A simples guide

Santander bank loans

What would you do with a Santander loan? With personal loans of up to £20,000 available, there are a number of possibilities. You could use the money for a much needed family holiday, a new car, an extension or if you’re being sensible, you could use it to straighten out other finances. Whatever you choose to use it for, here’s the lowdown on a Santander bank loan.

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What loans do Santander offer?

Personal loans are available from £1,000 up to a maximum of £20,000 for new and existing customers.

If you like the sound of a Santander loan, here’s further information you need to consider:

Personal loans £1,000 - £20,000 (as of 9 November 2016)

You’ll need to:
- be 21 or over
- live in the UK permanently
- pay it back over 12-60 months

You’ll need to have:
- a bank or building society account with a Direct Debit facility
- a gross annual income of £6,000

In the last 6 years, you can’t have:
- had any County Court Judgements (CCJs)
- had any Individual Voluntary Arrangements (IVAs)
- been declared bankrupt

What’s the interest like?

If you’re interested in a personal loan and you’re already a 1|2|3 World and Santander Select customer then you’ll typically enjoy preferential APRs % (annual percentage rate, this is the rate of interest plus any fees and charges) or, if you’re new to Santander then a slightly higher APR would typically apply.

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Are the rates I see the rates I’ll get?

If we’re honest (and we are) then the answer is: it depends. The rates you’ll see advertised are the representative APR which means Santander must offer that rate to just 51% of the customers who are accepted for the loan. The other 49% could get a higher rate based on their credit score. When you apply, various factors will be taken into consideration such as:

Your credit history: there are three agencies that hold information about your credit history (Experian, Compass and Equifax). What they hold about your credit score will have an impact on what you can borrow and at what rates.

Your debts (secured or unsecured): how much money you already owe will also be an important factor. A secured loan is one where the loan you’ve taken out is held against something tangible such as a car or your home. An unsecured loan is the opposite where there is no security and money is loaned to you based solely on how ‘credit worthy’ you are.

Your monthly income: because you’re expected to pay the loan back (and within the period of time you’ve agreed) Santander will need to know what you take home each month and any expenses so that they’re confident you can meet the repayments.

How much you want: the amount you want and the length of time you want it for will be determining factors in the interest rate you are offered.

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The next thing to do is use our loan comparison service to see to find the loan that’s right for you and the rate you want.

All Santander loan details are based on information provided on www.santander.co.uk on 9 November 2016.

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