Santander Personal Loans Review 2026: What You Need To Know

Quick Take: Santander Bank doesn't offer personal loans, as of mid-2025. Previously, Santander offered personal loans with competitive rates and no origination fees, which made it an appealing choice for existing customers with good-to-excellent credit. The bank, which operates in nine East Coast states, doesn't offer personal loans currently but is expected to reintroduce them in the future. Learn more about the bank and its past loans for an idea of what to expect if and when that happens.

Key Takeaways

• Santander personal loans are paused right now. The bank stopped offering personal loans and hasn't set a date to bring them back, though it may reintroduce them in the future.

• Past rates ran 7.99% to 24.99% APR with autopay. Enrolling in autopay lowered your rate by 0.25 percentage points, and the lowest rates went to borrowers with excellent credit.

• No origination fee and no prepayment penalty. You received exactly what you borrowed, unlike many online lenders that deduct origination fees of 1% to 8% upfront.

• Loan amounts ran $5,000 to $50,000 with 36- to 84-month terms. The $5,000 minimum was higher than some competitors, so it wasn't ideal for small borrowing needs.

• Availability was limited to nine East Coast states. Borrowers typically needed good-to-excellent credit — a FICO Score of at least 670 — to qualify.

• Existing loans are unaffected. Santander still services personal loans issued before the pause, so current borrowers can keep managing their accounts as usual.

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Santander Bank Personal Loans Pros and Cons

Santander Bank doesn’t make personal loans right now. But when it did, bank customers had to weigh these benefits and drawbacks when deciding whether the bank was a good fit for their needs.

Pros

• No origination fees or prepayment penalties

• 0.25% APR discount with autopay enrollment

• Flexible loan terms from 36 to 84 months

• Same-day funding

• Mobile app with loan management features

Cons

• Limited availability

• High minimum loan amount of $5,000

• Customer reviews citing poor customer service and other frustrations

• Minimum credit score requirements not disclosed, but generally required good to excellent credit

Santander Bank Company Overview

As a direct lender, Santander issued personal loans from its own funds. Although it doesn’t make personal loans currently, Santander still offers a full suite of banking products, including checking and savings accounts, CDs and investment services as well as business loans and auto loans (issued through partner dealers).

Santander Bank was founded in Spain in 1857. Its U.S. corporate offices are located in Boston.

Key Features

Interest Rates

Previously, Santander offered fixed APRs ranging from 7.99% to 24.99% with autopay. Without autopay, rates were 0.25 percentage points higher. Note that the exact rate you receive will depend on your creditworthiness, income, debt-to-income ratio and the loan term you choose.

Compared to many online lenders that charge rates up to 35.99% APR, Santander's maximum rate was notably lower. However, the lowest rates were reserved for borrowers with excellent credit histories. 

Loan Amounts

You were able to borrow between $5,000 and $50,000 with a Santander personal loan. The minimum was higher than some competitors — Upstart starts at $1,000, for example — so Santander's new personal loans may not have been ideal if you only need a small amount. The maximum loan amount you qualify for will depend on your credit profile, income and existing debt obligations.

Repayment Terms

Santander offered loan terms ranging from 36 months (three years) to 84 months (seven years). This flexibility let you choose between lower monthly payments spread over a longer period or higher payments to get out of debt faster and pay less interest overall. All Santander personal loans had fixed interest rates, so monthly payments stayed the same throughout the life of the loan.

Funding Speed

One of Santander's standout features has been its fast funding. If you were approved and accepted your loan terms before the cutoff time, you could receive your funds the same day. This is faster than many competitors, though actual timing depends on your creditworthiness, when you complete your application and how you choose to receive the funds.

Fees

Santander charged no origination fee and no prepayment penalty. Many online lenders charge origination fees of 1% to 8% (or even higher), which gets deducted from your loan before you receive it. With Santander, the amount you borrowed was exactly what you received. Santander didn’t disclose its late fees, but they likely applied to overdue payments. Always check your loan agreements to understand what you’ll be held to. 

Eligibility Criteria

Santander currently operates in just nine states, so eligibility would likely require you to live in one of the following:

• Massachusetts

• New Hampshire

• Connecticut

• Rhode Island

• New York

• New Jersey

• Pennsylvania

• Delaware

• Florida

Credit requirements were stringent in the past. Consumers typically needed good-to-excellent credit, which translates to a FICO Score of at least 670.

