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Roof Repair Financing

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Can You Finance Roof Repair?

If you own a home, sooner or later you will need to repair your roof.

The question is, how are you going to pay for it? The answer, roof repair financing.

Homeowners have access to a variety of roof repair payment plans or financing options. In this blog post, we will explore some of the most common roof repair financing options.

We will also discuss the pros and cons of each home roof repair financing option so that you can make an informed decision about which one is best for you.

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Learn More About Roof Repair Financing

Learn more about the different options for financing roof repairs

Read more - FAQ


Can You Get A Personal Loan To Pay For A Roof Repair

When your roof leaks, it's important to act quickly to prevent further damage. Unfortunately, roof repairs can be expensive, and many homeowners don't have the cash on hand to pay for the repairs. If you find yourself in this situation, you may be wondering if you can take out a personal loan to cover the cost of the roof repair.
You can certainly get a personal loan to finance roof repairs. In fact, personal loans can be a great option for roof repair financing because they usually come with low-interest rates and flexible repayment terms for each roof repair payment plan. That said, it's important to compare offers from multiple lenders before taking out a loan, as rates and terms can vary widely.

How To Finance Roof Repair With No Credit

Financing roof repair can be a daunting task, especially if you have no credit. However, there are a few options available to those in need of financing. One option is to apply for a home equity loan or line of credit. If you have equity in your home, this can be a great way to finance your roof repair.
Another option is to apply for a personal loan from a bank, credit union or online lender. This option may be more difficult if you have no credit, but it is still possible to get approved for a loan. You may have to pay a slightly higher interest rate or take out this kind of loan with a cosigner.
You can also look into financing through family and friends. This is typically a less expensive option than taking out a formal loan, but it may not be an option for everyone.
Whatever you do, don't rely on a payday or emergency loan to get you by. There are plenty of other options to consider!

What Review Ratings Does Acorn Finance Have?

Acorn Finance is the name to know for roof repair financing – and it has some pretty spectacular ratings. Acorn Finance allows consumers to check offers from top national lenders with no impact to credit score. On TrustPilot alone, Acorn Finance has a five-star rating across more than 147 reviews. To learn more, visit Acorn Finance or check out Nerd Wallet's review. The reputation speaks for itself.

What Lenders Finance Roof Repairs

Mortgage lenders sometimes finance roof repairs as part of the loan process. The lender will likely require documentation of the cost of the repair, as well as an estimate of the value of the property after the repair is made. The lender may also need to be satisfied that the repair will be made timely and professional. The lender may require that a licensed contractor perform the work in some cases.
You can also finance a roof repair through a home equity loan or home equity line of credit. Personal loans, financing through the roofing company, and credit cards are other options. HUD also has a home improvement and repair loan that you might be able to qualify for if you live in a low-income area.
If you are considering financing a roof repair, it is important to compare offers from several lenders to ensure that you are getting the best terms possible.

Why Is Acorn Finance The Place To Go For Roof Repair Loans?

Acorn Finance has a network of top national lenders that specialize in home improvement loans. As a result, consumers can access personalized offers efficiently without a hard credit pull. Here are four reasons why Acorn Finance is the place to go when you need a roof repair or replacement loan.
#1. Competitive rates and terms
Acorn Finance has a network of lenders that can offer personal loans up to $100,000, depending on credit score. In addition, APRs as low as 6.99% are available, again, depending on credit score.
#2. No spending restrictions
Home improvement loans through Acorn Finance lending partners do not have any spending restrictions. You can use the loan for roof repairs or other home improvements. Just be sure to borrow the proper amount.
#3. Straightforward process
At Acorn Finance, you can check offers within 60 seconds or less. See an offer you love? Move forward to secure it with the lender of your choice? Don't see an offer you love? Shop around. You can always return to Acorn Finance.
#4. No impact to credit score
As we have mentioned, checking offers at Acorn Finance does not impact your credit score.

What Credit Score Is Needed For A Roof Repair?

