The purpose of this page is to give you some background on the Banco Popular secured loans and lines of credit. Please remember, it is important to understand the risks associated with secured loan status, which may put your any asset used as security at risk.
About Banco Popular Secured Loans
If you need money and you’ve got some personal savings you can use as collateral, and Banco Popular secured loan or line of credit is a great choice. This lets you leave your savings or CD account intact, so that you continue to earn interest even as you get the money you need.
Approval for a Banco Popular secured loan applications or line of credit applications is apparently very high, so that it’s easy to manage your finances. Use the money for unexpected expenses that have come up, take a vacation, make home improvements, and more.
Secured Loan Terms
With a Banco Popular secured loan application, you also have a number of loan terms available, so that you can find one that fits your needs. You can borrow up to 100% of your savings or CD amount, beginning inrs amounts as small as $1000. (The maximum loan amount is $100,000.) And because you have a fixed rate and a fixed monthly payment as part of your terms, you always know how much you have to pay every month so that it’s easy to budget.
The Benefits of Secured Loans from Banco Popular
If you don’t need a Banco Popular secured loan but you’d rather have a line of credit, you can use our program for this instead. This, too, has a competitive interest rate and easy borrowing terms; a Banco Popular line of credit gives you get a revolving line of credit, which means you can use this credit again and again, always at low interest. As at the beginning of 2010, your credit limits began at $1000, and can go up to your CD or savings balance, with a maximum credit line amount of $50,000.
The Risks of Secured Loans
It is absolutely critical to understand that having a secured loan on an asset of yours puts that asset at risk if you fail to keep up secured loan repayments. In other words the asset which you have used as security may be lost in this type of secured loan application. It is therefore critcal to seek independent financial professional advice.
How Banco Popular Lines of Credit Work
With a revolving line of credit, you get a variable rate and flexible payments, with a minimum payments based upon your outstanding balance, do every month. You can pay down your balance, you can pay a minimum payment, or you can pay something in between. Either way, this revolving line of credit is yours to use over and over again. Access your secured line of credit money either by using line of credit checks or through cash advances at any Banco Popular location.
Are Banco Popular Secured Loans Right for You?
If you need a one-time sum of money, from $1000 up to the limit of $100,000, based upon your CD or savings balances, and you like the idea of a fixed interest rate and monthly payments that are always the same, a Banco Popular secured loan may be your best bet. If you need a revolving line of credit, whereby you can use the credit over and over again, with flexible payment options and variable interest, a Banco Popular line of credit may suit your needs.
As stated earlier though, with secured loans it is critical to seek professional advice due to the asset loss risks involved.