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Santander personal loans may be a solid option for good- or excellent-credit borrowers looking for large loans and flexible terms, but theyre not available in all states.
Editor’s note: Santander stopped accepting new personal loan applications as of May 12, 2025. The bank continues to service existing personal loans. For other borrowing options, check out our list of the best banks for personal loans.
Santander is a global bank that offers unsecured personal loans in select states across the U.S. The lender is ideal for borrowers with good to excellent credit (scores above 689) who have an existing relationship with the bank.
With no origination fee and direct payment to creditors, Santander’s personal loan is a strong option for debt consolidation. This lender lets existing customers pre-qualify for a personal loan online. Non-customers can preview potential loan offers, including their interest rate, through affiliate sites like NerdWallet.
Getting a personal loan can be a great way to pay for large expenses or consolidate debt. But qualifying for a personal loan isn’t always easy, especially if you don’t have stellar credit. So how hard is it really to get approved for a Santander personal loan?
In this comprehensive guide, we’ll walk through Santander’s personal loan requirements, application process, and approval odds. By the end, you’ll know exactly what it takes to get a Santander personal loan.
Santander Personal Loan Overview
Santander Bank offers unsecured personal loans from $5000 to $50000 with terms from 3 to 7 years.
Here are some key details about Santander personal loans:
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Interest rates: Rates range from 7.99% to 24.99% APR. The rate you qualify for depends on your credit, income, and other factors.
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Origination fee: Santander does not charge an origination fee.
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Discounts: Get a 0.25% rate discount when you enroll in autopay.
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Preapproval: You can check personalized rates without a hard credit check.
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Funding: Loans fund as soon as the next business day in some cases.
While Santander offers competitive rates and benefits, it does have some downsides:
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Limited availability: Santander only lends in 28 states and Washington D.C.
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High minimum loan amount: You need to borrow at least $5,000.
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Opaque eligibility criteria: Santander does not disclose credit or income requirements.
Santander Personal Loan Requirements
Santander has eligibility criteria you must meet to qualify for a personal loan. Here are the key requirements:
Minimum Credit Score
Santander does not publish its minimum credit score requirement. However, you’ll likely need good to excellent credit—a FICO score of at least 670—to be approved. The higher your score, the better rate you can qualify for.
Income
Santander does not share its minimum income threshold either. But you’ll need sufficient income to afford the loan payments and maintain a low debt-to-income ratio. Expect to provide income verification documents.
Debt-to-Income Ratio
Your DTI compares your monthly debt payments to your gross monthly income. Santander will review your DTI to ensure you can afford a new loan payment. Aim for a DTI below 40%.
Residency
You must live in one of the following 28 states or Washington D.C. to qualify:
AZ, CA, CO, CT, DE, DC, FL, GA, IL, IN, MA, MD, ME, MI, MN, MO, NC, NH, NJ, NY, OH, OR, PA, RI, TN, TX, VA, VT, WA
Age
You must be at least 18 years old to apply for a Santander personal loan.
Offer Code
To apply online, you need an existing Santander account or a 10-digit offer code. Otherwise, you’ll have to apply in person.
How Hard Is It to Get Approved?
Santander does not publicly share its approval rates. However, here are some insights into your odds of getting approved:
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If your credit score is above 700, your approval chances are strong.
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With a score of 650-699, you may get approved but likely at a higher rate.
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Below 650 will be challenging unless you have an exceptional financial profile otherwise.
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A low DTI helps boost your chances if your score is marginal. Keep your DTI below 40% before applying.
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Steady income from employment helps. Santander may decline self-employed applicants.
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Applying with a co-signer can improve your odds if your credit is lacking.
While not a guarantee, meeting Santander’s eligibility criteria gives you the best shot at approval for a personal loan.
Steps to Apply for a Santander Personal Loan
If you meet the requirements above, follow these steps to apply for a Santander personal loan:
1. Prequalify online
Go to Santander’s website and enter some basic personal information to view prequalified rates without a hard credit check. Make sure you have an account number or offer code.
2. Select your loan terms
Choose your ideal loan amount and repayment term. Santander will provide your rate quote.
3. Complete the full application
To move forward, you’ll need to fill out the full application and agree to a hard credit check.
4. Provide documentation
Get ready to supply income verification and identity documents to support your application.
