Santander offer personal unsecured loans for a variety of purposes. This type of borrowing can allow you to quickly access the money you need as there is no need to wait for a property valuation (as you would with most secured loans).
You can also often get attractive interest rates and flexible repayment terms, helping you to keep your costs manageable.
Reasons to take out a personal loan with Santander include:
- Car purchases
- Home improvements
- Debt consolidation
- Any other reason (subject to approval)
Is a Santander personal loan right for you?
With a Santander personal loan you can:
- Borrow from £7,500-£20,000
- Repay over 1-5 years
- Get more attractive interest rates if you are a 1|2|3 World or Santander Select customer
- Overpay to reduce your debt faster
- Repay your entire loan early
Lending criteria for Santander loans
To qualify for a Santander personal loan you must:
- Be 21 or over
- Be a permanent UK resident
- Have a bank of building society account with a direct debit facility
- Have a gross annual income of at least £6,000
- Not have been declared bankrupt of been subject to a CCJ or an IVA within the last 6 years
How much will a Santander loan cost?
The main cost of a personal loan will be the monthly repayments. These will cover the interest on the loan and an agreed portion of the capital.
The interest rate you are offered will depend on:
- How much you want to borrow
- How long you want to repay over
- Your credit history
- How much (if any) secured and unsecured debt you already have
- Whether you are an existing Santander 1|2|3 World or Select customer
How long does it take to get a personal loan with Santander?
Customers who apply online can get a decision on their application within minutes. You should then receive your loan agreement within 1-2 working days and you will need to sign and return this as soon as possible.
Once Santander receive your signed loan agreement, they should deposit the money into your account within 1 working day. This means you could have the agreed funds within as little as 3 days.
Alternatives to a Santander personal loan
If you are not eligible for a personal loan from Santander or would prefer another options, you could also consider:
- Extending your overdraft
- Opening a credit card
- Taking out a secured loan (only available to existing Santander mortgage customers)
Get the best rates on Santander loans
When taking out a personal unsecured loan, you need to make sure you get the best interest rate possible to keep your monthly repayments costs down. There is a great degree of variation between the rates offered by different lenders, so you need to shop around to find the best deal for you.
The price comparison table at the top of this page is regularly updated with the most attractive deals we have selected from Santander and other lenders across the market. This makes it quick and easy for you to see which providers are offering the best deals to match your borrowing needs.