Home Improvement Rates

Home Improvement Interest Rates


Rates as of July 1, 2014

Home Improvement Loans

Credit Score*

Term

Interest Rate - Unsecured

Interest Rate - Secured
700 & Above Up to 48 Months 6.50% 5.50%
  49 to 60 Months 7.50% 6.50%
  61 to 84 Months 8.00% 7.00%
  85 to 120 Months 9.00% 8.00%
650 to 699 Up to 48 Months 7.50% 6.50%
  49 to 60 Months 8.00% 7.00%
  61 to 84 Months 8.50% 7.50%
  85 to 120 Months 10.00% 9.00%
649 & Below Up to 48 Months 8.50% 7.50%
  49 to 60 Months 9.50% 8.50%
  61 to 84 Months 10.50% 9.50%
  85 to 120 Months -- 10.00%

Home Improvement Loan Payment Examples - Unsecured

Credit Score*

Term  
(months)    

Amount Borrowed

Monthly Payment

Total Loan & Interest

APR**

700 & Above 60 $7,500 $150.25 $9,015.00 7.490%
650-699 60 $7,500 $152.07 $9,124.38 7.991%
649 & Below 60 $7,500 $157.51 $9,450.84 8.491%

Home Improvement Loan Payment Examples - Secured

Credit Score*

Term
(months)

Amount Borrowed

Monthly Payment

Total Loan & Interest

APR**

700 & Above 60 $7,500 $146.75 $8,804.77 6.493%
650-699 60 $7,500 $148.51 $8,910.54 6.992%
649 & Below 60 $7,500 $153.87 $9,232.44 8.491%

* Credit scores are based on information collected by credit bureaus and information reported each month by your creditors about the balances you owe and the timing of your payments. A credit score is a compilation of all this information converted into a number that helps a lender to determine the likelihood that you will repay the loan on schedule. The credit score is calculated by the credit bureau, not by the lender. Credit scores are calculated by comparing your credit history with millions of other consumers.

**Annual Percentage Rate

  • Loans subject to credit approval
  • Interest rates and programs are subject to change without notice
  • Loans $7,500 and above require a collateral mortgage or other sufficient collateral
  • Interest rates will be discounted 0.25% with Auto Pay from a Chemung Canal checking or savings account 
  • Loans under $5,000 - maximum term up to 60 months
  • Loans $5,000 to $10,000 - maximum term up to 120 months
     

 

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