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Over time, the roof of a home can become damaged by age, weather, and other factors — which is why homeowners might find themselves needing to repair or even replace their roof down the line. In October 2022, the average cost of a roof repair was $1,050, according to HomeAdvisor. But this cost can rise to $7,500 or more if your roof has structural damage.
Thankfully, there are several ways to cover these costs. One option is to take out a roof financing loan, which is a type of personal loan used to pay for roof repairs.
Here’s what you need to know about personal loans for roof refinancing:
- Personal loans for roofs
- Qualifying requirements for a personal loan
- How to apply for a personal loan
- Pros of using a personal loan to pay for a roof
- Cons of using a personal loan to pay for a roof
- Other ways to finance a roof
- Financing a roof with bad credit
Personal loans for roofs
A personal loan can be used to pay for almost any personal expense — including roof repair or replacement. But before you take out a personal loan, compare various lenders to find the best loan for your financial situation.
Tip: As you compare your personal loan options, keep in mind that personal loans for roof repairs or replacement are often referred to as home improvement loans.
Here are Credible’s partner lenders that offer personal loans for roof financing:
| Lender | Fixed rates | Loan amounts | Check rates |
|---|---|---|---|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 9.95% - 35.99% APR | $2,000 to $35,000** | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 11.79% - 20.84% APR | $10,000 to $50,000 | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 8.99% - 35.99% APR | $2,000 to $50,000 | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 7.99% - 24.99% APR | $2,500 - $40,000 | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 11.72% - 24.67% APR | $3,000 to $40,000 | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 9.57% - 35.99% APR | $1,000 to $40,000 | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 7.49% - 25.49% APR with autopay | $5,000 to $100,000 | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 18.0% - 35.99% APR | $1,500 to $20,000 | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 8.49% - 17.99% APR | $600 to $50,000 (depending on loan term) | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 14.3% - 35.99% APR | $3,500 to $40,000 | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 8.99% - 25.81% APR10 | $5,000 to $100,000 | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 11.69% - 35.99% APR7 | $1,000 to $50,000 | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 8.49% - 35.99% APR | $1,000 to $50,000 | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 6.4% - 35.99% APR4 | $1,000 to $50,0005 | |
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Achieve
Best for: Borrowers with a cosigner or proof of retirement savings
Achieve offers personal loans from $7,500 to $50,000 with terms from two to five years. Additionally, borrowers who add a cosigner or show proof of retirement savings might qualify for a better interest rate on their Achieve loan.
Pros
- Could get a better rate if you have a cosigner or proof of retirement savings
- Fast loan funding
- No prepayment penalties
Cons
- Origination fees from 1.99% to 4.99%
- Not available in Nev.
- Must borrow at least $7,500
Avant
Best for: Borrowers with poor credit
If you have bad credit, Avant could be a good option for a roof financing loan. You can borrow $2,000 to $35,000* with repayment terms from two to five years.** And if you’re approved, you could get your funds as soon as the next business day.
Pros
- Accepts poor and fair credit scores
- No prepayment penalties
- Fast loan funding
Cons
- Origination fees up to 4.75%
- Charges late and dishonored payment fees
- Not available in Colo., Iowa, Nev., N.Y, Vt., or W.Va.
Axos Bank
Best for: Borrowers with excellent credit
Axos Bank offers personal loans from $10,000 to $50,000 with terms from three to six years. If you’re approved, you could get your funds as soon as the next business day. Keep in mind that you’ll generally need good to excellent credit to qualify for a loan from Axos Bank.
Pros
- Fast loan funding
- No prepayment penalties
- Variety of loan uses
Cons
- Origination fees from 0% to 2%
- Charges late and insufficient funds fees
- Could be hard to qualify if you don’t have good credit
Best Egg
Best for: Borrowers with fair credit
In addition to your credit score, Best Egg considers more than 1,500 “proprietary credit attributes” from sources that include external data providers and your “digital footprint” to determine your creditworthiness. This means you might have an easier time qualifying with Best Egg compared to traditional lenders.
With Best Egg, you can borrow $2,000 to $50,000 with terms from two to five years.
Pros
- Accepts poor and fair credit scores
- Considers proprietary credit attributes in addition to your credit score
- No prepayment penalty
Cons
- Origination fees from 0.99% to 8.99%
- Charges late fees
- Not available in Iowa, Vt., Washington, D.C., or W.Va.
Discover
Best for: Longer repayment terms
If you’re looking for a longer repayment term, Discover might be a good option — you can borrow $2,500 to $40,000 with terms from three to seven years. Just keep in mind that choosing a longer term means you’ll pay more in interest over time.
