Banco Popular offers personal loans of two types: secured and unsecured.
Unsecured loans are available for between $1,000 and $25,000, and paid off in fixed monthly payments (just like a mortgage). You need a decent credit history and income to qualify for such a loan.
Secured loans require that you put up some collateral to reduce the risk for the bank. In return, you will enjoy a lower interest rates and flexible payments (that is, you can decide how much you pay off every month, similar to credit card debt). Once you have a secured loan, you have a pre-set credit limit, and you are allowed to take out the cash from any Banco Popular branch up to that limit.
The flexibility of a secured loan is a certain advantage, so if you have collateral that Banco Popular will accept, it is the preferred choice.
Also check out:
Banco Popular CD Rates
Banco Popular Free Checking Accounts
I would like to request a secured loan ($50,000) to consolidate all my debts and have one direct payment from my account twice a month. Is this possible? I am presently paying a mortgage and this payment is done electronically twice a month from the mortgage company. Please advise.