Frequently Asked Questions about Personal Loans

We answer the most frequent doubts about personal loans .

How do I apply for a Banco Popular personal loan?

You can apply online, calling TelePréstamo Popular at 787.724.3653 or in any of our branches.

What documents or information do I need to apply?

To apply for a personal loan, you need your Social Security number, your demographic information, and employment and income information.

How quickly will my loan be approved?

Same day credit decision applies to applications received on working days, from Monday to Friday from 8:00 AM to 1:00 PM. Same day disbursement are subject to branch schedules and that the customer complies with all the approval requirements. Other restrictions apply.

How do I receive the money from the loan?

When consolidating Banco Popular debts they will get cancelled directly, debts from other institutions are received by check, and any excess will be deposited on an account or received by check.

How do I know about my loan application status?

Once the application is completed, you will receive an application number. To get up-to-date information, you can call your consultant or 787.724.3659.

How is my APR determined?

Your APR will be determined based on risk score provided by the credit agency.

Is there a penalty when I’m late with my payments?

Yes, for each payment that is delinquent, you will incur a charge.

Can I make advance payments to my loan debt or pay it off before its term?

Yes, you can make advance payments to your loan debt. You can also repay before the stipulated term. The latter gives you a 1% indemnification off the balance sheet at the date of payment.

Can I pay my loan through Mi Banco Online?

We have the option of paying your loan through Mi Banco Online, however for your convenience we have Direct Payment, which gives you the tranquility of making your payment on time to avoid delays. In addition, with Direct Payment you get a 0.25% discount in your APR.

What debts can I consolidate with a personal loan?

You can consolidate most debts with a personal loan. This includes other personal loans, credit cards, lines of credit, and department store cards, among others.

What can I put as collateral for my secured personal loan?

The instruments that can be used to secure a personal loan are: Certificates of Deposits (CD’s), deposit accounts (savings account) and/or brokerage account (Popular Securities).