Santander Loans Review |

Santander Loans

Address: PO Box 1125, Bradford, BD1 9PG.
Branding: Santander UK Loans. Also known as: Santander Loans.
FCA Licence: 265029.
From: Santander UK Plc (Part of Banco Santander S.A.).
Launched: 2010.
Memberships: FLA.
Related: Cahoot, Hyundai Capital UK, Santander Consumer Finance.

Loan Details…
Available: Monday to Friday (8am/9pm), Saturday (8am/4pm).
Bad credit considered: Fair-to-good score required.
Manage: No Santander login at
Offers: Personal loans.
Sums: £1000 to £20,000 (new and returning).
Terms: 12 to 60 months.

The Pricing…
£105.32/£1000 (12) £208.88 (24) (123/Select)
£107.72/£1000 (12) £213.68 (24) (new)
£210.92/£10,000 (12) £408.08 (24) (123/Select)
£237.32/£10,000 (12) £459.68 (24) (new)

Notes: The standard rates are 21.1% (1k) and 4.4% (10k). Both 20.6% and 3.9% are issued to existing customers on 123/Select current accounts. There is a Santander online login, but this doesn’t enable you to manage your loan. It is in place for current accounts, credit cards, savings etc. Applicants must be at least 21 years old to qualify. Also noted is an annual income of at least £6000 and no bankruptcy, CCJ or IVA within 6 years. There can be a delay before you receive a decision and forms must be sent back to them. The process can take longer than a week before payout.

– Amounts: £20k can be borrowed. This is a chunky sum, although 25k is common elsewhere.
– Branches: They amazingly have 15 thousand worldwide. Locally they have 1300, but this network has grown quickly through their takeovers.
– Experience: Not the most experienced bank locally. Their entry to the UK was generally marked in late 2004 when they acquired Abbey National for £9 billion. They would later acquire Alliance & Leicester and Bradford & Bingley. Factoring acquisitions their experience heads back to 1849. The group owner was formed in 1857 and so they have been competing in Europe longer than most.
– Operations: You can reach a support advisor on Saturdays. They have historically been rated as the worse bank for customer service. They have however made big improvements on this side. It helped that they moved their call centre from India to the UK.
– Ownership: The Big Four banks have a serious contender here. They have certainly been the fastest growing force in banking. You really get a good feel for their potential when you see how far they have emerged on the worldwide stage. The Spanish banking giant has a major presence across Asia, Europe and Latin/South America. They collectively have more than 102 million customers and have a giant branch network surpassing 15,000.
– Profile: When factoring web searches for bank loans, only Barclays alongside Sainsbury’s and Tesco (banking) have higher tallies. They spend considerable amounts on advertising, using famous sporting celebrities (Button, Ennis, McIlroy etc). At the heart of their growth you would however have to look at their savvy acquisitions as being key to their early traction. Through their building society takeovers their rebranded outlets were up and running in no time that has enabled them to raise a serious challenge to the majors. They have 14 million local customers with their mortgage and savings products proving notable popular. They are now dominating the Current Account Switching charge.

– The 10k rates have been lowered. 4.7% is now 4.4% and for 123/Select 4.2% is now 3.9%.