|Loan type||Personal loan|
|Loan amounts available||£1,000 – £25,000|
|Loan terms available||12 – 60 months (5 years)|
|Age eligibility requirements||Minimum 21 years old|
|Access for lower credit scores||Low chance of approval. No IVA / CCJ / bankruptcy declaration in last 6 years accepted.|
|Chance of acceptance available||No|
|Loan pay out time after approval||48 hours|
|Early repayment options||Yes, with potential fees|
Who is Santander?
Santander is a financial services company that offers a range of products, from banking services to personal loans. They are experts when it comes to financial matters and focus on earning customer trust and loyalty through responsible money management as part of the larger international Banco Santander group.
How much can I borrow with a Santander personal loan?
Santander offer personal loans from £1,000 to £25,000, which can be across terms of 12 months to 5 years. Your eligibility for the amount that you are applying for will depend on your credit score and personal circumstances.
What interest rates will I get on a Santander personal loan?
Santander use representative rates. This means that the majority of rates on loans they provide will receive this rate. The interest rate on a loan offered to you will be dependent on your credit history and current financial status. This means that the rates will change depending on how risky the lenders view you. Higher credit scores may result in a lower APR and vice versa. A lower APR will also mean your monthly repayments will be lower.
If your credit score is in need of a boost before you apply for credit, take a look at our handy guide on credit score improvements.
What can I use a Santander personal loan for?
Personal loans are commonly used for big expenses, allowing you to pay them back over time. There are some limits on what it can be used for, but common uses include:
- Consolidating your debts
- Making home improvements
- Upgrading your car
- Holiday trips
- Weddings and other celebrations
Who is eligible for a Santander personal loan?
Whether you are eligible for a personal loan or not with Santander will depend on their eligibility criteria, your credit score and your personal circumstances. Most lenders will take into account how risky you are to lend to by looking at your credit history and current financial situation, in particular whether you will manage paying off the loan. They may look at your income, monthly outgoings and any existing debt you may have.
To be eligible to apply for loan with Santander, you will need:
- Be aged 21 or over
- To live in the UK permanently
- A UK bank account and the ability to make repayments by Direct Debit
- A yearly income of at least £7,500 (this may be higher for larger loan amounts)
- No CCJs, IVAs or bankruptcy declaration within the last 6 years.
How quickly do Santander pay out their loans?
Santander will aim to pay out all loans within two working days of approval and verification checks being completed. As they don’t need as much paperwork when applying and underwriting, personal loans can be a lot quicker to approve than secured loans.
Can I repay my personal loan from Santander early?
Yes, you can pay off your loan early or make extra payments throughout the life of the loan. There may be additional fees from doing so: these will be explained to you when going through your agreement with Santander.
Can I be self-employed and apply for a Santander personal loan?
Yes, Santander may accept and approve applications from you if you are self-employed. There may be additional documents requested and checks in place to verify your identity and steady income. This is so that they can be sure you are going to be able to afford the repayments. If you are eligible for a loan with Santander, they will inform you of anything extra that is required.
What do I need to consider when taking out a personal loan with Santander?
When borrowing money, the most important point to consider is that you only borrow an amount that you can afford to pay back.
- You may need to prove identity and / or income
- Your loan will be subject to final fraud and lender checks before pay out
- Santander may wish to get in touch over the phone if they have any questions on your application
- Missed repayments can have a negative impact to your credit score
How can I check my eligibility for Santander personal loans?
At Aro, we can quickly help you to check your personal loan options from Santander. Simply fill in your details on our site and we can show you options from Santander and over 50 other UK lenders.
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