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Santander Bank Personal Loans Review 2022

Pros Explained

  • Same-day funding may be available: Depending on borrower specifics and when the application is received, some Santander personal loans can be disbursed electronically as soon as the same day.
  • No prepayment penalty or origination fees: There are no loan origination fees or penalties if you pay off your Santander personal loan ahead of schedule.
  • Pre-approval with soft credit check: Santander offers an online pre-approval process that just takes a couple of minutes. You’ll get an estimated interest rate but without any impact on your credit score.
  • Co-applicants are accepted: Co-applicants are allowed on Santander personal loans, whether you want to add a spouse to the debt or are looking to lower your interest rate with a more creditworthy co-borrower.

Cons Explained

  • Not available in all states: Currently, Santander personal loans are only available to customers in 12 states (CT, DE, FL, MA, MD, ME, NH, NJ, NY, PA, RI, and VT) and D.C.
  • Online applicants must accept funds electronically: To apply for a Santander personal loan online, you must be able to accept the funds electronically into your checking or savings account. If you’d prefer another disbursement method, you’ll need to apply in-branch — however, branches are only located in nine states.
  • Credit score requirements are not specified: Though credit score is a determining factor in personal loan approval, Santander does not specify its exact score requirements.
  • Same-day funding not available for co-borrowed loans: If you apply for a Santander personal loan with a co-borrower, the timelines for loan approval and funding are longer.

Santander Bank offers a range of products and services for personal, business, and even commercial banking. Personal banking customers can enjoy checking accounts, savings and money market accounts, certificates of deposit (CDs), and personal loans through Santander.

For borrowers in Florida or select states in the Northeast, Santander offers a quick and straightforward personal loan process. This bank provides personal loans from $5,000 to $50,000, with disbursement as soon as the same day. Loan terms range from three to seven years, with rates as low as 6.99{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b} APR. Applicants can also get pre-approved for a loan online in minutes, without affecting their credit score.

Company Overview

Santander Bank was founded in Spain, but has been serving customers throughout the northeastern U.S. and Florida since 2013. 

Personal loans through Santander are available for nearly every purpose. The bank also offers mortgages and home equity lines of credit (HELOCs). Currently, Santander only offers products and services (including personal loans) to customers residing in Santander’s footprint, which includes 12 states and Washington D.C. 

While Santander offers products and services in 12 states, brick-and-mortar branches are only available in nine states. However, Santander may be worth considering for customers in the bank’s service area who are looking to borrow funds quickly.

Types of Personal Loans Offered by Santander Bank

How you use the funds from a Santander Bank personal loan is mostly up to you. These funds can be used to:

  • Consolidate debt
  • Make home improvements
  • Cover medical expenses
  • Pay for unexpected repairs
  • Fund big purchases

Santander’s personal loans cannot be used to pay for post-secondary educational expenses. 

Applicants can see their interest rate on a Santander Bank personal loan in just a few minutes, without any impact on their credit score. Loan approval and interest rates depend on the applicant’s creditworthiness and location. 

Currently, personal loans are only offered to customers in Santander’s “footprint,” which includes Connecticut, Delaware, Florida, Massachusetts, Maine, Maryland, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont, and Washington, DC.

Time to Receive Funds

Depending on your creditworthiness, when your application is received, and how you prefer to have your loan funded, Santander Bank may offer same-day funding. This shorter-than-average timeframe means that you could apply for a loan in the morning and have your loan funds by the end of the day.

After you’re approved for your personal loan, funds will be deposited via ACH transfer into your checking or savings account.

Santander Bank Personal Loan Features

Soft Credit Inquiry for Initial Approval

In just a few minutes, you can get an idea of the loan amount and interest rate you’ll qualify for, with only a soft credit check. This won’t affect your credit score, but can help you determine whether or not to proceed with a loan application.

Quick Loan Funding

Depending on your personal factors and when you’re approved, you can get electronic funding of your personal loan as soon as the same day.

Co-Applicants Accepted

While Santander Bank does not allow co-signers, they do allow co-applicants on personal loans. This means that both borrowers apply together and are equally responsible for the loan’s repayment.

Mobile App or Online Banking Platform Access

Borrowers can manage personal loan accounts through Santander’s online banking platform or mobile app. There, customers can track their balance, make payments, and more.

Apply for a Santander Bank Loan

There are a few steps you’ll need to follow to apply for a Santander personal loan. While you can apply in person at a branch location, the bank also accepts online applications. In just a few minutes, you can get a loan pre-approval with a projected interest rate. Once you submit a full application (which takes approximately 10-15 minutes), you’ll receive the final terms of your loan offer.

