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 $50,000 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 $50,000 and take up to 60 months to repay¹.

Learn More About Personal Loans

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Personal Line of Credit

Help bring your dreams to life with a Personal Line of Credit.

Why make multiple payments when you can make one monthly payment at a super rate?
You can also use a personal line of credit for other plans and expenses, like easing the burden of much needed home repairs.

Learn More...

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¹ Rates: To get a Personal Loan (“Loan”) with the Annual Percentage Rate (APR) shown, you must reside in MA, MD, 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. Fixed loan APRs (with ePay) range from 6.99% to 16.99%, depending on your creditworthiness. The minimum Loan amount is $5,000 and the maximum is $50,000. The APR on the Loan will increase by 0.25 percentage points andthe payment will increase, if ePay is not elected or is discontinued. APRs and other terms are accurate as of 10/01/2018 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. Personal Loans cannot be used to finance post-secondary educational expenses. Loan accounts are subject to approval.

Personal Loan Monthly Payment Example

Monthly payments 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	$395.93