Use your savings account or a certificate of deposit as guarantee (collateral) and get a fixed APR at the term you choose.
When you finish paying the loan, the collateral is released, in addition to 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.
Annual Percentage Rate (APR) from 6.49% APR; minimum rate is 6.24% APR after 0.25% discount when you enroll in for Direct Payment. Terms available from 12 up to 120 months, depending on the amount requested. Maximum amount of the loan will depend on the collateral offered as guarantee. When loan is paid off, the collateral plus interest earned will be released. Example: A loan of $5,000 at 6.24% APR for 72 months, after applicable discount would pay $83.43 per month. 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.
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