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When to Choose an Unsecured Personal Loan

When you consider getting extra funds to fulfill a personal financial need, the difference between a Personal Loan and a Personal Line of Credit can come down to whether you need money available to you over a period of time so you can reuse as you repay, or whether you have a specific need, know how much the cost will be, and want to receive the money in one lump sum.

A Personal Line of Credit allows you to reuse funds as you repay over a period of time for up to 5 years and then you enter the repayment period, while a Personal Loan gives you the money in one lump sum and allows you to take up to 60 months to repay1.

Help Me Decide  Between:
Borrowing Options
Learn More About a Personal Line of Credit

Financing with an Unsecured Personal Loan

A Personal Loan is designed to help you meet a variety of personal financial needs. We offer loan amounts from $5,000 to $35,000 in one lump sum with the flexibility to take up to 60 months to repay1.

Here are a few ways you can use a Personal Loan:

Debt Consolidation

You may have accumulated some debt in the past few years. When that debt is accompanied with a high interest rate, it can be difficult to pay it down. With a Personal Loan from Santander Bank you can consolidate this debt into one monthly payment with a competitive interest rate.

Financing Home Improvements

Let’s say your kitchen appliances could use an update but you’re on a budget. You’ve done your homework getting cost estimates and now you know how much you’re willing to spend. With your new appliances in mind, you’ll know just how much you need to borrow.

Benefits of Using an Unsecured Personal Loan

Easy

There are no application costs or annual fees, and no collateral is required.

Competitive

Santander offers competitive rates, plus you can get a rate discount when you set up automatic loan payments from any Santander Bank checking account1.

Diverse

A Personal Loan can be used for a variety of needs. You can borrow from $5,000 to $35,000 and take up to 60 months to repay1.

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

▲▲▲ Santander® Ultimate Cash BackSM 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 15.49% to 24.49% based on the Prime Rate and your creditworthiness, with a transaction fee for each balance transfer of $0. 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 15.49% to 24.49% based on your creditworthiness when you open your account. Cash advance APR of 25.99%. Minimum finance charge of $1.50. Penalty APR of 30.99%, which may apply indefinitely to your account if you miss payments or otherwise default. There is no annual fee. Rates effective as of 11/01/2017. Rates are subject to change. Late payment fee and finance charges will still apply. 1.5% cash back via statement credit, gift cards or merchandise on net new retail purchases with no limits on how much you can earn. 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. This credit can take up to 6 weeks to be processed. Late payment fee and finance charges will still apply. Credit card accounts are subject to approval.

* Bonus Offer Details: Accounts must be in good standing. Applies to net new retail purchases only. Net new retail purchases: qualifying purchases less credits, returns, and adjustments. Balance Transfers, Cash Advances, including purchases of money orders or other cash equivalents, purchases made by or for a business purpose, fees, interest charges, unauthorized/fraudulent transactions, and certain other charges do not earn cash back credit. The cash back balance on your account does not expire for accounts in good standing. Cash Back in the form of statement credit upon your request. Receive the $100 cash back bonus via statement credit: When you spend $500 on net new retail purchases using the Santander® Ultimate Cash BackSM credit card, or when you spend $1,000 on net new retail purchases using the Bravo credit card, within the first 90 days of opening your account. $100 cash back is credited to customer account within 6 weeks after spending requirements are met. Other terms and conditions apply.

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