Whichever your plan or project, whether you want to go on a vacation with your family, consolidate debts or cover the expenses of back-to-school season, there is a personal loan that fits your needs.
What should I consider when selecting a loan?
When selecting a personal loan, you should consider the following:
- Monthly payment: You must feel comfortable with the monthly payment and ensure that you can meet the payment of a new credit responsibility. You should also consider the remaining payment commitments and request a reasonable amount to cover those needs you have identified in advance.
- Interest rate: The interest rate assigned to your loan will depend, among other things, on your credit history and ability to pay. If you have no credit experience, there are loans that can help establish it.
- Type of collateral: Refers to the payment guarantee required for certain types of loans. Some products require cash or funds from a savings account.
- Term of the loan: The time during which you will be paying the loan. This period ranges from one to ten years, depending on the type of loan and the amount you borrowed. Consider how long you will be committed to a monthly payment and how this will impact your budget.
A type of loan for every need The ideal personal loan will depend on whether you have a credit history, the quality of your credit experience, the amount you wish to borrow, the applicable interest rate, and whether a guarantee of payment (collateral) is required.
There are secured and unsecured loans. You might ask yourself, what is the advantage of one over the other? A loan that requires collateral, whether a savings account or a certificate of deposit (CD), serves to lower the interest rate, while covering debt in case you cannot make your payment. When repaying the loan, the collateral and the interest generated are released. The loans that do not require collateral usually offer a higher interest rate. Next, we explain the type of personal loans available:
Unsecured Loan
Ideal for consolidating debt, going on vacation, making improvements to your home, or covering expenses related to the back-to-school season, a special event, or paying medical expenses. You can borrow from $2,000 to $75,000, in a term of 12 to 84 months (1 to 7 years). This type of loan does not require collateral.
Secured Loan
They provide a low fixed monthly payment by offering cash collateral, with the advantage of continuing to earn interest on the collateral of the loan, and when you finish paying, the collateral is released along with the interest generated. You can request from $2,000 to 100% of the balance of the account offered as a guarantee, in a term of 12-120 months (1 to 10 years), depending on the amount requested.
Loan CrediSavings
It is an option if you do not have a credit history and want to establish it. With this loan alternative, the approved loan money is placed in a certificate of deposit, which you will pay according to the term you choose. The certificate of deposit becomes collateral and during the term of the loan, it will earn interest until the last agreed payment. Once the payments are completed, the money from the certificate of deposit will be disbursed to you, plus the interest generated. You can request from $2,000 to $10,000 in a term of 12 to 72 months (1 to 6 years).
Partially Secured Loan
It offers a lower interest rate than an unsecured personal loan by contributing part of your savings from a certificate of deposit as collateral for the loan, while continuing to generate interest and, when you finish paying, the collateral is released plus the interest generated. You can request from $2,000 to $75,000 and pay in a term of 12 to 84 months (1 to 7 years). Compare the benefits and select the loan that best suits your needs. Click here to learn more.
What are the requirements to apply for a loan with us?
- Be a resident of Puerto Rico
- Be 21 years or older. If you are under 21, you must present an emancipation or marriage certificate
- Provide Social Security number
- Income information
Call TelePréstamo Popular® at 787.294.2572 or 1.888.724.3653 from 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. or visit your nearest Popular branch for orientation. Loans are subject to credit approval. Certain restrictions and conditions apply. Equal Housing Lender.
