Santander Personal Loan

Santander Personal Loan

Santander joined the UK banking industry in November 2004. It has grown significantly during this time, transitioning from a building society to a full-service retail and commercial bank. Santander is a customer-focused financial institution and provides a wide range of services such as mortgages, credit cards, and Santander Personal Loan.

Santander provides low-cost personal loans between £1,000 to £20,000 at a rate of 3.0% APR over a one to five-year period.

Customers can apply personal loan online, over the phone or in a branch, and get a decision by email within 24 hours. For applicants who use online banking, they can check the ‘My Offers’ section to see whether the bank has made a loan offer.

Santander Personal Loan Application Requirements

To apply for loan, a customer must be a resident of the United Kingdom, 21 years or older, with a gross income of at least £6,000 per year. Applicants should not have had a CCJ, been declared bankrupt or had an IVA within the last six years. For customers who know that their credit rating is not excellent, it is advised that before applying for a loan applicants improve their credit rating. Making multiple credit applications is not good for the credit record, and can make it difficult to get approved for credit in the future.

Santander Personal Loan Loan Calculator

The amount a customer can borrow is dependent upon their financial circumstances and their credit rating. However, applicants can get an idea of the cost of the loan using the online loan calculator. For example, a £7,500 loan paid back over 60 months will cost a total of £8,077.80. The monthly repayments will be £134.64. If applicants want to repay the loan over a shorter time, they can do so, but the monthly repayments will be higher. For example, a £7,500 loan paid back over 36 months at 3.0% APR will cost a total of £7,847.28, with monthly repayments of £217.98.

Conclusion

A personal loan can be used for any purpose including to pay for university fees, to put an extension on the house, to pay for a funeral, or to go on holiday.