Hello Everyone!
I'm new here, I've been browsing the community for some time to stay encouraged on my credit journey and to know I'm not alone. Anyway, I've been reading about Santander and it appears there is a lot of negativity regarding doing business with them. Luckily I have not had such an experience, here's my story....
On 07/07/17 I applied on-line for a $12K unsecured, personal loan. On 07/11/17 I got a call from my local branch informing me that I had been approved. I closed on the loan on 07/13/17 and simultaneously opened a Simply Right checking and a Santander savings account. The funds were deposited immediately after I signed the promissory note and made available for use. The loan terms are 60 months--$285.41 per month--15.24%APR (that 15.24% APR was lowered to 14.99% as a "reward" for signing up for auto pay from the checking account). I was told I could return in 6 months to refinance for a lower rate (apparently Santander refi's their personal loans). There were no origination fees, closing costs or early pay off penalty--the entire $12K was deposited into my account.
The application process itself was really simple and quick. Santander pulls from Experian. The time from application to funds being deposited was 5 business days. I have done business with Santander in the past (the auto loan division, as they were the only institution that would finance my new vehicle post BK). Santander's auto loan terms were a bit outrageous (72 months--$578.00 per month--17.75% APR), so after making 20 on-time payments I was able to join a credit union and refi with them with much more favorable terms. I'm not sure if having had the auto loan with them in the past played a part in my being approved for this loan or not, needless to say I am pleased. Now I can kill off some of the high interest debt that has been weighing me down.
At the time I applied my credit profile was as follows:
- 1 BK (discharged 02/2012)
- Credit Card Debt $16K (utilization 73% across 6 cards)
- Personal Loan Debt $13K (2 loans)
- Student Loan Debt $55K (currently deferred)
- 9 accounts open are in good standing, with 100% on-time payments
- Average Age on Accounts 6yrs 8mos
- Annual Salary $110K
07/07/17 Vantage Scores: EX631, EQ647, TU641
07/07/17 FICO 8 Scores: EX675, EQ679, TU674
07/07/17 FICO 9 Scores: EX664, EQ678, TU682
I apologize for being so long winded, but I hope this review helps someone. Good luck to all!!
PROFCU Visa $10K, CAP1QS $3.3K, Discover $3.3K, Barclays Rewards MC $3K, Old Navy $2K, Venus $750
