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.
Before you take out a Santander loan, you could use their loan calculator facility to get an idea of just how much the loan may cost you. To use the Santander loan calculator you just need to enter the amount you want to borrow and how long you want the repayment period to be. Although using a loan calculator can give you an idea of what your monthly repayments might be and how much a loan would cost you overall, if you do actually apply for a personal loan and are accepted your actual loan repayment could be considerably different. This is because lenders may tailor the APR they can offer someone following an assessment of their credit score.
Although the maximum amount Santander lend with this loan 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.
Before you apply for a loan
Remember that Santander loans are just one lender among 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. You can use the above comparison tables to have a look at what some of your options might be
As taking out a loan is an important decision you should think if you have any other options before taking one out. If you have any savings it might be beneficial to use these instead, it may be that the interest you pay on a loan will be higher than any interest you earn in your savings.