Savings Secured Loan

A Savings Secured Loan may be the perfect solution if you need funds quickly. It can also help you build credit by using your savings account balance, including your Santander savings, money market savings or Certificate of Deposit balance, as collateral. Rates are competitive and you continue earning interest on your deposit balance at the same time.

Santander Optional Loan Protection Plan*
Help protect what matters most - your family, your assets and your finances

Get peace of mind knowing your eligible Santander loan payments and/or outstanding loan
balance can be canceled if you experience involuntary unemployment, disability or even loss of
life. Santander can help take the worry away by giving you the security you need.
 

You can help protect your family's finances by directing your household income where you need it
most. Simply add one or more of these Loan Protection plans to your new Santander Home Equity
Loan, Home Equity Line of Credit or other eligible secured loan.

Santander can offer you three great protection options:

Life

  • Up to $100,000 of the eligible balance on your protected Santander loan can be canceled in the event of your loss of life
  • Co-borrowers do not have to pay the eligible canceled balance
  • Existing life insurance benefits can be used by your beneficiaries to pay other obligations or provide income to your family

Disability

  • Cancels up to 12 eligible minimum monthly payments on your protected Santander loan and allows you to use any disability benefits to help meet medical expenses
  • Can reduce stress on your family budget during an already stressful time

Involuntary Unemployment

  • Cancels up to 12 eligible minimum monthly payments on your protected Santander loan and let's you use unemployment income to pay other bills or obligations

About Loan Protection Fees
The monthly fee for each Loan Protection plan is based on your daily account balance for the
monthly payment period, multiplied by the daily equivalent of the monthly rate per thousand,
which is:

Life Protection - A Single Plan has a $0.99 per month fee for each one thousand dollars
outstanding. A Joint Plan has a $1.98 per month fee for each one thousand dollars outstanding.

Disability Protection - A Single Plan has a $0.50 per month fee for each one thousand dollars
outstanding. A Joint Plan has a $1.00 per month fee for each one thousand dollars outstanding.

Involuntary Unemployment Protection - A Single Plan has a $0.68 per month fee for each one
thousand dollars outstanding. A Joint Plan has a $1.36 per month fee for each one thousand
dollars outstanding.

For more information, or to purchase one or more of these Loan Protection plans, see your
Santander representative.

PLEASE READ THE FOLLOWING IMPORTANT INFORMATION:

1. Your purchase of a Loan Protection Plan is optional. Whether or not you purchase a
Loan Protection Plan will not affect your application for credit or the terms of any existing
credit agreement you have with us.

2. We will give you additional information before you are billed for a Loan Protection Plan. This
will consist of a copy of the Agreement containing the eligibility requirements, terms,
conditions and exclusions of a Loan Protection Plan.

3. There are eligibility requirements, terms, conditions, and exclusions that could prevent you
from receiving Loan Protection benefits, or could limit the amount or duration of benefits
available to you. You should carefully read the Agreement for a full explanation of the terms
of each Loan Protection Plan. A copy of the Agreement can be provided to you by your local
Santander branch office.

4. Life Protection is limited to a maximum of $100,000 for Home Equity Loans, Home Equity
Lines of Credit and other eligible secured loans over $100,000.

 

To Apply, Call 877-860-9753.
 

With a Savings Secured Loan, you can use your own money as collateral for the purpose of establishing credit, building credit or borrowing at an affordable rate without disrupting your savings. Plus, the interest rate is always better than an unsecured loan or credit card. Additional key benefits include:

  • No application fees or closing costs
  • Borrow up to 98% of your deposit balance, with a minimum of $1,000
  • Interest continues to accrue on your Santander Savings, Money Market or CD account balance
  • Easy to qualify income and employment verification waived
  • Fast and efficient option to get needed funds- lump sum at closing

Take advantage of the optional Santander Loan Protection Plan*.

 

To Apply, Call 877-860-9753.

How much will my loan payments be? 

 

To Apply, Call 877-860-9753.

* The Plan is not an automatic feature of any loan or line of credit. It must be separately requested and
purchased by the borrower at an additional cost. Eligibility requirements, benefit limitations, exclusions
and other terms and conditions apply. Ask for details.