Since joining the banking industry in November 2004, Santander has seen tremendous growth. It has transitioned from a building society to a full-service commercial bank. This customer-centric institution provides a wide range of services such as mortgages, credit cards, and personal loans. Santander personal loan range from £1,000 to £25,000 with a minimum 3.0% APR rate over 1-5 years.
Just like any other loan, the interest rate varies depending on your personal situation. However, the bank charges a maximum rate of 24.9%APR.
You can apply for a loan by either calling the bank, visiting their website or branch. Keep in mind; you don’t have to be an existing customer to apply for Santander loans. But account holders can get reduced fees and interest rates depending on the checking account they have.
Santander also allows applicants to check their loan rates before applying without it denting their credit score.
Santander Personal Loan Application Requirements
To apply for a loan, you must;
- Be a UK resident
- 21 years or older
- Not have a County Court Judgement (CCJ) in your name
- Have a gross income of at least £6,000 per year
- Not been declared bankrupt
- Not have an Individual Voluntary Arrangement (IVA) for the last six years.
Tip: If your credit rating is poor, try to improve it before applying for a loan. Making multiple loan applications can negatively impact your credit score. It can also make it difficult for you to get loan approval in the future.
The amount of money you can borrow usually depends on your financial circumstances and credit rating. However, you can use the online loan calculator to get a rough idea of how much the loan will cost you.
For example, if you borrow £7,500 to pay back in 60 months, your monthly repayment will be £134.63. So after the end of your loan term, you’d have paid a total of £8,077.80.
If you want a shorter term, you’ll have to deal with a higher monthly repayment. For example, you want to borrow the same amount over 36 months; your monthly repayments will be £217.98, which translates to a total of £7,847.28. Keep in mind; we’re using the minimum APR rate of 3%.
It’s also important to note that the bank doesn’t charge any application or pre-payment fees. And when approved, you might receive your money the same day.