Home Improvement Loan Interest Rates

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Rates as of January 24, 2017

Home Improvement Loans

Credit Score* Term Interest Rate – Unsecured APR** Interest Rate – Secured APR**
740 & Above Up to 48 Months 6.50%  6.50% 5.50%  5.50%
49 to 60 Months 7.50% 7.50% 6.50% 6.50%
61 to 84 Months 8.00% 8.00% 7.00% 7.00%
85 to 120 Months 9.00% 9.00% 8.00% 8.00%
700-739 Up to 48 Months 7.50% 7.50% 6.50% 6.50%
49 to 60 Months 8.00% 8.00% 7.00% 7.00%
61 to 84 Months 8.50% 8.50% 7.50% 7.50%
85 to 120 Months 10.00% 10.00% 9.00% 9.00%
650-699 Up to 48 Months 8.50% 8.50% 7.50% 7.50%
49 to 60 Months 9.50% 9.50% 8.50% 8.50%
61 to 84 Months 10.50% 10.50% 9.50% 9.50%
85 to 120 Months 10.00% 10.00%
649 & Below Up to 48 Months 10.00% 10.00% 8.50%  8.50%
49 to 60 Months 11.00% 11.00% 9.50%  9.50%
61 to 84 Months 12.00% 12.00% 10.00% 10.00%
85 to 120 Months 10.00% 10.00%

Home Improvement Loan Payment Examples – Unsecured

Credit Score* Term(months)     Amount Borrowed Monthly Payment Total Loan & Interest
740 & Above 48 $7,500 $177.86 $8,537.28
740 & Above 60 $7,500 $150.28 $9,016.80
740 & Above 84 $7,500 $116.90 $9,819.60
740 & Above 120 $7,500 $95.01 $11,401.20
700-739 48 $7,500 $181.34 $8,704.32
700-739 60 $7,500 $152.07 $9,124.20
700-739 84 $7,500 $118.77 $9,976.68
700-739 120 $7,500 $99.11 $11,893.20
650-699 48 $7,500 $184.86 $8,873.28
650-699 60 $7,500 $157.51 $9,450.60
650-699 84 $7,500 $126.46 $10,622.64
650-699 120 $7,500
649 & Below 48 $7,500 $190.22 $9,130.56
649 & Below 60 $7,500 $163.07 $9,784.20
649 & Below 84 $7,500 $132.40 $11,121.60
649 & Below 120 $7,500

Home Improvement Loan Payment Examples – Secured

Credit Score* Term(months) Amount Borrowed Monthly Payment Total Loan & Interest
740 & Above 48 $7,500  $174.42  $8,372.16
740 & Above 60 $7,500 $146.75 $8,805.00
740 & Above 84 $7,500 $113.20 $9,508.80
740 & Above 120 $7,500 $91.00 $10,920.00
700-739 48 $7,500 $177.86 $8,537.28
700-739 60 $7,500 $148.51 $8,910.60
700-739 84 $7,500 $115.04 $9,663.36
700-739 120 $7,500 $95.01 $11,401.20
650-699 48 $7,500 $181.34 $8,704.32
650-699 60 $7,500 $153.87 $9,232.20
650-699 84 $7,500 $122.58 $10,296.72
650-699 120 $7,500 $99.11 $11,893.20
649 & Below 48 $7,500 $184.86 $8,873.28
649 & Below 60 $7,500 $157.51 $9,450.60
649 & Below 84 $7,500 $124.51 $10,458.84
649 & Below 120 $7,500 $99.11 $11,893.20

* 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 $10,000 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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