How a Personal Loan Can Help You Pay for Roof Repairs

The roof is one part of your home that you probably don’t think about too often. However, it’s a vital structure that protects you and your possessions from the elements, while also shielding other structural components of your home from damage.

Over time, roof repairs — or even a pricey replacement — may become necessary. 

Here’s some helpful information on how you can use a personal loan to pay for roof repairs or a new roof installment.

Roof Repairs Are Costly

The average roof replacement costs homeowners around $8,500. This cost is dependent on factors like:

• Location

• Roof composition

• Height and complexity of the roof structure

• Size (square footage) of the roof

When considering all of the above, many homeowners could see their roof replacement costs total well into the tens of thousands of dollars. Even minor repairs can become expensive. If a small section of your roof needs work or you’re simply missing some shingles, it can still cost an average of $986.

Additionally, it’s common for homeowners to not realize their roof needs attention until after a storm, when they notice missing shingles or, worse, a leak in their home. A leak often makes repairing or replacing a roof an urgent need. With costs so high, it can be difficult for a homeowner to foot such an unexpected bill.

Repair Costs May Not Be Covered By Insurance

If your roof damage was recent and caused by hail, wind, or other related storm impacts, it may be covered by your homeowner’s insurance policy. You’ll need to check your policy and speak with an agent to see if these costs are covered.

Some home warranty plans will cover roof repairs and/or replacements. Every home warranty company (and individual policy) is different, so read through your coverage booklet to see what limitations exist for roof damage. As with a homeowner’s insurance policy, you can often expect to pay something out of pocket as a deductible or cost-share.

Using a Personal Loan to Pay for Roof Repairs

If you’re facing a sudden and significant roof repair bill, a personal loan may be the answer.  Personal loans can be used for a range of purposes, including home improvement projects and repairs.

There are many benefits when using a personal loan to finance costs like roof repairs, especially compared to other funding options. 

First, taking out a personal loan is often a quick process. With some lenders, you can receive funds in your account as soon as the next business day. This means that your urgent roof repair can get addressed as quickly as possible. 

When compared to credit cards, depending on an applicant’s creditworthiness, personal loans typically offer lower interest rates.

Some homeowners will utilize their home equity to pay for repairs or improvements on the property. While this can be a beneficial funding source, it’s often much more complex and lengthy than taking out a personal loan.

Additionally, personal loans are unsecured debt products, while home equity loans are secured by the property in question. That means if you were to default on your home equity loan, your home could be at risk.

Personal Loans Made Easy With Fiona

If a personal loan sounds like the right financing option for your roof repair or replacement, it’s time to start considering what the best options are. 

Fiona can help. By using its free online search, comparison, and recommendation engine, you’re able to see what loan amounts, interest rates, and terms you’re eligible for ― all in one place. 

After getting “matched” by Fiona , you can choose the offer best suited to your needs and move forward with your application with a lender, without having to share your information multiple times or scour the internet for lender options.

Bottom Line

If a roof repair is suddenly on your radar, it’s important to figure out how you’ll need to pay for that costly service. A personal loan can be a great, easy-to-manage option to access the funds you need, while paying it back on agreed-upon terms that suit your financial situation.