New Look Home Improvement Loans
LIMITED TIME PROMOTIONAL OFFER
Get rates as low as 7.99% APR* AND UP TO 11.74% APR**
It’s our goal to help you prosper. And if you have home improvement goals but are worried about qualifying for a traditional home improvement loan or HELOC, our attentive bankers may be able to help. For a limited time only, we’re offering a promotional rate on our New Look Home Improvement Loan. It’s a special loan product designed by First Merchants Bank that can help you take on your home improvement projects. The New Look Home Improvement Loan can help you avoid high interest rates associated with most credit cards, and provides consistency with scheduled monthly fixed payments, a fixed rate and a fixed term. And if you have limited or no credit history, we work with you to accept alternative credit information such as twelve consecutive payments of a utility or phone bill.
NEW LOOK PAYMENT EXAMPLES:
| $15,000.00 | Scenario 1* | Scenario 2** |
| Loan Term | 7 year (84 months) | 7 year (84 months) |
| Payment Frequency | Monthly | Monthly |
| Annual Percentage Rate* | 7.99% | 11.74% |
| Cost of Loan | $19,632.35 | $22,067.63 |
| Total Payment | 84 | 84 |
| Scheduled Payment | $233.72 | $262.71 |
Features
- A specialty loan product designed for low to moderate income borrowers or those who live in low to moderate income areas.
- Fixed-rate, fixed-term loan*
- Simple qualification guidelines for a variety of credit backgrounds (600 minimum credit score)
- Up to 100% LTV
- Available only for loans on primary residence (rental properties do not qualify)
*Annual Percentage Rate (APR) monthly payment example of $233.72 is based $15,000 financed for 84 months with a fixed rate of 7.99%. APR of 7.99% based on personal credit score of 740 and above, with a loan to value up to 80%. Payment example only and rates are subject to change at any time. **Annual Percentage Rate (APR) monthly payment example of $262.71 is based $15,000 financed for 84 months with a fixed rate of 11.74%. APR of 11.74% based on personal credit score of 600 and above or alternative credit for individuals with no credit or less than three trade lines that have at least 12 month payment history, with a loan to value up to 100%. Payment example only and rates are subject to change at any time. Offer valid through July 31, 2024. Subject to credit approval. Eligibility requirements apply. Product guidelines subject to change. Alternative credit history is allowed for individuals with no credit or less than three trade lines that have at least 12 months payment history. Alternative credit sources must be currently active or active within the last 12 months. Maximum debt to income 47%. Other restrictions may apply. Please see a banker for details.