Application Status

You can't apply for a personal loan from Santander, and there's no telling when that might change. But Santander still services personal loans it issued before the pause. 

If you're an existing Santander customer looking for financing, contact your local branch to ask about other products. You can still get auto loans and business loans, for example, or apply for Santander credit card.

If you're not already banking at Santander, consider other options to get exactly the kind of loan you want as soon as you’re ready to apply.

Santander Bank vs. Comparable Options

Santander personal loans are unavailable for the time being. However, you have other options. Here’s how two of them compare to each other and to Santander’s previous offering.

LightStream might be better if you need a larger loan amount or live outside Santander's service area.

Upstart uses an AI-driven model that considers factors beyond your credit score, making it a better option if you have fair or limited credit history.

Who Santander Personal Loans Are Best For

Santander personal loans are ideal for:

• Existing Santander customers with strong credit who can wait until the loans become available again

• If you already have a loan with Santander

• People who want to avoid origination fees and other upfront costs

• Residents of eligible states along the Eastern Seaboard

You might want to look elsewhere if:

• You’ll need the money soon.

• You want to borrow less than $5,000.

• You have fair or poor credit.

• You don't have an existing relationship with Santander.

Final Take

Santander personal loans have offered competitive rates and fast funding that was tough to beat for customers with strong credit. If you already bank with Santander and are in no hurry to borrow, you might want to get a rate quote when personal lending resumes. Otherwise, lenders like LightStream might be a better fit.

FAQs

Does checking your rate with Santander affect your credit score?

Probably not. Although there's no way to know how Santander will handle rate quotes once it restarts personal lending, quotes and prequalifications typically use soft credit pulls, which have no effect on credit. The bank would likely not do a hard pull until you actually apply.

Can you use a Santander personal loan for tuition or business expenses?

Santander hasn’t disclosed what its policies might be after it brings back personal loans. But personal loan lenders often list tuition and business expenses as restricted uses for their personal loans. However, that might not be an issue for you because Santander still offers business loans.

If you already have a Santander personal loan, is it affected by the application status?

No. Santander still services the loans, so you can continue making payments, managing your account and getting customer support the same way you always have.

Is a credit union personal loan a better option than Santander’s?

Credit union personal loans aren't necessarily better. Santander personal loans once offered low rates and no origination fees in the past, and they might offer the same in the future. That said, it’s always smart to compare rates, fees and repayment terms from a few lenders to find the best loan for you.

Key Terms

• Fixed APR: An annual percentage rate that stays the same for the life of the loan, keeping monthly payments consistent and predictable; Santander's fixed APRs ranged from 7.99% to 24.99% with autopay enrollment.

• Origination fee: A one-time upfront charge some lenders deduct from loan proceeds before disbursement; Santander charged no origination fee, meaning you received exactly the amount you were approved for.

• Autopay discount: A rate reduction offered to borrowers who authorize automatic monthly payments; Santander lowered your APR by 0.25 percentage points when you enrolled in autopay at the time of application.

• Soft credit inquiry: A credit check that has no impact on your score, used during the rate-check stage; Santander's "check your rate" tool ran a soft pull so you could estimate potential terms before committing to a full application.

• Hard credit inquiry: A formal credit check triggered when you submit a complete loan application; it may temporarily lower your credit score by a few points and remain on your credit report for up to two years.

• Debt consolidation: The process of combining multiple debts — often high-interest credit card balances — into a single personal loan to simplify repayment and potentially reduce total interest paid over time.

• Prepayment penalty: A fee some lenders charge if you pay off a loan ahead of schedule; Santander charged none, so you could reduce your balance early without any added cost.

Sources:

• CFPB: What is the difference between a fixed APR and a variable APR?

• CFPB: What is the difference between a hard inquiry and a soft inquiry?

• CFPB: What is debt consolidation, and should I consolidate?

• CFPB: I've been offered a personal loan. What should I look for?

Summary generated by AI, verified by MoneyLion editors

Jacinta Majauskas contributed to the reporting for this article.