May 10
What type of personal loan suits me?
May 10, 2023
No matter your plan or project, whether it be going on a family vacation, consolidating debt, or covering back-to-school expenses, 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 amount and be sure you can take on this new credit responsibility. You should also consider your other payment commitments and apply for a reasonable amount to cover those needs you have identified in advance.
- Interest rate: The interest rate assigned to your loan will depend on your credit history and ability to pay, among other things. If you have no credit experience, there are loans that can help you establish it.
- Type of collateral: Refers to the payment guarantee needed for certain types of loans. Some products require cash or funds from a savings account.
- Loan term: The amount of time you will pay 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 on your budget.
- Be a resident of Puerto Rico
- Be 21 years or older. If you are under 21, an emancipation or marriage certificate is required
- Provide your Social Security number
- Income information