Santander Personal Loans

Mo's guide on everything you need to know about Santander loans.

Who Are Santander?

Santander is a global financial services business based out of Madrid, Spain. They have been present in the UK since 2004 initially by acquiring Abbey National and then over the space of a few years acquiring Bradford and Bingley and Alliance & Leicester before rebranding as Santander in 2010. 

Currently, Santander offers a range of services including current accounts, loans, mortgages, credit cards, and insurance amongst other things. 

Right now Santander offers some of the most competitive loan rates in the market so they are very much worth considering on your loan comparison journey. 

Who Can Apply For A Santander Loan?

In order to successfully apply for a Santander loan you will need to meet their lending criteria set as follows; 

  • Be aged 21 or older.

  • Be a permanent resident of the UK.

  • Have a regular income which is at £7,500 per year or more.

  • Be able to make repayments via Direct Debit.

  • Have not been declared bankrupt or had a CCJ or an IVA within the last 6 years.

How Much Can I Borrow?

Santander offers loans from £1,000 to £20,000, though existing customers may be able to apply for up to £25,000.

How Long Can I Take A Loan For?

You can take out a Santander loan for a period of 1 to 5 years. Remember, borrowing over a longer period of time will mean you pay more interest. 

What Can I Use A Santander Loan For?

As a Santander loan is a type of personal loan there are many possible uses; buying a new car, home improvements, a holiday, or even debt consolidation

There are a few things Santander stipulate that you cannot use their loans for, these are; 

  • House deposits

  • Bridging negative equity 

  • Property 

  • Land

  • Household Bills

  • Living Expenses

  • CSA payments

  • Personal tax bills

  • Stocks and shares

  • Gambling 

  • Borrowing on behalf of a third party 

  • Equity transfer

  • Capital raising 

  • Business purposes 

How Can I Get A Loan From Santander?

You can apply to Santander directly, but we recommend that you use Mo to help you compare the best loans available to you before making a decision.

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Why Should I Borrow From Santander?

Santander have a good reputation and they offer competitive rates on loans, but there are many reasons you may want to consider borrowing from them, for example; 

  • Rates as low as 2.8% (correct as of 06/01/2022)

  • Borrow £1,000 to £20,000

  • Overpay at no extra costs 

  • Repay over 1 to 5 years 

  • You can use the funds for a range of things, debt consolidation, special occasions, and car purchase to name a few

  • Preferential rates on other Santander products 

How Long Does It Take For A Santander Loan To Come Through?

If you apply before 11.30 pm you should receive a decision online within 5 minutes of either accept, refer or decline. 

If you are accepted you’ll receive a loan agreement to sign and once signed your funds will be with you within 2 working days. 

If you receive a refer decision it means that the Santander underwriting team wish to look into your application in more detail and may get in touch to request more information. Once they have this they aim to get a decision to you within 2 working days. 

If you are declined you can contact Santander to appeal their decision by writing to them at Application Review Department, Credit Operations, Carlton Park, Narborough, LE19 0AL.

Can I Pay Off My Loan Early? 

Yes, with Santander you can pay your loan off early, you just need to reference your loan agreement for the steps to do this. 

Also, with Santander, you can make unlimited overpayments at any time at no extra cost, so their products can be useful if you think you may be able to pay off your loan early. 

Can I Change My Mind?

Yes, if you change your mind you can cancel your Santander loan within 14 days from the date you signed your agreement. 

If you wish to do so you will find the appropriate contact details in your loan agreement paperwork.


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