5. Accept your loan agreement
If approved, e-sign your Santander personal loan agreement to complete the process.
6. Receive your funding
Your loan could fund as soon as the next business day after signing your agreement.
It can take less than an hour to prequalify and a few days to receive your funds after approval.
Alternatives if Denied for a Santander Personal Loan
Don’t despair if Santander denies your application. Here are some alternative borrowing options to consider if you need funds:
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Ask about cosigning: Adding a cosigner with good credit may get you approved.
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Try other lenders: Do some comparisons shopping with top lenders like Lightstream and SoFi.
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Apply for a secured loan: Secured loans require collateral but are easier to qualify for.
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Get a credit builder loan: These loans help establish credit history while saving money.
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Borrow from your 401(k): 401(k) loans don’t require a credit check but do charge interest.
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Use a credit card: Balance transfer or low APR cards offer reasonable rates if paid promptly.
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Request an increase: Ask your card issuer for a higher credit limit for access to more funds.
Tips for Improving Your Chances
If your Santander loan application doesn’t pan out, take steps to boost your approval odds before reapplying:
- Pay down existing debt to decrease your DTI
- Get current on any past due accounts
- Avoid new credit inquiries before applying
- Build your credit – on-time payments help
- Ask creditors for credit limit increases
- Hold off on major purchases until after you apply
With some time and financial discipline, you can put yourself in a better position to qualify the next time around.
Is Santander Worth It?
Overall, Santander offers competitive rates and a streamlined application process. With strong credit and stable income, you have decent odds of approval.
Before applying, make sure you meet all eligibility criteria – especially Santander’s state availability. Shopping lenders and prequalifying is wise to find the best loan offer for your situation.
While approval isn’t guaranteed, Santander is a lender worth considering if you need a personal loan. Just put your best financial foot forward during the application process.
With the right preparation and expectations, getting a Santander personal loan is possible for many borrowers. Know the requirements upfront, improve any problem areas in your financial profile, and submit a strong application. While approval is never assured, this puts the odds of getting a Santander loan in your favor.
Where Santander personal loans fall short
No co-signed, joint or secured loan options: Santander only offers unsecured personal loans for one applicant. This means you cannot add a co-borrower or co-signer to the loan, or secure it with collateral, like a bank account or vehicle. These options, which other lenders offer, can help borrowers get approved or receive a lower rate or larger loan amount.
No option to change your payment date: Borrowers can select their loan payment date before finalizing their Santander loan. However, you can’t change the payment date once the loan is approved. The ability to change the due date is helpful if you get a new job and your pay schedule changes, for example.
No hardship program: Santander does not offer a hardship program for borrowers who become unemployed or face financial difficulty. Most other lenders have programs that allow borrowers to delay loan payments.
Santander personal loan customer reviews
As of September 2024, Santander has 1.6 stars on Trustpilot, a website that collects consumer reviews. The rating includes customer reviews from many products the bank offers, including bank accounts and credit cards, and from consumers in other countries. Customer service is a focus of many negative reviews on the site.
The lender’s mobile app received 4.4 stars across 56,400 reviews on Google Play and 4.7 stars across 364,300 reviews on the Apple App Store.
Santander Personal Loans Ai Loan Honest Review – Watch Before Using
FAQ
Is Santander easy to get a loan with?
Santander Bank offers competitive rates on its personal loans based on your credit history, debt-to-income ratio and other factors. Even its highest rates are lower than what some other personal loan lenders charge. But keep in mind that you typically need to have excellent credit to qualify for the better rates.
What credit score is needed for a Santander loan?
| Feature | Details |
|---|---|
| Min. credit score | 700+ |
| Time to get funds | As soon as the same day |
| Fees | – No origination fees – Late payment fees may be charged |
| Availability | Available in 28 states and Washington, D.C. |
How long does Santander take to approve a loan?
| Amount borrowable | £1,000 to £25,000 |
|---|---|
| Time to get a decision | Instant (five minutes) |
| Time to receive funds once approved | Two working days after you enter a code online, sent by first-class post |
| Need to have an account with the provider? | No |
| Customer support | Phone, live chat, branch, app, social media |
Does Santander approve bad credit?
While they may approve some applicants with less-than-perfect credit scores, they typically prefer borrowers with a stable financial background and a good credit history. If you have bad credit, securing car finance from Santander or similar institutions might be challenging, but not always impossible.