What Are Personal Loans?

A Personal Loan is money you borrow from a bank for a specified period of time with no collateral required. You receive the funds in one lump sum, you have a fixed rate and a fixed term and you benefit from fixed monthly payments.

So, if you’ve got higher interest debt you’d like to consolidate, appliances you would like to upgrade or car repairs on the horizon, you can use a personal loan for  almost any financial need or life event.

What Are Personal Loans Used For?

Consider a personal loan as a way to gain financial flexibility when you have a specific borrowing amount in mind.

Let’s say you’ve got a family reunion to plan and you know how much you’ll need to make it memorable. A Personal Loan is a great option because you receive a specific amount in one lump sum. A Personal Loan can also be used to consolidate higher interest debt into one lower monthly payment. Need to upgrade your appliances or make auto repairs? There are so many ways to use a Personal Loan.

 

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Personal Loan Features

Competitive

We offer competitive interest rates as low as 6.99% APR1 when you set up automatic payment from any Santander Bank checking account.

Flexibility

Do you have multiple high interest credit cards and/or loans, appliances to upgrade or car repairs to take care of? Gain financial flexibility and borrow from $5,000 to $35,000 with no collateral required and take up to 60 months to repay1.

The Difference Between a Santander Bank Personal Loan and
Credit Card Debt

With a Personal Loan from Santander Bank, you borrow money for a specified period of time. You receive a one-time, lump sum that you pay back through fixed monthly payments with a fixed rate and fixed term.

Credit cards often have higher variable rates that may increase over time and have no set repayment term.

Qualification for either product is based on your creditworthiness, income and other additional factors.

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Monthly Payments for
Personal Loans

This monthly payments chart is based on a Santander Personal Loan with a 60-month term and our best rate of 6.99% APR1.

Amount $5,000 $10,000 $20,000
Monthly Payment $98.98 $197.96 $395.53

Rate assumes automatic payment from a Santander checking account.

May We Also Suggest?

1RatesTo 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

 

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