Unforeseen situations and emergencies are unpredictable. One day everything is fine at home and the next you must figure out how to pay for a pipe that suddenly burst. A personal loan is an option when you need money to deal with unexpected events.
This financial resource is one of the most viable options because of its versatility: you can apply and use the money for anything you need, plus it provides quick access to funds. The reasons for applying for a personal loan are entirely up to you, but here are three common circumstances in which doing so may be a great solution:
- Debts that keep you up at night – Your debt balance and the interests you pay are relatively high. Personal loans generally are offered at lower annual percentage rates (APR), so you can consolidate your credit cards’ balances in a single monthly payment, which according to the loan term period you select, may be much lower than the amount you paid for all your credit cards monthly. Thus, you could pay off your debt quicker and at a determined date, as loans have an end at their maturity date.
- Appliance purchases – Whether you recently moved or need to upgrade, you can pay for that fridge, range, or the two air conditioners you need with a lower-interest loan.
- Life happens! A health issue could result in unforeseen expenses that require immediate attention. At Popular, if the personal loan is approved,1 you could opt for up to 90 days to make the first payment.
There are different kinds of personal loans you can apply for, depending on your needs, and the following are two of our Popular available loan products:
- Unsecured loan1 – This is the most common because it doesn’t require collateral, unlike a car loan or a mortgage. You can apply for up to $75,000 with a fixed APR for your chosen term. With this type of loan, you’ll pay a fixed amount each month until you pay off the loan.
- Secured loan1 – These are loans secured by a savings account or a certificate of deposit, as well as partially secured loans. Both are offered at an even APR than an unsecured loan, because you will be minimizing the bank’s credit risk giving something in guaranty.
Finding a solution with comfortable installments is a great relief. A personal loan is also a good alternative when you consider that making payments on time and paying off your loan can improve your credit score.
If you want to learn more about our personal loans, click here or call TelePréstamo 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 an orientation.
1Loans 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, its 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.