Pros
- Repayment terms up to 7 years
- No origination fees or prepayment penalties
- Fast loan funding
Cons
- Could be hard to qualify if you have poor credit
- Charges late fees
- No discounts offered
LendingClub
Best for: Borrowers who need a cosigner
If you need a cosigner, LendingClub could be a good option — it’s one of the few lenders that allow cosigners on personal loans. With LendingClub, you can borrow $1,000 to $40,000 with a three- or five-year repayment term.
Pros
- Accepts poor and fair credit scores
- Allows cosigners
- Fast loan funding
Cons
- Origination fees from 3% to 8%
- Charges late fees
- Limited repayment term (only 3 or 5 years)
LendingPoint
Best for: Borrowers with near-prime credit
LendingPoint specializes in working with borrowers who have near-prime credit — usually meaning a credit score in the upper 500s or 600s. With LendingPoint, you can borrow $2,000 to $36,500 with terms from two to six years.
Pros
- Accepts poor and fair credit scores
- Fast loan funding
- No prepayment penalties
Cons
- Origination fees from 0% to 10%
- Minimum income requirement of $20,000
- Not available in Nev. or W.Va.
LightStream
Best for: Large loan amounts
If you need to borrow a large amount, LightStream could be a good choice — you can borrow $5,000 to $100,000. Most LightStream loans come with repayment terms from two to seven years, but if you use your loan for home improvements like roof repairs, you could have up to 12 years to repay it.
Plus, if you’re approved, you could get your funds as soon as the same business day.
Pros
- Can borrow up to $100,000
- Accepts fair credit scores
- 0.50% autopay discount
Cons
- Doesn’t disclose minimum income requirements
- Not available in R.I. or Vt.
- Loan can’t be used to refinance an existing LightStream loan
One Main Financial
Best for: Borrowers with below-average credit
Unlike many other lenders, OneMain Financial doesn’t have a minimum credit score requirement — which means you might qualify even if you have poor or no credit. In addition to your credit, OneMain Financial will also consider your financial history, income, expenses, and loan purpose to determine your creditworthiness.
With OneMain Financial, you can borrow $1,500 to $20,000 with terms from two to five years. Keep in mind that larger loan amounts might require collateral.
Pros
- No minimum credit score requirement
- Fast loan funding
- Previous customers might qualify for larger loan amounts
Cons
- Some loans might require collateral
- Charges origination fees (amount varies by state)
- If you’re approved, you’ll generally need to visit a branch location to discuss your options
PenFed
Best for: Small loan amounts
If you need to borrow only a small amount, PenFed could be a good option — you can borrow as little as $600 up to $50,000 with terms from one to five years.
Keep in mind that while you don’t need to be a PenFed member to apply for a loan, you’ll need to join the credit union if you are approved and want to accept the loan.
Pros
- Can borrow as little as $600
- No fees
- Allows cosigners
Cons
- Funds are sent by mail, which can take longer (unless you pay a fee for expedited shipping)
- Could be hard to qualify if you have poor credit
- Must join the credit union to accept a loan
Prosper
Best for: Borrowers who don’t have traditional income
While you’ll need to show some form of annual income to be eligible for a loan, Prosper has no specific minimum income requirement. This means you might have an easier time qualifying if you don’t have traditional income — for example, if you’re self-employed or receive pension checks.
With Prosper, you can borrow $2,000 to $50,000 with terms from two to five years.
Pros
- No minimum income requirement
- Fast loan funding (though funding can take longer if investors don’t quickly approve your loan)
- No prepayment penalty
Cons
- Origination fees from 2.5% to 5%
- Charges late fees
- Not available in Iowa or W.Va.
SoFi
Best for: Borrower perks
With SoFi, you can borrow $5,000 to $100,000 with terms from two to seven years. SoFi borrowers also have access to several perks, including unemployment protection, career coaching, and investing advice.
Pros
- Can borrow up to $100,000
- No fees
- Borrower perks like unemployment protection and investing advice
Cons
- Doesn’t disclose minimum income or credit requirements
- Funding can take longer compared to other lenders
- Not available in Miss.
Tally
Best for: Personal line of credit
Tally offers a credit line to help you pay off credit card debt in a lump sum, potentially with a lower interest rate than what you’re paying on your credit cards. This may be a good fit if you’ve already covered roof repairs with a credit card and want to pay off the balance. Credit lines range from $2,000 to $25,000, and they replenish when you pay down the balance — so you can use the line of credit multiple times. To qualify, you typically need a FICO® Score of at least 580.
Pros
- Doesn’t charge origination fees, prepayment fees, late fees, balance transfer fees, or over-limit fees
- May approve borrowers with fair credit scores
- Can make your credit card minimum payment automatically each month to protect against late fees
Cons
- Not available in Nev., Vt., and W.Va.
