Finimpact
Updated on

Best Roof Loans

Roof loans enable you to cover the cost of a roof repair or replacement right away before the problem gets worse. You may need a roof loan if your home's roof is nearing the end of its expected lifespan, or if it's showing signs of early failure like leaks from the ceiling, or light shining through.

Roof Loans
Jessica Walrack
Personal Finance Writer

The average cost to replace a roof in the U.S. is about $8,700 while a roof repair averages about $1,000. Those amounts can be difficult to pay out of pocket, especially if they come up unexpectedly. Roof loans make it possible to get the money you need quickly so you can protect one of your biggest investments — your home. To help you find the best roof loan for your needs, our team of financial experts reviewed and ranked more than 30 online lenders. Here are 8 of our top picks!

Our Top Picks for Best Roof Loans

oportun_logo
  • Fast funding with direct deposit
  • Accepts borrowers with newer credit profiles or lower credit scores
  • Flexible approved uses for the loan money
Min. Credit Score
Min. Credit Score 580+
Loan Amounts
Loan Amount $300-$10K
Est. APR
Loan Repayment 24 - 60 months
lendingpoint_logo
  • Loans accessible to people with bankruptcies
  • Payment due dates can be customized
  • Borrowers prequalify without hurting their credit
Min. Credit Score
Min. Credit Score 580+
Loan Amounts
Loan Amount $2K-$36.5K
Est. APR
Loan Repayment 24-60 months

How to Choose the Best Roof Loan?

Before getting into the top roof financing options, let’s first take a look at the main factors we consider when assessing a lender’s roof loan offering:

  • Loan features: The loan amount range needs to cover the cost of a roof repair or replacement. There can’t be any rules that restrict the funds from being used on a roofing project. Further, the loan’s term options need to enable you to split the cost up over several years into affordable payments.
  • Interest rates and fees: A good roof loan is an affordable one. We look at the annual percentage rates (APRs) and fees to ensure that the loan comes with competitive pricing.
  • Application process: Many lenders have streamlined the application process by creating online applications, using soft credit pulls for quotes, and implementing algorithms that quickly qualify applicants. We look at how easy or difficult a lender makes it to apply and how that impacts the time to funding.
  • Qualification process: We look at each lender's unique eligibility requirements to find out what borrowers they target. For example, lenders may have a minimum credit score or annual income requirement.
  • Customer support: Lenders offer varying levels of customer service. We look into the channels available, the hours of operation, and other resources the lender provides to support borrowers.
  • Online user reviews: We also consider how a lender fares in reviews from trusted, independent review sites like Trustpilot.
  • Perks and bonuses: Some lenders set their loan offerings apart from the rest with unique features like payment flexibility, credit building tools, budgeting apps, and more. We consider these as well.

The best roofing loans provide not only ample loan amounts and low costs but an overall positive experience that spans from the initial application to the day a loan is paid in full.

8 Best Roof Loans - Full Overview

Now that you know how we analyze roof loan lenders, here’s a look at our top 8 picks and when they are best.

1.Oportun - Best for small roof loans

If you need financing for roof replacement or repairs but are having trouble getting approved, Opportun could be a good fit — even if you have a bankruptcy on your record! Plus, it offers loan amounts that start very low which can be helpful if you don’t need to borrow much to get your roof fixed.
Pros
Small loans available: Loans as small as $300 which can be good for smaller repairs
Flexible qualification requirements: No strict credit or income requirements.
Fast funding: Same day funding.
Competitive APRs: APRs can’t go higher than 35.99% which is good for an alternate lender serving sub-prime borrowers.
Cons
Limited terms and amounts: The loan amounts and terms vary greatly from state to state and are more limited than those offered by other lenders.
Origination fees: You will likely have to pay an origination fee for your loan.

oportun
Oportun offers loans ranging from $300 up to $10,000 which can be repaid over terms ranging from 12 to 48 months. APRs go up to 35.99% and include an origination fee which varies by state. You will need to show proof of income and have your credit checked, but there are no set minimum requirements on either. You can apply within about 10 minutes and get funding as soon as the same day.

The Bottom Line

Opportun can be a good roof loan solution if you have bad credit, limited income, and only need to borrow a small amount. They make it easy to get a quote online so you can see what’s available to you.

