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 UK
- 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 amount Santander lend with their personal loan product is £20,000 that does not guarantee you can borrow this amount. How much any lender is willing to loan you will be dependent on your credit score and an assessment of your other financial circumstances such as how much you earn and if you already have any credit commitments.
You can use the Santander loan calculator to get an estimate of how much your loan with them would be based on how much you want to borrow and the length of the repayment period. However the Santander loan calculator can only give you an idea of the amount, if you do proceed to take out a loan with any lender the actual Annual Percentage Rate you are offered may be influenced by other factors such as your credit score, how much you earn and if you already have any existing credit commitments.
Types of loan
Before you take out a loan it may be worth looking into the different types available to you to assess which might be the most suitable for you.
Also known as unsecured loans are a type of loan that typically allows you to borrow up to £25,000 over a variable time period. Generally speaking the larger amount you wish to borrow the lower the rate of interest, however this does not mean you should take out a larger loan you cannot afford to service or repay.
If you want to borrow a larger amount of money and are a homeowner a homeowner loan might be better for you. As you have placed an asset (such as your home or other property) as security banks are willing to lend more, usually up to £250,000. The actual amount you can borrow is dependent on the value of your home and how much equity you have if you have a mortgage.
Abbey has now become part of Santander. While you may no longer be able to get an Abbey Loan Santander loans are flexible, allowing you to choose a payment plan that suits your circumstances. As loans can be big commitments, which can take years to pay off shopping around beforehand is a good idea. You can use the comparison table below to compare deals on different types of loan to help you decide which the right option for you is.