Santander Personal loan features
- Borrow from £1,000 to £20,000
- Repayment terms from 1 to 5 years
- Quick decision – Santander will aim to email you a decision within minutes
- Not secured against your home
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.
If you are interested in taking out a Santander personal loan, you can use the Santander loan calculator tool to get idea of how much your monthly repayments would be. You just need to enter how much you wish to borrow and how long you want the repayment length to be. However the Santander calculator tool can only give you an idea, the actual APR you receive should you apply for a Santander personal loan might differ from the one the calculator used. This is because lenders will tailor the interest rate they give you based on an assessment of your credit score.
How much Santander or 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 this means you are not guaranteed to be able to borrow the maximum of £20,000.
Remember that Santander loans are just one available of many. There is a diverse range of financial products available on the market so it is worth shopping around to ensure you get the best deal you can.
Before you take out a personal loan, as well as doing your research and comparing the different lenders available it is wise to look into other options.
If you are looking to borrower a larger sum than £25,000 and you own property a homeowner loan might be an option for you. This type of loan requires you to put up an asset such as your home or other property as security against this loan. Because of this additional level of assurance lenders are usually willing to loan larger amounts and over longer periods to borrowers. However if you fail to make your repayments on this type of loan then the lender could repossess your home.
If you already have the required money in your savings then it may be better to use these than take out a loan. This is because the money you earn from the interest on your savings may be less than the interest that would accumulate on a loan.
If you have been looking to borrow some money, maybe for a new car or other big ticket item you might have been wondering if an Abbey personal loan is the right choice for you. Abbey personal loans are not currently available because Abbey National has become part of Santander and is now known as such. To find out more about Santander Personal loans scroll down, or you could use the free comparison tables below to look at different personal loans from a variety of lenders.