2.Lending Point - Best for bad credit

LendingPoint aims to redefine who can access financing at fair rates. It uses technology and proprietary algorithms to assess an applicant’s risk level so it can provide more loans to more borrowers — even if you don’t have good credit or high income. Being so, this can be a great place to turn if you need a roof loan but have bad credit.
Pros
Flexible approval: Bad credit is okay with Lending Point.
High loan amounts: Loan amounts go up to $36,600 which is good for a borrower catering to subprime credit.
Good loan terms: Loan terms range up to 60 months which can help make payments more affordable.
Cons
Origination fee: Origination fees range from 0% to 6%.
High loan start amount: If you only need to make roof repairs, you may not need the full $2,000 which is the minimum loan amount.
Minimum income requirement: You need at least $25,000 in annual income to qualify.

LendingPoint
Lending Point offers personal loans from $2,000 up to $36,500. Its APRs range from 7.99% to 35.99% and include an origination fee from 0% to 6%. Further, your repayment term will range from 24 to 60 months. You can apply online to get an answer within minutes and can have the money as soon as the next business day. To qualify, there is no minimum credit score but you will need at least $25,000 in annual income and a personal bank account in your name.

The Bottom Line

Lending Point offers a wide range of loan amounts, competitive APRs, and loan terms up to five years. Not only that, it approves people who are excluded by many mainstream lenders. If you have poor credit and need help financing your roof, be sure to get a quote from Lending Point.

3.Lending Club - Best for fair credit

Lending Club is likely to be one of the best options for roof loans if you have fair credit. It doesn’t have a minimum credit score requirement and is rumored to accept scores as low as 600. Further, its loan offering is competitive and the company has earned high marks on Trustpilot.
Pros
Lenient eligibility requirements: No minimum credit score requirement is in place.
Good loan amounts: Borrow anywhere from $1,000 up to $40,000.
High customer satisfaction: Earned a 4.8/5 TrustScore from TrustPilot after 3,359 reviews.
Cons
Origination fees: APRs do include origination fees up to 6% of the loan amounts.
Limited loan terms; Loan terms are standard, and don’t extend beyond 60 months.

LendingClub
Lending Club’s personal loans range from $1,000 up to $40,000, with APRs from 6.34% to 35.89%. The APRs include an origination fee that ranges from 2% to 6% of the loan amount. As for terms, you’ll have a choice of either 36 or 60 months. To qualify, there is no minimum credit score requirement but the lender is rumored to require a fair score of at least 600. Most borrowers get approved within 24 hours and have their funds within two days.

The Bottom Line

When shopping for a roof loan, you’ll definitely want to check out Lending Club if your credit score is in the range of 600 up to 660 or so. It offers competitive loans and lenient credit requirements.

4.Best Egg - Best overall roof loan

Best Egg offers a solid overall roof loan offering. Loan amounts will cover the expense, the APRs are reasonable, loan terms are standard, and you’ll need fair credit to qualify.
Pros
Good loan amounts: Loan amounts up to $50,000 which will cover roof repairs and replacements
Easy application process: Apply online, get an answer in minutes, and get your funds within a few days.
High customer satisfaction: Earned a 4.6/5 TrustScore from Trustpilot after 6,627 reviews.
Cons
Fair credit is required: You will need a score of at least 640 to qualify so those with poor credit will need to look at other lenders.
Origination fees: Origination fees range from 0.99% up to 5.99%.

bestegg
Best Egg offers personal loans from $2,000 up to $50,000 with APRs from 5.99% to 35.99%. The lender does charge origination fees which will cost you anywhere from 0.99% to 5.99% of your loan amount. Further, you can opt for a repayment term of either 36 or 60 months. To get approved, you’ll need a credit score of at least 640. Most borrowers get their loans the day after approval and report overall satisfaction with their borrowing experience.

The Bottom Line

Best Egg ticks all the boxes for a good all-around roof loan. As long as you have a credit score of at least 640, it’s worth applying to see what you can get.

5.Rocket Loans - Best for customer satisfaction

Rocket Loans has earned some of the highest marks possible from past borrowers, showing that the company delivers a good customer experience from start to finish.
Pros
Great customer service: Rocket Loans has a 4.9/5 Trust Score on Trustpilot after 4,021 reviews from past borrowers.
Competitive APRs: APRs can be as low as 5.97%, depending on your creditworthiness.
Good range of loan amounts: Loan amounts go up to $45,000.
Cons
Origination fees: You will be charged an origination fee that ranges from 1% to 6% of the loan amount.
Origination fees: You will be charged an origination fee that ranges from 1% to 6% of the loan amount.

rocket loans
Rocket Loans offers loan amounts from $2,000 to $45,000 with APRs ranging from 5.97% to 29.99% (which include an origination fee of 1% to 6%). The loan term will be either 36 or 60 months. To qualify, you’ll need a credit score of at least 640. If approved, you can get funding as soon as the next day.

