Get a lower fixed APR than with other loans while earning interest on your collateral.
Use your savings account or a certificate of deposit as guarantee (collateral) to lower the annual percentage rate (APR) and cover your debt.
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.
The base rate varies by region: USVI: Base rate of 5.50% APR, minimum rate is 5.25% APR. The 5.25% Annual Percentage Rate (APR) offer applies to loan applications up to $25,000. 5.25% includes the 0.25% discount for enrolling in Direct Payment. For loans more than $25,000 the base rate will be 3% plus the Annual Percentage Yield (APY) of the instrument provided as collateral. Example USVI: a $5,000 loan at 5.25% APR for 72 months, after applicable discount, would pay $81.11 a month. BVI: Base rate of 7.75% APR; minimum rate is 7.50% APR. The 7.50% APR offer applies to loan applications up to $25,000. For loans more than $25,000 the base rate will be 4% plus the APY of the instrument provided as collateral. Example BVI: a $5,000 loan at 7.50% APR for 84 months, after applicable discount, would pay $76.69 a month.
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.
