Lower your annual percentage rate (APR) as you increase your contribution.
The higher the contribution to the CD, the lower the APR could be.
The CD will earn interest and, when paying off the loan, the collateral is released as well as the interest generated.
Be a resident of Puerto Rico
Must be 18 years old or more
Provide your Social Security number
Provide your income information
Product offered by Banco Popular de Puerto Rico. Member of FDIC.
Subject to credit approval and compliance with the parameters offered by Banco Popular. Other terms and conditions apply.
The Annual percentage rate (APR) for the unsecured portion is from 6.99% to 29.99% APR, for the secured portion, the base rate is 6.49% fixed APR. The minimum rate will depend on your credit history and the percentage of guarantee to be granted as collateral from 25% to 99% and will vary based on the term you choose. Terms available from 12 to 84 months, will depend on the amount of the loan. Discount: 0.50% when you enroll in for Direct Payment. Other discounts do not apply. Example: a $5,000 for 60 months loan with an 10.74% APR based on the credit score, after discount of .50% when you accept Direct Payment and giving 75% in collateral, it will be reduced to 7.62% APR and would pay 72 monthly payments of $100.48. Subject to credit approval. Other terms and conditions 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 5:00 p.m. EST. Same-day disbursement subject to branch hours and to the customer meeting all approval requirements. Other restrictions apply.
