About PayClipper Loan
Payclipper program is designed around zero percent and other low-rate financing options for borrower's home improvement needs. Program partners are credit unions as lenders, and local general contractors and material suppliers.
Currently, Payclipper Program is available in Massachusetts, to borrowers who live or work in following counties: Norfolk County, Suffolk County, Middlesex County and Essex County.
| Payclipper Loan Guidelines | Tier 1 FICO 750-850 | Tier 2 FICO 720-749 | Tier 3 FICO 680-719 |
|---|---|---|---|
| Min - Max Loan Amount | $5,000 - $25,000 | $5,000 - $25,000 | $5,000 - $25,000 |
| Loan Term | 4 years | 4 years | 4 years |
| Rate APR* | 0% | 3% | 6% |
| Pre-Payment Penalty | No | No | No |
| Application Fee | 0% | 0% | 0% |
| Origination Fee (see below schedule) | $0 | $150 - $400 | $150 - $400 |
| Late Payment Fee | $10.00 or 10% of the outstanding balance, whichever is less | $10.00 or 10% of the outstanding balance, whichever is less | $10.00 or 10% of the outstanding balance, whichever is less |
| Fee Schedule | Tier 1 FICO 750-850 | Tier 2 & 3 FICO 680-749 | Tier 2 & 3 FICO 680-749 | Tier 2 & 3 FICO 680-749 |
|---|---|---|---|---|
| Loan Amount | $5,000 - $25,000 | $5,000 - $10,000 | $10,001 - $15,000 | $15,001 - $25,000 |
| Origination Fee | $0 | $150 | $250 | $400 |
APR* - Annual Percentage Rate represents the annual cost of your loan, including interest and other fees. The APR on this loan is fixed and will not change during the loan term. Borrower must be owner of record. This loan may only be used for specific home improvement projects, outlined in the contractor/supplier proposal. Loan may not be used for personal, business or illegal purposes. Must be a credit union member prior to loan funding. All loans are subject to credit approval, underwriting guidelines, and membership eligibility. Other terms and conditions may apply. The minimum loan amount is $5,000 and the maximum loan amount is $25,000. Credit Union might require UCC1 filing. Federally insured by the National Credit Union Administration. Equal Opportunity Lender.
Payment Sample 1 - Borrow $10,000 for 4 years at 0%, Tier1 Fico, pay $208.33 per month
Payment Sample 2 - Borrow $10,000 for 4 years at 3%, Tier2&3Fico, pay $221.34.