Questions & Answers

The process involves four steps:

• Apply Now: Submit a fast, free application with no impact on your credit score.
• Credit Union Match: Receive information about the local credit union processing your loan application and contact details of the loan officer handling your file.
• General Contractor Match: Get information and contact details for approved and qualified contractors or suppliers in your area.
• Funding: Once you sign a contract with a contractor or supplier and the credit union issues a clear to close, funding is provided.

Eligible projects include:

• Heating and cooling system upgrades
• Kitchen and bath remodels
• Windows and doors
• Decks, patios, and walkways
• Roofing and siding
• Basement remodels
• Other home improvement projects

PayClipper offers loans with 0% APR for 4 years to excellent borrowers. Rates of 3% APR and 6% APR are also offered.

No, there are no application fees, no origination fees for 0% loans, no early payoff fees, or stage funding requirements.

No, applying through PayClipper has no impact on your credit score.

No, home equity collateral is not required for these loans.

Services are available only in Massachusetts, limited to the following counties: Norfolk, Suffolk, Middlesex, and Essex.

PayClipper conducts deep analysis and due diligence for all network contractors and vendors but does not endorse nor warrant the licensing, workmanship, or business practices of the contractors and businesses chosen by you (the borrower).

No. This program is not sponsored by Mass Save. As of late 2024, Mass Save stopped offering rebates and financing for any fossil fuel related equipment, essentially providing Heat Pump upgrades only.

Since PayClipper is not funded by the utility companies, there are no rebates as we know them through Mass Save. However, some equipment manufacturers do provide rebates. Please consult with a qualified contractor. As a side note, homeowners should shop multiple quotes as we sometimes find that quotes with "rebates" can exceed non-rebated quotes.

PayClipper does not review, process or make any decisions on your application. The program administrator works with credit union lenders to provide and streamline the lending process and guidelines, but the ultimate decision resides with the credit union itself. PayClipper ensures applicant eligibility and provides an interface where a qualified contractor is matched with the project request and an approved lender receives the application for processing.

We get that question all the time. This depends on how the lender views your profile as a borrower. We have seen some exceptions made but not by a large amount. Credit Unions are great at structuring loans to fit your needs. This might entail a loan package where you would get $25,000 at 0% APR, and a second loan that could be a traditional equity product or a refinanced loan that is collateralized.

Please note that for home upgrades exceeding the lending limit, the borrower can utilize the PayClipper program for partial costs. For example, if renovating a kitchen, the borrower can use the program to purchase cabinetry and/or countertops from approved vendors.

For Mass Save and PayClipper loans, the Credit Union may file a Uniform Commercial Code (UCC) form called a “UCC-1 filing” at both the State and County level to give public notice that you have entered into a security agreement with the Credit Union that specifies your project as the collateral for your loan. If your mortgage provider needs to foreclose on your home or you try to sell the home without first repaying your loan, the UCC filing would show up in a title search in the public records.

The UCC-1 filing includes your name, address, and a description of the collateral (which is the project description). So, the UCC-1 filing is technically not a lien on your real property (i.e., your residence or real estate), nor is it technically a “fixture filing.” However, it is filed via a similar process so that it can be found more easily as a public record. The Credit Union will remove the UCC-1 filing after your loan is fully paid off. They can assist with subordinating or temporarily suspending the UCC-1 filing if you refinance and your mortgage provider requires it.

Technically, since the Credit Union's UCC-1 filing is only on the personal property that's represented by your home improvement project, there shouldn't be any conflict with the mortgage lender's lien on your real property. Still, many lenders require a subordination agreement. Fortunately, the process is relatively simple. The Credit Union charges a flat fee of around $75 (amount varies in different counties) to execute a notarized subordination agreement and can provide a one-page instruction document and a standard subordination agreement upon request.