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Santander personal loans may be a solid option for good- or excellent-credit borrowers looking for large loans and flexible terms, but theyre not available in all states.
Editor’s note: Santander stopped accepting new personal loan applications as of May 12, 2025. The bank continues to service existing personal loans. For other borrowing options, check out our list of the best banks for personal loans.
Santander is a global bank that offers unsecured personal loans in select states across the U. S. The lender is best for people who already have a relationship with a bank and have good to excellent credit (scores above 689)
With no origination fee and direct payment to creditors, Santander’s personal loan is a strong option for debt consolidation. This lender lets existing customers pre-qualify for a personal loan online. Non-customers can preview potential loan offers, including their interest rate, through affiliate sites like NerdWallet.
It can be hard to get a mortgage, especially in today’s competitive housing market. One of the main things lenders look at when reviewing mortgage applications is the applicant’s credit score. What credit score do you need to get a mortgage from Santander?
An Overview of Credit Scores
First, it’s important to understand what credit scores are and how they work Your credit score is a three-digit number that is meant to represent your creditworthiness The most commonly used credit scores come from FICO and range from 300 to 850.
Higher scores indicate a lower credit risk, while lower scores suggest you may be a riskier borrower Credit scores are calculated based on the information in your credit reports from the three major credit bureaus – Equifax, Experian, and TransUnion
Your payment history, credit utilization rate, credit history length, credit mix, and new credit inquiries are some of the things that affect your score. You can build and improve your credit over time by sticking to good money habits.
Santander’s Minimum Credit Score
Santander does not publicly disclose their exact minimum credit score requirements. However, mortgage industry experts estimate that to qualify for a conventional loan with a down payment of at least 5%, you will likely need a minimum credit score of around 640 with Santander.
For conventional loans with less than a 25% down payment, a minimum score of 700 may be required. These credit score thresholds are similar to what other major lenders typically require.
Of course, your credit score is not the only factor Santander will evaluate. They will also closely consider your debt-to-income ratio, assets, down payment amount, and overall income and employment history. But a credit score of 640 or higher is a good starting point when applying for a Santander mortgage.
Steps to Improve Your Credit Score
If your credit score is currently below 640, there are number of steps you can take to boost your score and improve your chances of mortgage approval:
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Pay down balances – Lowering your credit utilization ratio by paying down balances can provide a quick score boost.
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Dispute mistakes—Looking for mistakes on your credit report and disputing them can help your score go up.
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Become an authorized user – Being added as an authorized user on a credit card with good standing can also help.
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Don’t open too many new credit accounts; hard inquiries can hurt your score if you do.
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Pay on time – Payment history is very important, so never miss payments if possible.
With some time and positive credit habits, it is possible to increase your credit score by 100 points or more within 12 months in many cases. This can make a big difference in your mortgage loan eligibility and terms.
Santander Mortgage Options
In addition to conventional loans, Santander does offer certain mortgage programs that are available with lower credit score requirements:
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FHA loans – FHA insured loans only require a minimum credit score of 580.
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VA loans – No minimum score is set for VA loans, but most lenders want to see at least 620.
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USDA loans – Like VA loans, no minimum score is required for USDA rural housing loans.
While government-backed loans can offer more flexible credit guidelines, you will likely get better rates and terms with a higher score. Santander also offers jumbo mortgages for high balance loans over $548,250. Jumbo loans typically require excellent credit, with scores of 700 or higher.
Compare Mortgage Lenders
It’s always a good idea to compare multiple lenders beyond just Santander. Look at factors like rates, fees, customer service reviews, loan options and credit score requirements. While credit scores are very important, focusing on improving your entire financial profile can help boost your chances of approval as well.
With some time and work, a Santander mortgage can be within reach even if your credit score is not currently up to their typical standards. Monitoring your credit, maintaining responsible money management habits, and comparing lenders can go a long way towards mortgage approval.
How to use Santander personal loans
You can use a Santander personal loan for:
- Home improvement projects.
- Debt consolidation.
- Emergencies.
- Medical bills.
- Moving.
