We provide answers to your most common questions about personal loans.
The new platform is now accepting applications from those who meet the following criteria:
If you want to apply for more than $50,000 with a co-applicant, consolidate debt, or renew your existing loan, please call 787.294.2572 or visit your branch.
This means you can review different loan options without these inquiries impacting your credit score. Offers listed on the platform will remain valid for 10 days. After accepting an offer and submitting your application, you give Banco Popular permission to run a credit report. This inquiry will appear on your credit report and could affect your score. Applications submitted at branches or through the TeleMarketing team are also subject to a credit report inquiry.
We offer the option to pay loans through Mi Banco Online. However, for your convenience, during disbursement, you can select the Direct Payment option, which provides peace of mind by ensuring your payments are made on time and avoiding late fees. Additionally, with Direct Payment, you can receive a discount of 0.25% to 0.50% on your APR, which varies by product. Certain restrictions apply.
We provide the following options:
You can apply online, by calling our TeleMarketing team at 787.724.3653, or at one of our branches.
The following are necessary to apply for a personal loan:
Same-day credit decisions are provided for applications received on business days, Monday through Friday, from 8:00 a.m. to 5:00 p.m. Same-day disbursement depends on the service hours of the chosen channel to complete the process: either in-branch or through Mi Banco until 4:00 p.m., as well as the customer meeting all approval requirements.
For applications submitted through the online platform, disbursement occurs on the same day if verification is completed and final approval is received by 2:00 p.m.; funds will be electronically deposited into your account the same business day. For applications approved after 2:00 p.m., disbursement will be processed the next business day. Business days are Monday through Friday, excluding federal holidays. Certain restrictions apply.
Once you finish the application at a branch or through the TeleMarketing team, you will receive an application number. For the latest updates, please contact your advisor or call 787.724.3653.
For applications submitted through the online platform, you will get email updates about your loan status.
The Annual Percentage Rate (APR) will be determined based on your credit history and the selected repayment period.
Yes, a fee applies for each late payment.
Yes, you can make a payment toward your loan principal or pay it off early. The latter will result in a prepayment penalty of 1% of the loan balance on the payoff date.
You can consolidate most debts with a personal loan. This includes other personal loans, credit cards, lines of credit, department store cards, and more. Remember, to consolidate debts, you need to visit one of our branches or call the TeleMarketing team at 787.724.3653.
Instruments you can use to secure a personal loan include Certificates of Deposit (CDs), deposit accounts (savings accounts), and securities (Popular Securities). You must apply either at one of our branches or by calling our Telemarketing team at 787.724.3653.
It’s a process that lets you complete the loan disbursement anywhere using Mi Banco (desktop version) on your phone, tablet, or computer.
To finish the disbursement of your personal loan through Mi Banco, you need to meet the following requirements:
The funds will be accessible on the same day the loan is disbursed.
If your loan qualifies for in-branch disbursement, a representative will contact you to set up an appointment. The loan’s terms and conditions will be discussed during the call. When you arrive at the designated branch at the scheduled time, you only need to sign the documents to receive your loan disbursement.
If you are facing financial difficulties that prevent you from meeting your obligations with Popular, we encourage you to contact the Consumer Credit Services Division (Puerto Rico) at 787.758.3273, Monday through Friday from 8:00 a.m. to 5:00 p.m. for guidance on available options.
Assistance is contingent upon the customer complying with the terms and conditions set for each program and providing proof of the temporary situation affecting their financial capacity.
Subject of credit approval. Certain restrictions apply.
