topic Re: Santander LOC VS BBVA in General Credit Topics

Santander LOC VS BBVA

Creditplz — Thu, 18 May 2017 05:39:01 GMT

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?.

Re: Santander LOC VS BBVA

Anonymous — Thu, 18 May 2017 06:31:52 GMT

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!

Re: Santander LOC VS BBVA

SouthJamaica — Thu, 18 May 2017 11:11:21 GMT

@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.

Re: Santander LOC VS BBVA

Creditplz — Thu, 18 May 2017 21:31:00 GMT

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

Re: Santander LOC VS BBVA

NYFan63 — Thu, 25 May 2017 00:50:21 GMT

@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...

Re: Santander LOC VS BBVA

Creditplz — Thu, 25 May 2017 02:40:14 GMT

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

Re: Santander LOC VS BBVA

SouthJamaica — Thu, 25 May 2017 03:19:39 GMT

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

Sorry.