Santander personal loans: At a glance
Santander Personal Loan
1 to 5 years
£1,000 to £25,000
6.2%
Yes
Representative APR 6.2%. Based on a loan of £10,000 over 60 months at an interest rate of 6.2% p.a. (fixed). Monthly repayments of £193.47. Total amount payable £11,608.20. Maximum APR 29.9%
- Must be 21 or over and live in the UK permanently.
- You must have a regular yearly income of £10,500+ for loans up to £19,999, or £20,000+ for loans between £20,000 and £25,000
- You must be on the electoral roll and live permanently in the UK
- Must not have been declared bankrupt, or had a CCJ or an IVA within the last 6 years
NerdWallet's Review Summary
Eligibility criteria for Santander’s loan are clearly displayed on its website, and you can apply for a joint loan. However, Santander’s application process can be lengthy compared to other lenders we’ve reviewed. For more details, read NerdWallet’s Santander Loan Review.Santander loan key features:
- You can choose your payment date when applying.
- It’s possible to get a joint loan, if you’d like to apply with someone else.
- Santander has a dedicated X (formerly Twitter) account to help with queries, which is actively monitored by customer service agents.
| Amount borrowable | £1,000 to £25,000 |
| Term length | One to five years |
| Time to get a decision | Instant (five minutes) |
| Time to receive funds once approved | Two working days after you enter a code online, sent by first-class post |
| Need to have an account with the provider? | No |
| Customer support | Phone, live chat, branch, app, social media |
NerdWallet's Pros & Cons
Pros:
- You can apply for a joint loan.
- You could get a decision on your application within minutes.
Cons:
- It could take up to two working days to get the funds in your account.
- Santander can apply interest charges if you pay off your loan early.
NerdWallet has partnered with Monevo who will check your eligibility.
Santander offers unsecured personal loans that range between £1,000 and £25,000 that you can repay over a term of one to five years.
The interest rate on Santander loans is fixed, which means your monthly payments stay the same throughout your loan term.
» MORE: Compare best personal loans and rates
Santander loans pros & cons
Pros
- You can apply for a joint loan.
- You can choose your payment date when applying.
- You could get a decision on your application within minutes.
Cons
- After entering a code you receive in the post, it could take up to two working days to get the funds in your account.
- Santander applies interest charges to pay off your loan early.
While we aim to provide accurate information, we cannot guarantee that all details will remain applicable to your specific circumstances. Product terms and conditions can change and you should conduct your own research before applying for any product. This information should not be considered a recommendation, always check the provider’s official terms.
Am I eligible for a Santander loan?
To be considered for a personal loan from Santander you need to meet the following criteria:
- You must be aged 21 years or older.
- You must be a permanent UK resident and on the electoral roll.
- You need a regular annual income of at least £10,500 (or £20,000 for loans of more than £20,000).
- In the past six years, you must not have been declared bankrupt or have any individual voluntary arrangements (IVAs) or county court judgments (CCJs).
- You must be able to repay the loan by direct debit.
Santander frequently asked questions
Santander is a well-known high street bank that is authorised and regulated by the Financial Conduct Authority (FCA). But the question of whether it is a good lender depends on what you want from your loan. Research Santander to learn more about its loans, and read customer reviews to find out about their experiences with the lender.
There isn’t a set credit score that you need to have to get a Santander loan. But, the better your score, the more likely you are to be approved.
You won’t be able to get a loan if you’ve been made bankrupt or had an IVA or CCJ within the last six years.
In most cases, you should get a decision on your Santander loan application in minutes. But it could take several working days before the loan arrives in your account.