Santander’s (Santander.co.uk) range of personal loans can be used for a variety of different circumstances, whether you need to pay for a big holiday, a new car or a major lifetime event. For many people, loans are also a useful way to manage existing debts. While using personal savings to pay off debts is always the best way to eliminate the debt and get a clean slate, using a Santander loan to consolidate outstanding debts can be a good way to manage your finances if savings are not an option.
Santander has a variety of personal loans available to suit your circumstances that can be used to pay off existing debts and consolidate them into one central monthly repayment. This can make the repayment process far simpler and easier, and could result in a lower interest rate. If you do decide to use a Santander debt consolidation loan, it’s important to calculate the full cost of paying off the outstanding debts, including any repayment charges or fees that might be incurred. This way, you’ll know exactly how much you need to borrow and how much money could be saved.
Santander’s debt consolidation loans are available from £1,000 to £20,000 and can potentially carry an interest rate as low as 4.3% APR Representative on loans between £7,500 and £15,000. The loan must be repaid in a period of 12 to 60 months.
You don’t have to be an existing Santander customer to qualify for a debt consolidation loan from the bank- both new customers and current account holders can apply, but you do need to be over the age of 21, a UK resident and have an annual gross income of over £5,000. To apply for a Santander debt consolidation loan, you can use online banking, call the bank’s contact number or go into your local Santander branch.
