An unexpected event? A personal loan can help

December 20, 2022
An unexpected event? A personal loan can help

The bathroom repair will cost a couple thousand because that broken pipe will surely end up being an emergency home improvement. You know how it is… sometimes everything’s fine and then, out of the blue, you must deal with unexpected events like these. That’s when a personal loan becomes a lifesaver.

This financial tool is one of the most viable options because it’s quite versatile: 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 3 very common circumstances in which doing so is a great solution:

  1. Appliance purchases – Whether you’ve recently moved or need to upgrade, you can pay for that fridge, stove, or the two air conditioners you need with a lower-interest loan.
  2. Debts that keep you awake at night – Your debt balance is very high and so is the interest rate you pay. Personal loans generally have much lower interest rates, so you can pay off your debt quicker and end up with lower monthly payments on the term you select.
  3. Life happens! A health issue could result in unforeseen expenses that require immediate attention. At Popular, once the personal loan is approved, you could have up to 90 days to make the first payment.

We have several options, you choose

The good thing is that, in addition to receiving the money fast and that you can use it for anything, there are different kinds of personal loans. Therefore, you can apply for the one that suits you best, for whatever you want.

  • The one that doesn’t require collateral – This is the most common because, unlike a car loan or a mortgage, it doesn’t need collateral. You can apply for up to $75,000 with a fixed interest and for the term of your choosing; this means you’ll pay the same amount each month until you pay off the loan.
  • The ones that are secured – These include the loans secured by a savings account or a certificate of deposit and those that are partially secured; both are offered at an even lower interest rate than the unsecured loan.

Finding a solution with comfortable installments is a great relief, so applying for a personal loan is an ideal alternative.

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.

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