- Has a variable interest rate that can fluctuate over time
- May have an annual fee that reduces your credit limit
Universal Credit
Best for: Borrowers who want to build their credit
With Universal Credit, borrowers have access to free credit score monitoring, educational tools, and personalized recommendations that could help you build your credit. You can borrow $1,000 to $50,000 with Universal Credit.
Pros
- Fast loan funding
- No prepayment penalties
- Free credit score monitoring, educational tools, and personalized recommendations to help you build your credit
Cons
- Origination fees from 5.25% to 8.99%
- Limited repayment terms (3 to 5 years 8)
- Not available in Ark., Kan., Maine, S.C., Vt., Washington, D.C., Wis., or W.Va.
Upgrade
Best for: Quick loan decisions
With Upgrade, you can borrow $1,000 to $50,000 with a three- or five-year repayment term. Upgrade offers a quick and easy application process as well as free credit monitoring and educational resources to help you improve your credit.
Pros
- Quick loan decisions
- Accepts poor and fair credit scores
- Fast loan funding
Cons
- Origination fees from 1.85% to 8.99%
- Limited repayment terms (only 3 or 5 years)
- Not available in W.Va.
Upstart
Best for: Borrowers with thin credit history
In addition to your credit score, Upstart will consider your education and job history to determine your creditworthiness — which means you might qualify even if you have little to no credit history. You can borrow $1,000 to $50,0005 with Upstart.
Pros
- Accepts poor and fair credit scores
- Considers education and job history in addition to credit score to determine creditworthiness
- Fast loan funding
Cons
- Origination fees from 0% to 10%
- Charges late and returned check fees
- Limited repayment terms (3 to 5 years)
Qualifying requirements for a personal loan
While eligibility criteria can vary by lender, here are a few qualifying requirements you’ll likely come across:
- Good credit: You’ll generally need good to excellent credit to qualify for a personal loan. There are also several lenders that offer personal loans for fair credit or poor credit — however, these loans usually come with higher interest rates compared to good credit loans.
- Verifiable income: Lenders want to see that you can afford to repay your loan. Some lenders have a minimum income requirement while others don’t — but in either case, you’ll likely need to show proof of income.
- Low debt-to-income ratio: Your debt-to-income (DTI) ratio is the amount you owe in monthly debt payments compared to your income. You’ll typically need a DTI ratio no higher than 40% to be eligible for a personal loan — though some lenders might require a lower ratio than this.
Requirements for a personal line of credit
A personal line of credit allows you to borrow up to a maximum limit, repay the funds with interest to replenish your balance, and borrow again as needed. You typically need good to excellent credit to qualify for a personal line of credit, although some lenders — like Tally — work with people who have fair credit.
Lenders also review your income and outstanding debt to check whether you have enough room in your budget to make payments. If you have a low credit score or a high DTI ratio, you may still qualify for a personal line of credit, but it might come with a higher interest rate.
Check Out: Getting a Loan with No Credit: 4 Loans for New Borrowers
How to apply for a personal loan
If you’re ready to apply for a roof financing personal loan, follow these four steps:
- Compare lenders. Be sure to shop around and compare as many personal loan lenders as you can to find the right loan for your situation. Consider not only interest rates but also repayment terms, any fees charged by the lender, and eligibility requirements.
- Pick a loan option. After doing your lender research, choose the loan option that best suits your needs.
- Complete the application. Once you’ve picked a lender, you’ll need to fill out a full loan application and submit any required documentation, such as tax returns or pay stubs.
- Get your funds. If you’re approved, the lender will have you sign for the loan so the funds can be released to you. The time to fund for a personal loan is usually about one week — though some lenders will fund loans as soon as the same or next business day after approval.
Before you take out a personal loan, be sure to consider how much that loan will cost you. This way, you can be prepared for any added expenses. You can estimate how much you’ll pay for a loan using our personal loan calculator below.
Enter your loan information to calculate how much you could pay
With a $ loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the loan.
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Applying for a line of credit
The process of applying for a line of credit is similar to applying for a personal loan: You compare offers from multiple lenders, then submit an application to the one you select. The lender typically reviews your application, pulls your credit, and verifies your income. If the lender approves your application, it sets your borrowing limit and interest rate. You can then access a line of credit that you can spend, pay down, and use again.
You can easily compare your options on Credible in minutes without affecting your credit score.
Pros of using a personal loan to pay for a roof
If you’re thinking about using a personal loan to pay for a roof, here are some pros to consider:
- Fixed rates: Personal loans generally come with fixed rates, which means your payment will stay the same throughout the life of your loan.
- Fast funding: Depending on the lender you choose, you could get your funds within just a few days — or even the same day — after approval.