The Bottom Line

Rocket Loans has earned a great reputation amongst past borrowers and offers competitive rates and terms. If you have fair to good credit, it’s worth getting a quote.

6.Figure - Best for larger roof loans and referral perks

Figure offers unsecured personal loans to employed borrowers with credit scores of at least 640. Loan amounts start on the higher end at $5,000 so these will be better for larger roofing projects. You can help to reduce your costs by referring friends to the lender, as Figure offers $150 for each friend you refer who also gets a personal loan.
Pros
Good referral program: Earn up to $150 for each friend you refer.
Good customer experience: Figure has earned a 4.7/5 TrustScore from TrustPilot after 1,811 reviews.
Large loans available: If you need to install a new roof or replace one, the larger loan amounts may be perfect.
Competitive APRs: APRs range from 5.75% up to 31.44%, which is a bit lower maximum than many lenders offer.
Cons
Origination fee: Charges an origination fee up to 5% of the loan amount
Loan amounts start high: If you just need a repair that’s around $1,000, the loan amount may start too high.
Need fair credit: To get approved, you will need a credit score of at least 640.
Slow funding: Funding will take at least two days, which is slower than some lenders that offer same-day funding.

figure
Figure offers personal loans that range from $5,000 to $50,000 with APRs from 5.75% to 31.44%. The APR does include an origination fee of up to 5% of the loan amount. The loan term is either 36 or 60 months. You can apply online without hurting your credit score and, if approved, can have funding as soon as the next day. To get approved, you will need a credit score of at least 640. Figure also has a referral program where you can get $150 if you refer a friend.

The Bottom Line

Figure is a good choice if your credit is fair and you need a large loan. However, it may take a bit longer to get the funds than other lenders so won’t be the best if you’re in a hurry.

7.Marcus - Best for a low-cost roofing loan

Marcus offers personal loans that can be a good fit for roofing projects if you have a credit score of at least 660. If you qualify, these loans come with very competitive APRs that don’t include an origination fee. Being so, they can help you to cut your borrowing costs.
Pros
No origination fee: Many lenders charge an origination fee but Marcus doesn’t which results in very competitive APRs.
Flexible loan terms: Loan terms go up to 72 months, whereas many lenders only offer terms up to 60 months.
Payment deferral: After 12 on-time payments, you’ll be able to defer a payment to the end of your term.
Cons
Not best for repairs: Loans start at $3,500 which may be more than you need for a smaller roof repair.
Fair credit required: You’ll need a fair credit score of at least 660 to qualify.

marcus goldman sachs
Marcus offers personal loans that range from $3,500 to $40,000. The APRs range from 6.99% to 19.99% and don’t include any origination fees. Terms range from 36 to 72 months and you’ll need a credit score of at least 660 to qualify, in most cases. You can quickly apply online and get your loan options within minutes. If you make 12 on-time payments, you can also defer a payment to the end of your term without interest accruing.

The Bottom Line

Marcus stands out from the other personal loan lenders because it doesn’t charge origination fees. As a result, its APRs are very competitive and your costs will be lower. However, you will need to have fair to good credit to qualify.

8.Lightstream - Best for good to excellent credit

Lightstream offers very competitive personal loans that can be great for roofing projects but they are only available to borrowers with good to excellent credit. The lender looks for borrowers with good credit scores along with several years of credit history, a good credit mix, and no derogatory marks.
Pros
Large loan amounts: Lightstream offers large loans all the way up to $100,000.
Long loan terms: Loan terms are very flexible, ranging from 24 months to 12 years.
Competitive APRs: Lightstream doesn’t charge origination fees so its APRs are competitive.
Cons
Good credit required: You will need good to excellent credit to get approved with Lightstream.
Loans too large for just repairs: Loans start at $5,000 so might be more than you need for smaller roof repair jobs.

lightstream
Lightstream offers personal loans that range from $5,000 up to $100,000. The APRs range from 3.49% up to 20.49% and don’t include origination fees. Terms go from 12 months up to 12 years. You’ll need good to excellent credit to qualify and can have funding as soon as the same day.

The Bottom Line

Lightstream is great for larger roofing projects if you have good to excellent credit. You can apply online in minutes and have funding as soon as the same day.

