Home Improvement Loans
It’s time for an upgrade.
Looking to remodel your kitchen, replace your roof, or get started on a smaller project without the need to refinance, utilize your equity, or rack up credit card debt? A home improvement loan with Red River Credit Union can help.
Your home is an investment. Enhance your property with renovations, updates, and repairs with a RRCU home improvement loan. No closing costs, inspections, or equity needed. You can borrow up to $50,000* to help increase the value of your investment.
*With approved credit.
A few things will be needed to get you qualified for your home improvement loan.
- Individual applicant must have a credit score of 700 or higher, joint applicants must average 700 or higher with neither being under 660.
- Proof of employment for 4 years.
- Income verification with W-2 and pay stub dated within the last 30 days. If you are self-employed, you must provide the last two years tax returns. For those who are retired or on social security, verification must be made by a third party such as a social security letter or retirement award letter. Income may be verified though RRCU direct deposit.
- Proof of residence for 4 years or home ownership of 4 years prior to current residence. Copy recorded Warranty Deed on present residence.
- List of improvements or work estimates. Loan may not exceed the total amount of improvement estimates provided by the member.
Rates Effective: 12/07/2022
Consumer Home Improvement Rates
|Loan Type||Term||APR* As Low As|
|Up to $10,000||up to 60 months||5.45 %|
|$10,001-$15,000||61-84 months||5.95 %|
|$15,001-$25,000||85-120 months||6.95 %|
|$25,001-$50,000||121-144 months||7.95 %|
* APR=Annual Percentage Rate. With approved credit. Rate based on term and credit score. Rates subject to change.