Promising a decision within 24 hours when you apply online, Santander loans are available to both new and existing customers, though 1|2|3 World and Santander Select customers can enjoy enhanced rates on selected loan amounts.
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Read the full methodologyPlease note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
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How do Santander loans compare against the competition?
See today's rates from across the personal loan market.
The Santander Personal Loan charges 6.0% APR representative on loans between £20,001 and £25,000. Santander offers the unsecured personal loan with repayment terms between 1 year and 5 years, and applicants can apply to borrow from £1,000 to £25,000.
| Loan type | Unsecured Personal Loan |
|---|---|
| Loan amounts | £1,000 to £25,000 |
| Loan terms | 12 months to 60 months |
| Loan rate type | Fixed |
| Product fee | 0% |
| Same-day funding available | |
| Same-day funding note | Available in branch. |
| Instant decisions in most cases | |
| Soft-search facility available | |
| Joint applications | |
| Overpay without penalty | |
| Concurrent loans allowed | |
| Topping-up pays off existing loan and initiates a new loan | |
| Repayment methods | Direct Debit |
Available to both new and existing customers, these loans are unsecured personal loans, meaning they’re based on creditworthiness, rather than using property, vehicles and other assets as collateral.
While Santander’s loan rates can be competitive, the advertised representative APR may not be the rate you’ll receive. Santander will offer you a rate based on assessment of your personal financial circumstances.
Santander runs credit and affordability checks and gives a decision within one working day. After you’ve signed the agreement, funds are transferred to your account within one working day.
You then pay a fixed monthly amount, so you can budget with confidence and you’ll know in advance what the loan will cost you overall, and when it’ll be paid off. You can overpay your loan (if you wish to) at no extra cost.
Existing customers (such as 1|2|3 World and Santander Select customers) may be able to access lower loan rates depending on the size of the loan and personal circumstances. If that’s you, you can calculate costs and check if you’ll get a better rate using our calculator.
The Annual Percentage Rate (APR) is a summary of the yearly cost of a loan. It takes into account both interest and any unavoidable charges you'll need to pay (for example an arrangement/product fee) over the duration of a loan. Because Santander doesn't charge an arrangement fee, its APR comprises just the interest rate – and so they're one and the same.
However, the vast majority of lenders tailor rates (and therefore APRs) to the individual applicant. If they think you're a riskier bet, they'll offset that by offering you a higher APR. The "representative APR" (as defined by the Financial Conduct Authority) is what Santander gives to at least 51% of those who take out the loan. At the top end of the market – where Santander fights it out among the high-street banks and supermarkets – chances are that 49% of customers are receiving a higher APR. With Santander, you'll need a good credit score to get approved and a great credit score to bag that representative APR. Santander must calculate APR in the same way as other lenders, and must tell you your personal APR before you sign a loan agreement.
Santander advertises a representative APR of 6.0% on loans between £20,001 and £25,000 on the Santander Personal Loan.
You should only apply for a Santander personal loan if you’re certain you can meet the repayment terms, and you meet the following criteria:
Santander will consider your application taking into account factors like your credit score, income and expenditure.
If you’ve decided that a Santander personal loan is for you, then you can apply online. Make sure you have the following details handy:
Yes. When you make an overpayment, unless you request otherwise, your monthly repayment amount will stay the same but you can potentially repay the loan more quickly.
If you want to pay the whole loan off ahead of time in one go, call 0800 028 4055 to request a final settlement figure.
The good news is that you won’t be charged a penalty for paying off your loan early. The not-so-good news is that you probably won’t save as much as you may have hoped in interest. This is because your final settlement will be based on a “final settlement date” that’s 28 days from when you give notice if your loan has less than a year left to run, or 28 days plus one calendar month if your loan has more than a year left to run.
Some lenders offer better early-repayment terms than others. If there’s a likelihood that you’ll be able to clear a loan ahead of time, then hunting out favourable early-repayment terms could save you money.
Santander doesn’t offer dedicated debt consolidation loans, but you can use a regular Santander personal loan to consolidate your debt. Santander debt consolidation loans are available to both new and existing customers, and Santander 1|2|3 World and Santander Select customers will also be offered better rates.
Santander Group is a Spanish bank that originated (in case you hadn’t already guessed it) in the city of Santander, Spain. After purchasing both Alliance & Leicester and the savings arm of Bradford & Bingley, and merging with Abbey National, Santander became a standard fixture of UK high streets.
Whether you’re looking to buy a new car, consolidate debt, refurbish the kitchen, or take that desperately needed holiday, Santander offers competitive and flexible fixed-rate loans. It’s quick and easy to apply online, and you don’t need to already bank with Santander (although existing customers may be able to access a better rate).
In our independent 2024 customer satisfaction survey, 83% of Santander’s users said they’d recommend the brand to a friend. Customers highlighted the bank’s quick and easy application process and helpful customer service. One customer said: “They were quick and efficient when applying for the loan and it was all very easy to understand.”
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