  1. Agree to Santander Bank’s online application terms. This involves confirming that you live in one of the 12 states this bank serves (or D.C.), and that you are willing and able to accept the loan funds electronically into your checking or savings account.
  2. Fill out the initial application. By providing basic personal information—such as your name, date of birth, Social Security number, email address, and mailing address—you can see the loan amount and rate for which you may qualify. This involves a soft credit check and won’t impact your score.
  3. Submit a full application. If you’re happy with the initial terms and loan amount Santander offers, you can submit a full application. This process involves providing additional personal information, and takes about 10-15 minutes to complete.
  4. Provide requested documentation. You may be asked to provide additional documentation, such as recent pay stubs or other income verification. You will also need to provide your checking or savings account details so loan funds can be disbursed.

Once your loan is approved, you will need to sign your loan agreement electronically. Then, depending on your loan details and when it is approved, you will receive your funds as early as that same day.

Though you can get pre-approved in just minutes and see the loan terms you’re offered (including an interest rate), this could always change once you submit a full application. Loan terms and approval are based on the results of a hard credit inquiry, and you’ll also be required to submit documents such as proof of income to qualify.

Can You Refinance a Personal Loan with Santander Bank?

Refinancing a personal loan can be a great way to reduce your interest rate later down the line. This can help you save money on interest charges, lower your monthly payment, or get out of debt sooner.

Unfortunately, Santander Bank does not disclose whether or not it allows borrowers to refinance their existing Santander personal loans. 

A personal loan can be a good option if you’re interested in consolidating or paying off existing debt, such as credit card balances. However, depending on the interest rate you’re offered, you may be able to consolidate your debts for less with a balance transfer offer or HELOC.

Customer Service

If you need help with your loan application or have questions about a new or existing personal loan, you can contact Santander Bank in one of two ways. You can choose to drop into a local branch, if there’s one nearby. However, Santander Bank services 12 states and D.C., but only has local branches and ATMs in nine of those.

You can also contact Santander by phone at 877-768-2265. Customer service agents are available Monday through Sunday, 8:00 a.m. to 8:00 p.m. ET.  

Customer Satisfaction

When it comes to customer satisfaction, Santander Bank receives less than desirable ratings, with the institution currently holding a 1.5 out of 5 stars (Bad) rating on Trustpilot. 

Several consumers have complained about the slow responsiveness of customer service agents. That said, the bank operates internationally, and many of the reviews are from consumers in other countries, which may not reflect the experiences of those based in the U.S.

Account Management

Santander Bank customers can manage their personal loans and other accounts through the bank’s online portal or mobile app. Both allow customers to view their current balance, set up automatic payments, make an additional payment, or find a local branch.

How Santander Bank Compares to Other Personal Loan Companies

Both Santander Bank and SoFi offer personal loans with low minimums, competitive interest rates, and convenient online application processes. However, there are a few significant differences between these two institutions:

  • SoFi offers personal loans up to $100,000, while Santander maxes out at $50,000.
  • Santander products are only available to customers in one of the 12 states it serves, or Washington, D.C. SoFi offers its products to consumers in all 50 states.
  • Santander may disburse personal loans as soon as the same day, while SoFi borrowers will have to wait a few days to receive funds.
  • APRs through SoFi start at just 4.99{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b}. With Santander Bank, the lowest rate you’ll receive is 6.99{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b} APR.

Though Santander Bank offers personal loans with competitive terms and funding timelines, SoFi is the better option if you need a larger loan or live outside of Santander’s limited service area. However, Santander does offer funding as quickly as the same day, so if you need money fast, this bank might be worth a look.

Read our full review of SoFi personal loans here.

Final Verdict

Santander Bank has a relatively limited service area, only offering banking products and services — such as personal loans — to customers in the northeastern U.S. and Florida. However, Santander’s quick funding of personal loans (as soon as the same day) of between $5,000 and $50,000 makes this bank a competitive option if you’re in its service area.

Santander offers APRs as low as 6.99{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b}, and applicants can get pre-approved online in just minutes without any impact on their credit score. As far as customer service reviews, however, Santander performs below average. And while you can reach customer service representatives via phone seven days a week, brick-and-mortar branches are only located in nine of the 12 states that Santander services. If you prefer to apply for loans or manage your accounts in person, this may be very limiting.

However, Santander personal loans come with no annual fees, origination fees, or prepayment penalties. If you’re looking for a quick loan and are comfortable applying online, this bank could very well be a solid choice—as long as you reside in one of its serviceable states.


Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. We collected over 25 data points across more than 50 lenders including interest rates, fees, loan amounts, and repayment terms to ensure that our content helps users make the right borrowing decision for their needs. 

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  2. Santander Bank. “Contact Us.” Accessed Nov. 18, 2021. 

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  4. Santander Bank. “Frequently Asked Questions.” Accessed Nov. 18, 2021. 

  5. Santander Bank. “Personal Loans.” Accessed Nov. 18, 2021.

  6. Trustpilot. “Santander Bank.” Accessed Nov. 18, 2021. 

  7. Santander Bank. “Mobile Banking.” Accessed Nov. 18, 2021.