to $25 if you have a Preferred checking account. All other accounts will be assessed the standard $50 fee. Draw & Repayment Terms: The Line has a five-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 enters its five-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 $35,000. All information is accurate as of 3/17/2017 and is subject to change. Lines are subject to approval.

* 0% introductory APR for 18 billing cycles on balance transfers made within 90 days of opening your account. After the introductory period, a variable APR for balance transfers from 16.24% to 23.24% based on the Prime Rate and your creditworthiness, with a transaction fee for each balance transfer of either $10 or 3%, whichever is greater. There is no grace period on balance transfers. Also if you take a balance transfer offer, this means that unless your purchase APR is at an introductory or promotional 0% APR, you will pay interest on new purchases from the date made if you do not pay all balances, including the promotional balance transfer, in full by the next payment due date appearing on your statement. Variable APR for purchases from 16.24% to 23.24% based on your creditworthiness when you open your account. Cash advance APR of 25.24%. Minimum finance charge of $1.50. The fee for cash advances is $10 or 5%, whichever is greater. Penalty APR of 30.74%, which may apply indefinitely to your account if you miss payments or otherwise default. The foreign transaction fee is 3% of the gross amount of transactions made in a foreign currency and transactions made in U.S. Dollars that are processed outside the 50 United States, District of Columbia, Puerto Rico, or Santander ATMs in Mexico. Purchases of wire transfers from a non-financial institution of either $10 or 4% of the amount of each transaction, whichever is greater. The annual fee is $49 per year (waived for the first year of the account, and waived in each of the subsequent years on the anniversary date of the account if you maintain a Santander Select or Premier Plus checking account or if you are qualified for a Santander Bank employee checking account). Rates effective as of 04/01/2017. Rates are subject to change. Please see the Terms and Conditions for additional rate, fee, and other cost information.

Accounts must be in good standing.  Applies to new net retail purchases.

 

 

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