COLUMBIA, S.C. - Affinity Technology Group announced that Puerto Rico's largest bank has purchased 150 of Affinity's automated loan terminals.
San Juan-based Banco Popular will use the ATM-like terminals as an inexpensive way to generate new loans.
Banco Popular has had some success in getting its customers to use electronic delivery mechanisms. Electronic transactions at the bank rose by 42% in 1994.
The new terminals will extend the electronic transaction from demand deposit products to loans.
"The ALM allows an individual to apply for a loan and, if approved, walk away with a check within 10 minutes - without even talking to a bank officer," said Richard L. Carrion, chairman and chief executive of Banco Popular.
Banc One Corp. and Mellon Bank Corp. have also agreed to purchase ALMs from Affinity, according to officials at the technology company.