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Santander LOC VS BBVA

Valued Contributor

Santander LOC VS BBVA

Anybody have any insight as to which product is better?. A BBVA personal loan $35,000, (they send me mailers frequently.

Or a Santander LOC?. I know they're two different products but which one would you choose?.
6 REPLIES
Regular Contributor

Re: Santander LOC VS BBVA

Well, typically the personal loan will have a lower interest rate than the LOC while the LOC is a little more versitle. Santander also has a personal loan with a similar interest rate compared to Compass. Both offer discounted rates for setting up auto debits from their bank to pay the loan. The Compass loan is up to $50k while Santander goes to $35k. Santander goes to 60 months as low as 6.99%. IIRC, Compass goes to a slightly higher rate for 60 months.Might want to double check that as it may be wrong. Compass did have a Simplified LOC product similar to Santander's with a similar higher interest rate compared to the personal loans but I can't find it since they updated their website recently (I hate the updated site, BTW). Hope that helps!

Super Contributor

Re: Santander LOC VS BBVA


Creditplz wrote:
Anybody have any insight as to which product is better?. A BBVA personal loan $35,000, (they send me mailers frequently.

Or a Santander LOC?. I know they're two different products but which one would you choose?.

I can't compare, but I do have 2 Santander LOC's and find them to be very useful.

 

I just use them when I need them, pay them back when I feel like it, and at present am paying an interest rate of 10.24%.

 

I personally prefer an LOC to a personal loan because of its flexibility. When you need the money it's there. You don't have to ask anybody, apply to anybody, do any paperwork, nothing. I just go online and transfer some money into my checking account. If I need some money today, I can get it. And if I feel like paying it back next week, no problem. I just pay interest for the days I had it out.

 

 

FICO8 EQ 721 TU 747 EX 732 Total revolving credit 454000
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Valued Contributor

Re: Santander LOC VS BBVA

SJ do you remember who Santander pulled for the LOC?. Also do you know if Santander offers a LOC in CA?.
Established Contributor

Re: Santander LOC VS BBVA


SouthJamaica wrote:

Creditplz wrote:
Anybody have any insight as to which product is better?. A BBVA personal loan $35,000, (they send me mailers frequently.

Or a Santander LOC?. I know they're two different products but which one would you choose?.

I can't compare, but I do have 2 Santander LOC's and find them to be very useful.

 

I just use them when I need them, pay them back when I feel like it, and at present am paying an interest rate of 10.24%.

 

I personally prefer an LOC to a personal loan because of its flexibility. When you need the money it's there. You don't have to ask anybody, apply to anybody, do any paperwork, nothing. I just go online and transfer some money into my checking account. If I need some money today, I can get it. And if I feel like paying it back next week, no problem. I just pay interest for the days I had it out.

 

 


I app'd over the phone tonight.  Will keep you posted if i get approved...

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Valued Contributor

Re: Santander LOC VS BBVA

I called to apply and was told since I live in CA they can't offer me a LOC Smiley Sad
Super Contributor

Re: Santander LOC VS BBVA


Creditplz wrote:
I called to apply and was told since I live in CA they can't offer me a LOC Smiley Sad

Sorry.

FICO8 EQ 721 TU 747 EX 732 Total revolving credit 454000