Santander Personal Loan
Whether you want to borrow some money to pay for a new car to consolidate debt you may have been wondering is a Santander Personal loan is the right choice for you
Santander loans features:
- Borrow from £1,000 to £20,000
- Repayment periods of 1 to 5 years
- No arrangement or set up fee
To be eligible for Santander loans you must:
- Be at least 21 years old
- Permanently live in the United Kingdom
- Have a regular income of at least £6,000 a year
- Not have been declared bankrupt, had a CCJ or IVA in the last 6 years
- Not be intending to use the loan for the purchase of property or land, payment of utility bills, payment of tax demands, gambling or to fund any illegal activity.
While the maximum sum Santander will lend as a personal loan is £20,000 that does not guarantee you would be able to borrow this much, the amount they are willing to loan you, if they decide to give you credit, will be influenced on your personal financial circumstances such as; your credit score, how much you earn, if you already have any existing credit commitments. These factors may also affect your Annual Percentage Rate.
If you are a homeowner with a Santander Mortgage you may be eligible to get a Secured Santander Homeowner Mortgage for a larger sum of money, click here to find out more.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. If you are at all unsure of the suitability of a particular product for your circumstances you should seek independent financial advice.
Remember that there are a diverse range of financial products on the market; Santander is just one lender of many. Loans can vary greatly in terms of APR but also in their terms and conditions, meaning that the right loan for one person is not necessarily the right loan for everyone else. You can use the calculator on this website to compare over 200 different loans from over 20 different providers, to help you see what the different options for you are.
Before you take out a loan
As taking out a loan is an important decision you should consider alternatives before you commit, For example: If you have any savings it might be beneficial to use these instead, as it may be that the interest you pay on a loan will be higher than any interest you earn from your savings.
There are other types of borrowing than personal and home owner loans such as authorised overdrafts and credit cards you might wish to consider.