Personal Loans

A Personal Loan allows you to borrow from $5,000 up to $25,000 with no collateral required, no annual fee and repayment terms of up to 60 months. Whether you want to purchase new kitchen appliances, cover educational expenses or pay for a dream wedding, a Personal Loan gives you your funds in one lump sum.

A Personal Loan is perfect if you have a one-time need and want to borrow a specific amount. A Personal Loan also offers you great benefits such as:

  • Competitive rates
  • Predictable monthly payment
  • No collateral
  • No application fee
  • Rate discount when you have payments automatically deducted from any Santander checking account

Depending on your needs, you can apply for either a Personal Loan or a Personal Line of Credit at Santander. For help deciding which is best for you, use the simple chart below. We're here to help!

  Personal Loan Personal Line of Credit
Type of Account Installment loan with fixed term Revolving line of credit
Ideal for Customers who need a lump sum and want the stability of a predictable rate and payment Customers who want ongoing access to credit as they need it
Interest rate Predictable rate, as low as 10.49% APR*, for qualifying applicants with automatic payment from any Santander Checking Account Variable interest rate, currently as low as 8.49% APR**, for qualifying applicants with automatic payment from any Santander Checking Account
Term We offer several fixed repayment terms up to 5 years. Select the one that suits you best 60 month draw period, followed by 60 month repayment period
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

Predictable monthly payment amount
"Principal and Interest" option only

Payment amount can change monthly
"Principal and Interest" or "Interest Only" options
Access to funds One-time, lump sum disbursement By check or online transfer

 

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*To get a Personal Loan ("Loan") with the APR shown above, you must reside in MA, RI, CT, NH, NJ, PA, NY, MD, DE, ME, VT or DC, meet our highest credit standards, have or open any Santander Bank, N.A. checking account, and use automatic payment (ePay) from that account. Loan APRs (all with ePay from a Santander checking account) are 10.49%,11.49% or 12.99%, depending upon your creditworthiness. Payment examples on a Loan of $10,000 for 60 months at 10.49% APR, 11.49% APR or 12.99% APR are $214.89, $219.88 or $227.48, respectively. The minimum Loan amount is $5,000. The maximum Loan amount is $25,000. The APR on the Loan will increase by 0.25 percentage points, and the payment will increase, if ePay from a Santander checking account is not elected or is discontinued. APRs and other terms are accurate as of 10/17/13 and may change thereafter. A Santander checking or savings account is not required to qualify for a Loan. Offer subject to approval.

**To get a Personal Line of Credit ("Line") with the APR shown above, you must reside in MA, RI, CT, NH, NJ, PA, NY, MD, DE, ME, VT or DC, have or open any Santander Bank, N.A. checking account, and use automatic payment (ePay) from that account. You must also meet our highest credit standards. Contact us for information about higher rates that may be available to applicants who do not meet those standards. APRs on Lines may vary monthly based on the latest U.S. Prime Rate as published in The Wall Street Journal as of the first business day of the month, plus a margin of 5 .24% (now 8.49% with ePay for credit qualified applicants). Minimum Line APR is 7.49%. Maximum Line APR is 18%. The amount of any annual fee charged on a Line account will vary based on the type of deposit account you have with Santander at the time the fee is assessed. The annual fee will be waived as long as you maintain a Santander Premier account. The annual fee will be $25 as long as you maintain an existing Santander Preferred account. In all other cases, including when you open a new Santander Preferred Plus account, the annual fee will be $50. 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. The maximum Line amount is $25,000. The APR on the Line will increase by 0.25 percentage points, and the payment will increase, if ePay from a Santander checking account is not elected or is discontinued. APRs and other Line terms are accurate as of 10/17/13 and may change thereafter. A Santander checking or savings account is not required to qualify for a Line. Offer subject to approval.