- Long repayment terms: Personal loans usually come with terms ranging from one to seven years, depending on the lender. This means you can spread your payments out to fit comfortably in your budget. Just remember that choosing a long-term personal loan means you’ll pay more in interest over time.
Cons of using a personal loan to pay for a roof
And here are a few potential drawbacks to keep in mind:
- Fewer options for poor or fair credit: If you have bad credit, you could have a hard time qualifying for a personal loan. You’ll also generally need good to excellent credit to qualify for the best interest rates.
- Might come with fees: Some lenders charge fees on personal loans, such as origination or late fees. This can raise your overall loan cost.
- Lump-sum payment: Unlike other options like credit cards or lines of credit, personal loan funds are disbursed as a lump sum. While this can be helpful if you know exactly how much your roof repairs will cost, it also means you’ll have to take out another loan if you end up needing more money than you expected.
Other ways to finance a roof
In addition to personal loans, there are also other ways to finance the cost of roof repairs or replacement. Here are some alternatives to consider:
Home equity loan or HELOC
If you’re a homeowner, you can tap into your home’s equity with a home equity loan or home equity line of credit (HELOC). Because these options are secured by your house, they sometimes come with lower interest rates than personal loans.
Just keep in mind that if you can’t keep up with your payments, you risk losing your home.
Cash-out refinance
Homeowners can also tap into their home equity using a cash-out refinance, which is a brand-new mortgage for more than your existing home loan. You receive the difference as a lump sum payment to use however you want.
A cash-out refinance is secured with your home and will typically come with a lower interest rate than a credit card. However, it could still be an expensive option if mortgage rates are on the rise.
In-house financing
Some roofing companies offer financing to their customers, either with in-housing financing or through a third-party vendor. This can be an easier option compared to taking out a loan as you can manage your roof repair needs and the needed financing in one place.
If you’re thinking about financing with a roofing company, be sure to compare your options with other personal loan lenders to make sure you’re getting the best possible deal.
Credit card
Unlike a personal loan, a credit card is a type of revolving credit that lets you repeatedly draw on and pay off your credit line. This could come in handy if you aren’t sure how much your roof repairs will cost or if you need to cover recurring costs over time.
Some credit cards come with a 0% APR introductory offer, which means you could avoid paying any interest if you can repay your balance before this period ends.
However, if you can’t pay off your card in time, you could be stuck with some hefty interest charges. Additionally, credit card rates tend to be higher than personal loan rates.
Government programs and grants
The government offers a few programs and grants designed to help low-income families pay for needed home repairs, such as roof repairs or replacement.
- Weatherization Assistance Program: This program is available to low-income families to improve the energy efficiency of their homes and lower their energy costs.
- Single Family Housing Repair Loans and Grants: This program provides two options for home repairs: loans for very-low-income families to repair, improve, or modernize their homes or grants for very-low-income elderly homeowners to remove health and safety hazards.
- Rural Housing Repair Loans and Grants: If you’re a very-low-income homeowner living in a rural area, you might qualify for a loan through this program to improve, repair, modernize, or remove health and safety hazards from your home. Homeowners who are 62 or older and who fall into this category might be eligible for a grant through this program.
- FHA Limited 203(k) mortgage loan: Homebuyers and homeowners can add up to $35,000 to their mortgage loan to make home repairs or improvements with this program.
- FHA Title I loan: This loan provides fixed-rate loans for home improvements, repairs, and rehabilitation projects. Loans under $7,500 are usually unsecured, but you’ll need to use your home as collateral when borrowing larger amounts. You can borrow up to $25,000 to improve a single-family home.
- State programs: Your state or local government may offer their own low-cost loans geared toward home improvements and repairs. Programs vary in each locality and may set rules around how you can spend the money. You may also need to fall within certain income limits and meet other requirements.
Pay with insurance
In some cases, your homeowners insurance might cover the cost of fixing your roof — such as if your roof was damaged by fire, wind, or hail. Keep in mind that you’ll likely need to pay a deductible before your insurance will kick in. Additionally, your insurance will generally have a coverage limit.
Also note that homeowners insurance generally doesn’t cover repairs required due to wear and tear or maintenance needs. If you think you might have an eligible insurance claim, be sure to reach out to your insurance company to discuss your options.
Financing a roof with bad credit
It could be difficult to qualify for a loan to repair your roof if you have poor or fair credit. While some lenders offer personal loans for bad credit, these loans tend to come with high interest rates — meaning you’ll pay much more in interest overall.
Even if you don’t need a cosigner to qualify, having one could get you a lower interest rate than you’d get on your own.
If you decide to take out a personal loan for roof financing, remember to consider as many lenders as possible to find the right loan for you. Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.
Kim Porter has contributed to the reporting of this article.
