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Santander: Loan reviews

Name: Loan
Rating: 2.43 (56 reviews)

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2.43

Based on 56 reviews, last reviewed 28th May 2025

100% increase in 5 star reviews

in the past 90 days

100% increase in 1 star reviews

in the past 90 days

27%

55%

Latest highest rating:

5

Quick and easy application approval. Quick and easy application approval. Bit fiddly to make overpayments Reviewed on: 11th March 2025

Latest lowest rating:

1

Title: After 5 years of loyalty, Santander turne... Title: After 5 years of loyalty, Santander turned their back on me when I needed them the most. I’ve been a loyal customer of Santander for over 5 ye... Read more Reviewed on: 28th May 2025

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About this product

Santander personal loan reviews on Smart Money People are honest reviews. If you're trying to determine whether this is the right personal loan for you, reading our Santander personal loan reviews can help you to find out what other people have to say. Smart Money People launched in October 2014 to help people like you to find the best personal loans. If you have used a Santander personal loan, we'd love you to write a quick review too.

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Santander Loan reviews (56)

Offer low interest rate then hike it upon application

I was offered 15k at 2.8% APR when given the calculation on their website. Upon application however this was hiked up to 10.9%! The 4 fold increase could not be explained as i have a good credit rating and financial history. I believe their advertising to be dishonest and their promises such as "When we advertise a Representative APR this is the rate that we must give the majority of accepted customers on loans within the promoted tier” to be a lie. Reviewed on: 6th April 2022

Submit your application and then nothing....

When you apply online for a Santander loan, they expressly commit to letting you have a decision within 2 working days. I applied a week ago and so far nothing. Reviewed on: 25th March 2022

Waste of time

Despite appearing you’ll get an instant reply, one you completed the application it tells you that you’ll receive an email in 24 hours of the outcome. Then you’ll receive paperwork to be signed off accepted in the post. Given the online nature of everything this surprises me. Rather than waiting this 24 hours and by previous reviews where they hike the apr I went direct to my bank First Direct. Within 5 minutes of clicking the money was in my bank! Santander need to up their game! I only wish I’d seen these reviews before I applied. Reviewed on: 19th November 2021

Very high APR

They will show you a low APR4% to get you to apply and then give 24+% APR. At that moment in time I was desperate for the money I had no choice but to take it, I feel like was taken advantage of and now I am paying the price. Reviewed on: 15th November 2021

Great

Great bank help with problems and advice 24-7 Reviewed on: 14th September 2021

Saved thousands on my car

I decided to look at bank loans as an alternative to Hire Purchase for my next car and Santander (via Cahoot) came back on Money Saving Expert as 95% chance of acceptance. I was still antsy because I know that doesn’t guarantee any particular rate but I was fortunate to be accepted at their lowest rate of 2.8%. The application process did feel a bit dated but I was after a decent loan, not a fancy interface. I was accepted within minutes, very late on a Friday night, with the rate confirmed via email. I received my confirmation code in the post on Tuesday, entered online Tuesday afternoon and received the funds Wednesday morning. All in all, the process went exactly as advertised and - over the same term - I’ve saved in the region of £3,000 compared to the Hire Purchase agreements on offer. I just hope my new car runs as smoothly! Reviewed on: 18th August 2021

Expensive & inefficient

I took a loan out with Santander and their system for checks is ridiculous. Everything is paper based which is super inconvenient and it takes up to a month to get the money, never mind that they don’t bother telling you the interest rate you applied for isn’t the interest rate you get and they don’t even tell you that they’ve upped it until you get your contract and by then you’ve jumped through so many hoops you don’t care anymore! Terrible company and I can’t wait to pay this loan off and never deal with them again!!!! Reviewed on: 9th August 2021

Stressful

Money will be in your account within 48hrs!! 2 weeks later and they are still trying to pay it into the wrong account!!! Disgusting, I am unable to cancel as my cooling off period is nearly up!! So I’ve had to raise a complaint but this could take a week to resolve! Unable to apply elsewhere whilst waiting. Poor service indeed. Reviewed on: 28th May 2021

Loan apr for £5000

Applied for £5000 Loan apr from 4% then when applied jumped to 24% that’s £2400 in interest so used my virgin money credit card to transfer £5000 to my Santander account for 18 months total cost £200 transfer fee saving me £2200 looking into transferring accounts to virgin money bank Reviewed on: 22nd May 2021

Policy with regards to customers with disabilities

I recently opened a credit card. There was a transaction above the which was over the limit which had requested. This was and account was frozen as a result pending investigation. This issue was quickly resolved. However when it came to me being passed from pillar to post for 5 days. I eventually resorted to contact the complaints department. They reiterated that it could only be done by myself via the app. Although they kept saying that they could talk me through the process they paid no regard to that this wasn't possible due to my hearing, dexterity, and knowledge of IT. They still insisted this was the only way. I was forced to close the account. Where is their policy with regards to customers with physical disabilities?. Reviewed on: 12th November 2020

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