5 Reasons to Apply for a Personal Loan

June 15, 2023
5 Reasons to Apply for a Personal Loan

A personal loan allows you to use the money for almost any purpose. The application, approval, and disbursement process is quick, provided you submit all the information needed to evaluate the credit application. Personal loans are a good alternative for dealing with unexpected expenses that your savings cannot cover.

Here are 5 reasons to apply for a personal loan:

1. Consolidate your debts

If you have built up different types of debt throughout your life, such as private student loans, high-interest credit cards, and medical bills, consolidating your debts can help you obtain a more manageable monthly payment with a lower interest rate.

2. Cover medical expenses

Sometimes unpredictable events force us to spend money not included in our budget. During a medical emergency, you may have to pay expenses such as hospitalization, treatment, and other associated costs that you could pay in installments with a personal loan.

3. Make important purchases or prepare for an event

A personal loan can help you buy big-ticket items like a generator to power electronic devices required to study, work, or turn on special medical equipment during an emergency.

4. Pay school tuition or childcare costs

A personal loan can help pay tuition fees or cover childcare expenses —and don’t forget textbooks! It’s a great option to consider, especially if you are offered a competitive interest rate.

5. Pay for home improvements

You can also apply for a personal loan to make improvements to your home, whether it’s building the terrace of your dreams, adding a pool, or fixing a leaky roof. A personal loan can help you reach your goals without resorting to a second mortgage and jeopardizing your home. If the improvements you want to make amount to less than $75,000, a personal loan with Banco Popular may be your best option.

If you need to apply for a personal loan, click here to learn more, or call TeleMarketing Popular® at 787.294.2572 or 1.888.724.3653 Monday through Friday, from 8:00 a.m. to 7:00 p.m., and Saturday, from 8:00 a.m. to 5:00 p.m. You can also visit your nearest Popular branch for more information.

Loans are subject to credit approval. Certain restrictions and conditions apply. Equal Housing Lender.

The information contained herein was prepared for general information and educational purposes only and should not be construed as professional, tax, financial or legal advice or a legal opinion on specific facts or circumstances. Banco Popular de Puerto Rico, subsidiaries and/or affiliates are not engaged in rendering legal, accounting or tax advice. Please consult with your attorney, financial consultant/planner, accountant, and/or tax advisor for advice concerning your circumstances.