Save for that special moment or start building your credit history.
The CrediSavings loan allows you to place the loan money in a certificate of deposit (CD), which you will pay over the selected term.
This CD becomes collateral and earns interest throughout the term of the loan.
When you pay off your loan, the bank disburses the money from your CD, as well as the interest generated.
Product offered by Banco Popular de Puerto Rico.
Subject to credit approval and compliance with the parameters offered by Banco Popular. Other terms and conditions apply.
The base Annual Percentage Rate (APR) starts at 5.50%; APR minimum rate is 5.25% APR after 0.25% discount when you enroll in for Direct Payment. Loans start at $2,000 up to $10,000 with terms from 12 to 72 months, depending on the amount requested. CrediSavings is a personal loan product with a savings guarantee. The loan guarantee is a Certificate of Deposit (CD) to be opened when the loan is approved, and the approved amount will be deposited in it. This Certificate of Deposit becomes the collateral for the loan. After making the corresponding monthly payments and at the end of the established term, the money is disbursed, including the accrued interest on the collateral. Example: a $5,000 loan at 5.25% APR for 72 months, after applicable discount, would pay $81.11. Certain restrictions apply.
You have the option to start paying your loan up to 90 days after disbursement; however, this does not constitute a forgiveness of interest accrued during this period; said interests will be prorated for the term of the loan. If any applicant is a covered debtor as defined by the Military Lending Act, the availability of this option is subject to the provisions of that Act.
Same-day credit decision for applications that contain all the information necessary for evaluation and are received on business days, Monday to Friday from 8:00 a.m. to 1:00 p.m. EST. Same-day disbursement subject to branch hours and to the customer meeting all approval requirements. Other restrictions apply.
Direct loan disbursement to your Popular account requires registration in Mi Banco to process the deposit electronically and applies only to loans with a single debtor. If the purpose of the loan is to consolidate debts, the electronic disbursement will only allow the consolidation of debts with Banco Popular and the deposit of the surplus, if any, to a Popular account. Popular may require you to close the credit accounts you are consolidating. Other terms and conditions may apply.
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