There are a number of financing options available for roof repairs, regardless of your credit score. However, the interest rate and terms of the loan will vary depending on your credit history. In general, you should aim to have a credit score of at least 640 to qualify for the most competitive financing options. Here is a breakdown of what you can expect.
If you have excellent credit (a score of 720 or higher), you can expect to qualify for a low-interest loan with terms that are favorable. If you have good credit (a score of 660-719), you can still qualify for a loan, but the interest rate will be higher than someone with excellent credit. If you have fair or poor credit, you may not be automatically approved for a loan with any lender, but there are still options out there. You may have to pay a higher interest rate or reapply with a cosigner.

Is Financing A Roof Repair A Good Idea?

Can you finance the roof repair? Absolutely. But is it a good idea? That depends. There are a few things to consider before making a decision. First, roof repairs can be expensive, so you'll need to make sure you can afford the monthly payments. Second, roof repairs are often covered by insurance, so you may be able to get some or all of the repairs paid for by your insurance company.
Finally, roof repairs can add value to your home, so it's important to weigh the costs and benefits before making a decision. Financing a roof repair can be a good idea if you're confident you can afford the monthly payments and you think the repairs will add value to your home – or, if, of course, you have a roofing emergency on your hands and simply don't have the cash to pay out of pocket.
Trying to fix your roof can be expensive, but fortunately, there are a few ways you can finance the repairs. By taking out a loan or using a credit card, you can spread the cost of the repairs over time and make them more manageable. If you have homeowner's insurance, you may also be able to file a claim to help pay for the repairs.
And finally, if you qualify, government programs like The Low Income Home Energy Assistance Program (LIHEAP) may be able to provide financial assistance with your home repairs.
Whatever the case may be, do your due diligence in searching for financing for roof repair. The options are out there – it all comes down to finding the right one for you!

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Frequently Asked Questions

What are the best loans for roof repair financing? 

The best loans for roof repair financing are going to be situationally dependent. With many options, start by exploring which option might work best. When ready, you can check offers.

Roof loans can be derived from a multitude of sources, here’s a few: 

  • Personal loans: Personal loans are a popular choice for roof repair financing because funding can usually be funded quickly with no collateral requirement. With few spending restrictions you can use a personal loan for roof repair financing and associated costs. If you can borrow enough, you may be able to tackle other home improvement projects too.
  • HELOC: A HELOC (home equity line of credit) is a revolving line of credit that you can draw from, up to the credit limit. The borrower is only responsible for repaying the amount drawn with interest. For ongoing home improvement or projects with unknown cost, this can be an option to consider. The line of credit is backed by the equity in your home. 
  • Home equity loan: Much like a HELOC, a home equity loan involves borrowing money against the equity that you have in your home. However, it’s an installment loan, therefore, it’s funded as a lump sum that is to be repaid in installments. 
  • Credit cards: Credit cards can be used to finance roof repairs, but may come at a higher cost due to interest rates. For materials, some retailers may offer promotional financing offers. 
  • Roofing companies: Some companies may offer in-house roof financing or partner with third-party lender(s). While this can be a convenient option, you should still explore options. Just because you opt out of their financing does not mean you can’t use their services. 
  • Government backed loans: Homeowners can take advantage of roof loans that are government insured such as the FHA 203(k) and FHA Title 1 Loans. These loans operate differently, with a FHA 203(k) involving a mortgage refinance, while a FHA Title 1 can be secured with a mortgage. FHA loans may be easier to qualify for than other roof financing options, but issuance of funds can take some time. 

Be sure to double check that your needed roof repairs aren’t covered under your home insurance policy or home warranty coverage, if you have it, before seeking roof repair financing. 

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How do you compare roof repair financing options?

Comparing roof repair options is crucial to the decision making process. Roof repair financing that works for one homeowner, may not be ideal for the next. Take time to assess your budget, situation, and project goals. Consider what aspects of a roof repair loan would benefit you the most. Lowest monthly payment? Lowest interest rate? Highest loan amount? Longest repayment period? 

