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Santander Personal Loanss are only available to residents of certain U.S. states, but can be a solid option for eligible borrowers. With no fees and a below-average interest rate range, Santander is a personal lender that could be a good place to get a rate quote, and in this review, we'll help you decide if it's right for you.
Santander allows for cosigners and can accommodate same-day approval, which is a valuable feature not every lender offers. Additionally, there are no origination fees or prepayment penalties.
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This personal loan is a good fit for: Borrowers with relatively strong credit who live in one of the 28 states and D.C. where Santander makes personal loans.
There's no such thing as a personal lender that's right for everyone, and Santander is no exception. However, there's a lot to like about its products. Here are some of the most notable perks.
Low interest rate range: Santander has personal loan rates that are significantly below average for the personal lending industry on both the top and bottom ends of the range. And, the best interest rates are available to highly-qualified borrowers on a variety of loan term lengths (many competitors only offer their best rates on shorter-term loans). For context, a $20,000 personal loan with a seven-year repayment term and 6.99% APR would have a monthly payment of $301.76. Over the life of the loan, this could save borrowers who consolidate credit card debt thousands of dollars.
Same-day funding: In many cases, Santander funds its personal loans on the same day. This isn't a guarantee and the exact timing depends on the time of day your application is received, your credit profile, and the institution where you have the funds sent. Santander says most of its loans are funded within two business days.
Easy to check your rate: Santander prides itself on making its application process as easy as possible and allows prospective borrowers the ability to check their customized loan offers quickly, and with no impact to their credit score.
No origination fees or prepayment penalties: Unlike many of its competitors, Santander doesn't charge any personal loan origination fees whatsoever, even for approved borrowers with less-than-stellar credit scores. There are also no prepayment penalties if you choose to pay back your loan quickly.
Borrow up to $50,000: Santander's personal loans range from $5,000 to $50,000. Borrowers can select loan repayment terms ranging from three to seven years. The seven-year term is a longer repayment term than many other lenders offer, and can be appealing to borrowers who want to keep their monthly payments as low as possible.
As mentioned, there is no personal loan originator that is perfect for everyone. Here are some potential drawbacks that could apply to you.
Not available in all states: This is perhaps the biggest negative factor about Santander. As of 2023, Santander only makes personal loans to borrowers in 28 states and D.C. Unless you live in a state where Santander makes personal loans, all of the other positive factors don't really matter to you.
High minimum loan amount: Santander's loans range from $5,000 to $50,000, and while this meets the needs of most borrowers, it also doesn't serve those who might need to borrow less. There are several competitors that make personal loans of as little as $1,000.
In order to qualify for Santander Personal Loans, you'll need to meet the lender's credit standards, have sufficient income to justify the loan, and a solid employment history. You'll also need to reside in a state where Santander makes loans.
It's also worth noting that Santander allows consumers to apply with a co-borrower if their credit and income don't meet all of the lender's standards.
Santander's EZApply process is designed to make the personal loan application and funding process as smooth as possible. Here are the basic steps:
The bottom line is that Santander can be an excellent choice for borrowers who need a personal loan of up to $50,000, who have strong credit and an acceptable debt-to-income ratio. However, it's important to keep in mind that Santander is generally designed for consumers with good credit or better, and it doesn't lend in all states.
Santander doesn't specify a minimum credit score for its personal loans. However, based on the interest rate range, it's safe to assume you'll need a FICO® Score that is at least in the upper 600s, which is generally where the "good credit" realm begins. In order to qualify for the lowest interest rates, you'll likely need a score that is much higher.
Santander's application process is easy, as the entire application can be completed from start to finish in less than 15 minutes in most cases, and loans are funded quickly. However, it is important to mention that Santander is not a "low credit" lender, so as far as qualification standards go, it is on the tougher end of the spectrum among our favorite personal lenders.
Yes, Santander verifies applicants' income and compares it with the existing debts listed on the applicant's credit report in order to determine the debt-to-income ratio. In addition to stable employment and a solid credit history, Santander wants to make sure that its borrowers can comfortably afford to make the monthly payments on their loans.
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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Citi Personal Loan disclaimer:
**Rates as of 10-06-2023 . Your APR may be as low as 10.49% or as high as 19.49% for the term of your loan. The lowest rate quoted assumes excellent credit, and a loan term of 36 months or shorter. Otherwise, a higher rate will apply. For example, if you borrow $10,000 for 36 months at 15.99% APR, to repay your loan you will have to make 36 monthly payments of approximately $351.52.
There is a 0.5% APR discount if you enroll in automatic payments at loan origination. Additionally, existing Citigold and Citi Priority customers will receive a 0.25% discount to the interest rate. If you are in default, your APR may increase by 2.00%. No down payment is required. Rates subject to change without notice.
You must be at least 18 years of age (21 years of age in Puerto Rico). Co-applicants are not permitted. Loan proceeds cannot be used for post-secondary educational or business purposes.
If you apply online, you must agree to receive the loan note and all other account disclosures provided at loan origination in an electronic format and provide your signature electronically.
Credit cards issued by Citibank, N.A. or its affiliates, as well as Checking Plus and Ready Credit accounts, are not eligible for debt consolidation, and Citibank will not issue payoff checks for these accounts. If you are unsure of the issuer on the account, please visit https://www.citi.com/affiliatesproducts for a list of Citi products and affiliates.
*SoFi Personal Loan Disclaimer
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.
Loan amounts range from $5,000–$100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.
Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
Impact to credit score: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
*Upstart Loan Disclaimer
The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.