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


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


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?

1Rates: To get a Personal Line of Credit ("Line") with the best Annual Percentage Rate (APR) shown, you must live in MA, RI, CT, NH, NJ, PA, NY, DE, ME, VT or DC and use automatic payment (ePay) from any Santander checking account. If ePay is discontinued, the interest rate will increase by 0.25 percentage points, and your payment will increase. You must also meet our highest credit standards. Ask about higher rates that may be available for applications who do not meet those standards. For new 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 on the date you sign the credit agreement. Thereafter, your APR may vary monthly based on the U.S. Prime Rate published in the Money Rates table of The Wall Street Journal on the first business day of the month, plus a margin of 4.24% (now 8.24% with ePay for credit qualified applicants). The minimum Line APR is 6.49% and the maximum is 18.00% APR. Fees: The $50 annual fee is assessed in the first month after the account is opened and each following year on the account anniversary date during the draw period. The fee will be waived if you have a Santander Select, Premier, or Santander Premier Plus checking account at the time the fee is assessed and will be reduced to $25 if you have a Preferred checking account. All other accounts will be assessed the standard $50 fee. Draw & Repayment Terms: The Line has a five-year draw period during which you can obtain advances and elect either principal and interest or interest-only payments. Thereafter, no additional advances may be taken and the Line enters its five-year repayment period, during which you must repay both 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. All information is accurate as of 3/17/2017 and is subject to change. Lines are subject to approval.

* 0% introductory APR for 18 billing cycles on balance transfers made within 90 days of opening your account. After the introductory period, a variable APR for balance transfers from 16.24% to 23.24% based on the Prime Rate and your creditworthiness, with a transaction fee for each balance transfer of either $10 or 3%, whichever is greater. 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 16.24% to 23.24% based on your creditworthiness when you open your account. Cash advance APR of 25.24%. Minimum finance charge of $1.50. The fee for cash advances is $10 or 5%, whichever is greater. Penalty APR of 30.74%, which may apply indefinitely to your account if you miss payments or otherwise default. The foreign transaction fee is 3% of the gross amount of transactions made in a foreign currency and transactions made in U.S. Dollars that are processed outside the 50 United States, District of Columbia, Puerto Rico, or Santander ATMs in Mexico. Purchases of wire transfers from a non-financial institution of either $10 or 4% of the amount of each transaction, whichever is greater. The annual fee is $49 per year (waived for the first year of the account, and waived in each of the subsequent years on the anniversary date of the account if you maintain a Santander Select or Premier Plus checking account or if you are qualified for a Santander Bank employee checking account). Rates effective as of 04/01/2017. Rates are subject to change. Please see the Terms and Conditions for additional rate, fee, and other cost information.

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



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