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?

1 Rates: To get a Personal Loan (“Loan”) with the Annual Percentage Rate (APR) shown above, you must reside in MA, RI, CT, NH, NJ, PA, NY, DE, ME, VT, or DC, meet our highest credit standards, and use automatic payment (ePay) from any Santander Bank N.A. checking account. Loan APRs (with ePay) are 6.99%, 8.99%, 10.99%, 12.99%, 14.99%, or 16.99%, depending upon your creditworthiness. The minimum Loan amount is $5,000 and the maximum is $35,000. 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 6/16/17, and may change thereafter. A Santander checking account is not required to qualify for a Loan, but use of ePay from a Santander checking account will result in an interest rate discount. Loan accounts are subject to approval.

Payment examples on a Loan of $10,000 for 60 months are as follows:

Loan APR

6.99%

8.99%

10.99%

12.99%

14.99%

16.99%

Payment Amount

$197.96

$207.54

$217.37

$227.48

$237.85

$248.47

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

You will earn three reward points for every dollar you spend on new net retail purchases in the supermarket, gas station and restaurant categories until you have accumulated 15,000 total points in those categories in a calendar quarter. After that, and for all other purchase categories, you will earn 1 point per dollar of new net retail purchase transactions charged to the card account each billing cycle.

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