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Santander Business Loans Review: How do they compare?



In recent times, Santander has been a household name as well as one of the most popular banks on the high street.

Did you know that Santander has financial solutions for both SME and corporate businesses?

Or that Santander has given out £27.3 billion in UK corporate loans?

This review will tell you everything you need to know about Santander, including who they are, what they offer and how you can apply.

What’s in this review?

Let’s find out more.

Who is Santander?

So, who exactly are Santander?

Santander bought a bank named Abbey National in 2004, who had roots that went all the way back to 1849 when they used the savings of members to provide mortgages for people building their own homes.

Since then, they have grown to 14 million customers, £154.9 billion in mortgages and £1.8 million profit before tax.

This makes them a strong and reliable bank to approach to for your loans, so which do they offer?

  • Small Business Loans
  • Corporate Business Loans
  • Asset Finance

Although they offer a lot more, this guide will focus on small business loans, corporate business loans and asset finance.

Small Business Loans

Having a small business loan can give your business an incredible boost.

For instance, having access to funds quickly can help you to do things like buy essential equipment, put a payment down on new office spaces or help you to employ more people.

Whatever your plans are, a small business loan could be the answer.

You can borrow from £2,000 to £25,000, with a term of around one to five years and you can manage your costs with a fixed rate from 4.9% APR to 24.9% APR.

As a bonus, Santander won’t charge you an arrangement fee on their business loans.

It’s important to note that you need to be a Santander Business Current Account holder to get a small business loan from Santander.

Representative example

Loan amount of £10,000 that has £200.99 in monthly repayments over a loan term of 60 months at a rate of 7.6% interest.
This is equivalent to 7.9% of APR in this representative.
The total amount that is repayable is around £12,059.40.
This means you’ll be paying £2,059.4 in interest.

Corporate Business Loans

Santander’s corporate business loan is anything over £25,000, and it’s designed to be able to suit each business flexible.

They will also offer you the management of your finances if you need it.

You can borrow this money for up to 25 years depending on your specific circumstances.

However, it is important to note that normally fixed rate loans will usually be for up to 10 years, while anything more than that will often mean having a variable rate loan.

Your interest rates might vary considerably, depending on whether your bank can secure your loan by using your home as collateral.

Working Capital Loans

Working capital loans are designed primarily to help your cash flow, which can be helpful when it comes to expenses, marketing or anything you need to help grow and maintain your business.

There won’t be any interest incurred until you use your funds.

Plus, they don’t charge a fee to make an early repayment.

Interest charges typically range often between approximately 6% and 26% over a 6-month loan term.

Asset Finance

Asset financing is similar to invoice financing in that you cash in on future funds, which makes it a low-cost way of providing finance to allow the use of large items, such as vehicles and industrial equipment.

Rather than owning this piece of equipment, or a truck, for instance, you are merely hiring it which can cut down on your costs for the short term.

Leasing also means lower monthly costs and no upfront payments.

How to Apply for a Loan

If you meet the following requirements you can apply:

  • You have a Santander Business Current Account
  • 18 years old or older
  • UK residents
  • Registered in the UK
  • Have a very good credit score
  • Pay via Direct Debit

You can apply online, on the phone or in the branch.

This is the information you’ll need to apply.

Business details

  • Business start date and three years’ trading address history
  • A description of your company
  • Your turnover and your net profit, as well as your total capital or net worth
  • Any mortgage balances and property values

Personal details (for anybody named in the application)

  • Your full name, your date of birth and finally you need to note your nationality
  • You need an address history from the last three years
  • Note your time with current personal bank and number of personal credit cards

Santander Reviews

When it comes to customer’s reviews, Santander has an overwhelmingly negative reputation with 82% of their 1,000+ reviews falling within the negative one-star category, and only 8% of their reports are positive.

Although online reviews aren’t always reliable or accurate, you should still take a look at them when you’re deciding something important like where to get a loan from.

Let’s take a look at what their customers are saying.

Positive Santander Review

Sheena Hobbs on Trustpilot: I’ve recently been through financial difficulties in my business due to ill health, and Santander have been wonderfully understanding of my situation. Having a significant financial institution showing such sympathy to a small business renews your faith in the establishment.

Negative Santander Review

Carl Roberts on Trustpilot: I tried to open a business account with them, and it took 2.5 months to try and open it! They kept asking for the same information over and over again. They kept losing my confidential documents.

Customer Service

Similarly to other banks that offer business loans, you can benefit from the Santander help centre, with answers to all of your questions which are neatly placed into categories to help you find out everything from ways you can bank to the tools you might need.

You can ring 0800 068 7010 between the hours of 8 am and 7 pm, typically from Monday to Friday.

Irene Carbry on Trustpilot: Always great customer service,advice and a friendly face at the Kilmarnock branch. Makes banking a pleasure.

Susan Allem on Trustpilot: The new online banking security is terrible. I have contacted Customer Support many times and no one seems to understand how it works.

Company Comparison

Company Trustpilot Score Loan Amount Loan Term Typical APR
Santander Small business loans £2,000 to £25,000 1 to 5 years

4.9% to 24.9%

Funding Circle ★★★★★ £5,000 – £500,000 Six months to 5 years 4.50%
Capify ★★★★★ £3,500 – £500,000 6 to 10 months 67.89%
Shawbrook Bank ★★★★★ £250,000 to £25 million Bespoke 0% to 19.9%


Are you ready to compare loan providers and the different types of loans that are available?

Did you know that you can see all of your available loans in minutes with the ExpertSure comparison tool?

Take a look at the guides to find out more about your finances, or fill out the form at the top of the page.

Santander Review
  • Customer Support
  • Loan Flexibility
  • Cost

Final Verdict

Santander has a wide range of financing options to suit all of your businesses needs. Make sure that you consider all of your options before taking out an essential loan for your growing business.


✔ Santander has a competitive APR compared to other banks.
✔ You won’t have to pay any arrangement fees.
✔ Many customers say that the staff are helpful and sympathetic.


✗ You must be a Santander customer.
✗ Santander has a 1-star rating on Trustpilot.
✗ You can only borrow up to £25,000 with small business loans.


Filwood Green Business Park
1 Filwood Park Lane

0800 234 3036