Before comparing offers, take some time to consider your needs, requested loan amount, and ability to repay. When ready, visit Acorn Finance to check rates with no credit score impact.

What is roof repair financing?

Roof repair financing is an umbrella term for a variety of loan options that range from installment loans to revolving credit lines. No matter what form of roof repair financing you seek, they can all share the same purpose. That is, to make affording the costs of a new roof or roof repairs more manageable. Splitting up the costs associated with roof repairs can make it more feasible for homeowners that do not have a large savings to fall back to complete the necessary repairs or maintenance. 

What are typical costs associated with roof repair financing?

The costs associated with roof repair financing can vary, depending on the lender and the offer. Your qualifications can also play a role in costs associated with the loan.Here are some costs to be mindful of as you compare offers:

  • Origination fees
  • Application fees 
  • Prepayment penalties 
  • Late payment charges
  • APR

While monthly payments are what the lender wants you to focus on, note the total loan cost. This can give you a more accurate representation of what the loan will cost you over time, not just monthly. 

How does roof repair financing work?

Roof repair financing can work differently, depending on the type of loan and the lender. At Acorn Finance, our lending partners specialize in home improvement loans for roof repair financing, Here’s how home improvement loans work:

  1. Prequalification: Getting prequalified is the first step toward getting a home improvement loan. Prequalification means you can qualify for the loan, but there are contingencies. The lender still needs to confirm your creditworthiness. This can include verifying identification, income, residency, and other details. Oftentimes you can get prequalified without an impact on your credit score. 
  2. Acceptance: Offer and acceptance…make sense, right? If you’ve found an offer you wish to move forward with, you’ll likely need to accept the offer officially. The information originally provided should match the supporting documentation. Keep this in mind as you submit information to get prequalified. You will want to ensure you can prove things such as your address or income in the event the lender asks for documentation. 
  3. Approval: After accepting the loan, the lender can examine your creditworthiness in more detail. This is known as the underwriting process. Once a loan is approved, review the final offer to ensure nothing has changed since the original offer. If the lender has any concerns, they can revise or revoke the initial offer. For example, if your income does not match the information provided or pulled, this could cause them to decrease the loan amount. 
  4. Funding: At last, the part you’ve been waiting for - your funds are ready. Some lenders can deposit funds directly to your account. At Acorn, our lending partners can fund loans in as little as 1-2 business days although funding times may vary.
  5. Repayment: Approximately 30-45 days after funding repayment typically begins. Repayment schedules should be predetermined. Setting autopay up for your loan can help ensure you never miss a payment. Additionally, some lenders can offer a discount for setting up autopay. If possible, pay more than the minimum each month to pay down the principal faster. Just be sure the loan does not have prepayment penalties before doing so.

When are home improvement loans for roof repair financing worth it?

Home improvement loans for roof repair financing should be taken advantage of when they’re needed. Whether you have the cash on hand or not, financing a roof repair may be the preferred option. Damaged roofs can lead to a slew of problems including water damage, mold disposition, and safety concerns. In most cases, home improvement loans for roof repair financing are worth the additional costs that may arise in the long run. Ultimately though it will depend on your personal situation, needs, and ability to repay. 

List pros & cons of roof repair financing:


  • Safe shelter
  • Opportunity to build positive payment history 
  • Fixed monthly payments
  • Increased home value 


  • Interest and fees
  • Taking on debt (defaulting can impact credit score)
  • Costs more than paying cash 
  • Added step(s) in completing a roof repair

Pros and cons of lenders for roof repair financing:


Best for roof repair loans with long repayment periods 

Minimum qualifications: 

  • Minimum credit score requirement of 660 or above 
  • Minimum income requirement of $50,000/year


  • No origination fees
  • Funding as soon as one business day on approved loans, although funding times can vary
  • Competitive loan offers
  • Allows co-signer
  • Large personal loans available 
  • Flexible repayment periods up to 12 years


  • Strict qualification requirements
  • No access to pre-qualify through the LightStream website (When applying directly, you can get pre-approved but not pre-qualified, therefore, you may be subject to a hard credit pull. To get pre-qualified with LightStream, check offers through Acorn Finance to see if you qualify.)


