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:

easy money transfers

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 money market rates

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 annual percentage rate (APR) shown, you must reside in MA, RI, CT, NH, NJ,PA, NY, DE, ME, VT, MD, or DC, have or open a Santander checking account, and use automatic payment (ePay) from that account. You must also meet our highest credit standards. A Santander checking account is not required to qualify for a Line of Credit, but use of ePay from a Santander checking account will result in an interest rate discount. If ePay is discontinued, theinterest rate will increase by 0.25 percentage points, and your payment will increase. For new Personal 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 (WSJ) on the date you sign the credit agreement. Thereafter, your APR may vary monthly and is based on the U.S. Prime Rate published in the Money Rates table of the WSJ on the first business day of the calendar month, plus a margin of 4.24% APR with ePay from any Santander checking account. Minimum Line APR is 6.49% and the maximum is 18.00%. Contact us for information about higher rates that may be available to applicants who do not meet those standards. Fees: The annual fee will be waived as long as you maintain a Santander Select, Premier, or Premier Plus Checking account. The annual fee will be $25 as long as you maintain a Preferred Checking account. In all other cases, the annual fee will be $50. Please note, not all checking products listed are currently offered for sale. Draw & Repayment Terms: TheLine has a five-year draw period during which you can obtain advances and elect either principal and interest or interest-onlypayments. Thereafter, no additional advances may be taken and the Line will enter its five-year repayment period during which you must repay 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. APRs and other terms are accurate as of 10/1/2018, and may change thereafter. Line accounts are subject to approval.

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

▲▲▲Santander® Ultimate Cash Back® Annual Percentage Rates (APRs) and Fees: 3% introductory Annual Percentage Rate (APR) for 12 billing cycles on balance transfers made within 90 days of opening your account. After the introductory period, a variable APR for balance transfers from 16.49% to 25.49% based on the Prime Rate and your creditworthiness. 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. Balance Transfers cannot be used to pay off another Santander credit card, Santander loan or line, or another institution’s loan balances or card balances if they do not accept our electronic payments. Variable APR for purchases from 16.49% to 25.49% based on the Prime Rate and your creditworthiness when you open your account. Cash advance APR of 26.99%. Minimum finance charge of $1.50. Penalty APR of 31.99%, and loss of any introductory or promotional rate, if any, which may apply indefinitely to your account if you miss or make a late payment or otherwise default. There are no Annual, Balance Transfer, Cash Advance, Foreign Transaction, or Returned Payment fees. Finance charges still apply. Each time we do not receive the Minimum Payment Due in full by the Payment Due Date, we will charge you a Late Fee of $25 for the first late fee in a 6-month period and a $35 fee for each late payment until there are 6 consecutive months with no late payments. However, we will never charge a Late Payment Fee exceeding the Minimum Payment Due that is late. Rates effective as of . Rates are subject to change. 1.5% Cash back is earned on new net retail purchases (qualifying purchases less credits, returns, and adjustments) and can be redeemed for statement credit, gift cards, electronic certificates, or merchandise. Cash back cannot be earned on balance transfers, cash advances, purchases of money orders and other cash equivalents, purchases made by or for a business purpose, fees, interest charges, unauthorized / fraudulent transactions, and certain other charges. Cash back balance does not expire for accounts in good standing. Earn $100 cash back via statement credit after you spend $500 on net new retail purchases within the first 90 days of opening your account, provided the account is in good standing. This credit can take up to 6 weeks to be processed. Other terms and conditions apply. Credit card accounts are subject to approval.

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