Santander Personal Loans
What are Santander Personal Loans?
These are personal loans from Santander Bank. They are unsecured loans for a set amount of money. They are repaid over the course of 60 months.
Santander is headquartered in Boston and has hundreds of branch stores. Their ATM’s are in nearly every CVS store.
But what is an unsecured loan?
It is kind of like a credit card in that there is no collateral. If you get a car loan, the car serves as security or collateral for the loan. That means it can be repossessed if you default on the loan.
How is it different from a credit card?
Unlike a credit card, an unsecured or personal loan is a one time lump sum. It is not a credit line that you can use at will. You get a one time disbursement of funds, and then you pay it back monthly. In that regard, it is more like a car loan in that you will be paying a set amount every month for a set period of time until it is all paid off.
What can a personal loan be used for?
You can use a personal loan for anything you like. Unlike a car loan or a mortgage, a personal loan can be spent as you see fit. Some people use them to consolidate high interest rate debts. Others use them to pay for important personal events, like a wedding or a big move. Other people use them to cover the costs of an emergency, like auto repairs.
When would such a loan make sense?
It makes sense to borrow if it saves you more money than it costs you. For example, if doing the repairs now prevents bigger expenses later, then a loan makes sense. Alternately, if you can get a loan for a lower interest rate, you can consolidate other debts and save a lot of money over the life of the loan.
How much can I borrow?
Depending upon your income, you borrow as little as $5,000 or as much as $35,000.
How much would my payments be?
That depends on both the loan amount and the interest rate. A $10,000 loan with an APR of 6.99 percent interest would have a monthly payment of $197.96. That same loan amount at an APR of 16.99 percent interest would have a monthly payment of $248.47.
Are there discounts available?
Yes, there are. Santander personal loans offer a discount to customers who set up automated payments from their Santander personal checking account.
What are the benefits?
A fixed monthly payment helps you budget. You will get fixed, competitive interest rate, no application fee and no annual fee. Your payments will occur over 60 months. No collateral is required.
Can I apply online?
Yes, you can. Santander bank makes it easy by providing a convenient online application.
Are thinking of getting a personal loan? You should check out their website today to see if Santander Personal Loans are right for you. Visit www.santanderbank.com/us/personal/borrowing/loans/personal-loans