- Vehicle financing.
Santander prohibits the use of its personal loans for:
Do you qualify for a Santander personal loan?
To be eligible to apply online for a Santander personal loan, you must be an existing customer or have an offer code.
Eligible borrowers also must:
- Be 18 years or older.
- Have a primary residence in a qualifying state.
- Have a smartphone (if applying for a loan online).
- Provide a valid tax identification or Social Security number.
The lender doesn’t provide many of its minimum borrowing requirements, such as credit history or maximum debt-to-income ratio, but borrowers must have a credit score of 700 or higher.
- Santander’s average borrower snapshotAverage borrower’s credit score: 745. Average loan amount: $22,000. Average repayment term: 5 years. Average APR: 14%. Most common loan purpose: Debt consolidation.
- Check your credit. You can get your credit report for free at AnnualCreditReport.com or on NerdWallet. com. This will help you find and fix any mistakes before you apply.
- Calculate your monthly payments. You can use a personal loan calculator to find out what APR and length of repayment term you need to get a loan with monthly payments you can afford.
- Make a plan to repay the loan. Look at your budget to see how the loan payments each month affect your money flow. To pay back the loan, you should know ahead of time if you need to cut back on other costs.
- Gather your documents. A W-2 or paystub can be used as proof of income. Most lenders also need proof of address and a Social Security number. Having these documents handy can speed the application process.
What Credit Score Is Needed For A Mortgage?
FAQ
What credit score is needed for a home loan?
For a home loan, you need a credit score between 500 and 620. If your credit score is higher, your mortgage interest rate and monthly payment will be lower.
What is a good credit score to buy a home?
A good credit score to buy a home is one that helps you secure the best mortgage rate and loan conditions for the mortgage you’re applying for. You’ll typically need a credit score of 620 to finance a home purchase. However, some lenders may offer mortgage loans to borrowers with a score as low as 500.
What is the minimum credit score required for a jumbo loan?
The USDA doesn’t have a minimum credit score, but most lenders will want folks to have at least a 620 score. The Federal Housing Finance Agency sets limits on mortgages. A jumbo loan goes over those limits. This means that Fannie Mae, Freddie Mac, or the FHA can’t buy or insure it.
What is the minimum FICO score for a conforming mortgage?
The minimum 620 FICO® Score requirement for a conforming Conventional mortgage is set by Fannie Mae and Freddie Mac, the government-sponsored enterprises. These types of loans have maximum loan limits, which means there’s a cap on how much you can borrow. Learn more: Raising Your Credit Score Can Save Thousands in Interest. Here’s Why
What FICO score do you need to get a mortgage?
About 70% of all mortgages are conventional loans, which typically require a FICO score of 620 or better. If your score is 760 or higher, you should qualify for the best interest rates. Insured by the Federal Housing Administration, FHA loans only require a score of 500 if you can put 10% down.
What credit score do FHA loans take?
FHA loans, backed by the Federal Housing Administration, accept credit scores as low as 500 if you can afford a 10% down payment. In general: With poor or fair credit, you’ll have fewer options and will pay higher interest rates. » MORE: FHA vs. conventional loans How do mortgage lenders determine your credit score?
What credit score is needed for a Santander loan?
| Feature | Details |
|---|---|
| Min. credit score | 700+ |
| Time to get funds | As soon as the same day |
| Fees | – No origination fees – Late payment fees may be charged |
| Availability | Available in 28 states and Washington, D.C. |
Is it difficult to get a mortgage with Santander?
It’s fairly simple to apply for a Santander mortgage, but some borrowers will find it easier to get their mortgage approved than others.Mar 27, 2025
Which credit score does Santander use?
Santander shares information with Experian, Equifax & TransUnion. If your application is successful, we will continue to provide regular updates to the credit reference agencies about you, and your account performance.
Is Santander easy to get a loan with?
Santander Bank offers competitive rates on its personal loans based on your credit history, debt-to-income ratio and other factors. Even its highest rates are lower than what some other personal loan lenders charge. But keep in mind that you typically need to have excellent credit to qualify for the better rates.