Best for online roof repair loans for borrowers with next-to-perfect credit

Minimum qualifications:

  • Minimum credit score requirement of 680 or above 
  • Minimum income requirement of $50,000/year


  • Flexible loan amounts and repayment terms
  • No origination fees
  • Competitive interest rates
  • Funding as soon as one business day on approved loans, although funding times can vary
  • Allows cosigner applications
  • Unemployment protection available


  • High credit score requirement
  • Approvals may take 3 days or more

Best Egg

Best for roof repair loans for borrowers with fair credit 

Minimum qualifications:

  • Minimum credit score requirement of 600 or above 
  • No minimum income requirement 


  • Fair credit scores can qualify
  • No minimum income requirement
  • Same or next day funding available, although funding times can vary


  • Not available in some states
  • Origination fees between 0.99% and 6.99%
  • Higher APRs


Best for peer-to-peer roof repair loans

Minimum qualifications:

  • Minimum credit score requirement of 600 or above 
  • No minimum income requirement 


  • Low threshold for credit score
  • No minimum income requirement
  • Flexibility to change payment dates
  • Offers peer-to-peer lending


  • Long funding times
  • Origination and late fees may apply
  • No rate discount for autopay is available
  • Restrictive repayment periods
  • Funding may take about 5 business days 


Best for bad credit roof repair loans 

Minimum qualifications:

  • Minimum credit score requirement of 560 or above 
  • No minimum income requirement


  • Low credit score requirement
  • No early payoff penalty
  • Joint applications allowed
  • Funding as soon as one business day on approved loans, although funding times can vary


  • Origination fees between 2.9% to 8%
  • Higher APRs, especially for subprime borrowers

Axos Bank

Best for refinancing existing personal loan

Minimum qualifications:

  • Minimum credit score requirement of 700 or above 
  • Minimum income requirement $48,000/year


  • Low origination fees
  • Mobile app to manage loans
  • Fast funding times
  • Funding as soon as one business day on approved loans, although funding times can vary


  • High credit score requirement
  • Origination fee up to 2%

OneMain Financial

Best for borrowers with less-than-perfect credit who need fast funding for an emergency roof repair 

Minimum qualifications:

  • Minimum credit score requirement of 600 or above 
  • Minimum income requirement $7,200/year


  • Low credit score requirement
  • Offers secured loan option
  • Low income requirement
  • Flexibility to choose your payment date
  • Fast funding times


  • High interest compared to similar lenders
  • Origination fee between 1% – 10% (or flat fee up to $500 depending on state)


Best for fair credit roof repair loans with fast funding

Minimum qualifications:

  • Minimum credit score requirement of 600 or above 
  • Minimum income requirement $30,000/year


  • Low origination fees
  • Relaxed credit score and income requirements
  • Same or next-day funding is available, although funding times can vary


  • No joint applications
  • High loan costs
  • Short repayment periods 

Lending USA

LendingUSA is best for one-time purchases or uses, such as roof repair financing, auto repair financing, funeral financing, or any other costly life event. Loans can be obtained through the LendingUSA website or through a lending marketplace that partners with LendingUSA. Additionally, if you pay your loan off within six months, no interest will be charged to the principal. With fast approval decisions and loans as small as $1,000 available, Lending USA is another lender to consider for a roof repair loan. 

Reprise Financial

Reprise Financial can help borrowers find roof repair loan offers that meet their needs. In order to help borrowers obtain funds quickly, Reprise works to streamline the personal loan process. With personalized payment options and fixed interest rates, Reprise Financial may have a roof repair loan offer that aligns with your needs and budget

Universal Credit

For borrowers with bad credit, Universal Credit could be a viable option to get the roof repair financing that you need. With a minimum credit score requirement of only 560, Universal Credit is a good choice for bad credit borrowers. While loan costs may be higher, this is expected with any bad credit personal loan.

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