Best Roof Loans - Main Features Table


Company Name

Est. APR

Min. credit score

Loan Amount

Loan term

Opportun

Up to 35.99%

None

$300 to $10,000

12 to 48 months

Lending Point

7.99% to 35.99%

None

$2,000 to $36,500

24 to 60 months

Lending Club

6.34% to 35.89%

None

$1,000 to $40,000

36 or 60 months

Best Egg

5.99%–35.99%

640

$2,000 to $50,000

36 to 60 months

Rocket Loans

5.97% to 29.99%

640

$2,000 to $45,000

36 or 60 months

Figure

5.75% to 31.44%

640

$5,000 to $50,000

36 or 60 months

Marcus

6.99% to 19.99%

660

$3,500 to $40,000

36 to 72 months

Lightstream

4.29% to 20.49%

660

$5,000 to $100,000

24 months to 12 years

What is a Roof Loan?

Most lenders don’t offer loans specifically to purchase or repair a roof. However, many do offer unsecured personal loans that can be used for almost any purpose — including to cover roofing costs. You can apply and the lender will analyze your creditworthiness. If approved, you’ll get a lump sum you repay (plus interest and fees) over a set term in monthly payments.

How Much Does it Cost to Finance a Roofing Project?

The cost to finance a roofing project will depend on a few factors such as the cost of your roofing project, how long you need to repay the loan, and the interest rate and fees charged by your lender.

For example, if you borrowed $10,000 for five years with a 12% APR, your financing costs would be approximately $3,346.00. However, if you only needed $5,000 for three years and got an 8% APR, your financing costs would only be about $640 total.

Pros and Cons of Personal Loans for Roof Financing

Personal loans can be a huge help when you need to finance a roofing project. However, there are a few drawbacks. Here’s what you should know.

Pros

  • Fast: Personal loans can be funded as soon as the same day.
  • Convenient: You can apply online and have the money wired to your bank account.
  • Large loan amounts: Lenders offer a range of loan amounts sufficient to cover roofing projects.
  • Flexible repayments: Terms are available that span several years which can make payments affordable.
  • Low costs for good credit: Borrowers with good credit can get very low APRs which make the loan affordable.

Cons

  • Credit required for approval: Not everyone will get approved. Lenders will assess your credit and income to decide if they will lend to you or not.
  • High costs for bad credit: If your credit is poor or fair, you can face high APRs that make the loan expensive.

How to Get a Roof Loan

If you want to get a roof loan, here are the typical steps you’ll need to take:

  • Estimate roof project costs: First, figure out how much you need to borrow. Reach out to a few contractors (at least three) and ask them for quotes on your roofing project.
  • Check your credit: Find out where your credit currently stands by checking your credit scores with Experian, Equifax, and Transunion. You can then find lenders that approve borrowers with your scores.
  • Compare lenders: From there, shop around to find lenders that lend to borrowers with your credit score and offer large enough loans to cover your project. Look for competitive APR ranges, low fees, and good reviews from past borrowers.
  • Get quotes: Next, get quotes from the lenders that top your list. Find out what loan amounts, rates, and terms they will offer you.
  • Select your roof loan: With the above information, you’ll be able to choose the best roof loan for your needs and accept it. This will typically require signing paperwork electronically.
  • Receive your funds: Once finalized, the lender will send the loan amount to your bank account and you can pay for your roofing project.
  • Repayment: Following the loan disbursement, you’ll start to make monthly payments to repay the loan amount plus any fees or interest that apply.

Getting a roof loan can be pretty simple, especially now as many online personal loan lenders have streamlined the process. You can apply, get a quote in minutes, and have the funds as soon as the same day.

Other Options to Finance Roofing Projects

If you’re having trouble getting approved for a personal loan or just want to shop around, there are a few other options you can consider to finance roof replacement or repairs, including:

  • Credit cards: If you have good credit, you can get approved for a credit card with a large enough credit line to cover the costs of a roofing project. However, the APRs on credit cards are often higher than those on personal loans so beware of expensive interest costs. You may be able to save if you can find a card with a 0% APR introductory offer that gives you enough time to pay off the roofing project without any interest.
  • Home equity loan: Home equity loans enable you to take out a second mortgage backed by the equity you’ve accumulated in your home. These typically come with low interest rates and can be a good option if your credit is less than perfect. However, if you can’t keep up with the payments, your home will be at risk of foreclosure.
  • Home equity line of credit (HELOC): HELOCs are another way you can borrow against your home’s equity. However, instead of a lump sum loan, you’re given access to a credit line. You can withdraw from the credit line as needed for the roofing project and will only pay interest on the funds you use. After a set period, the credit line will close and you’ll be required to pay off the balance — either in a lump sum or through monthly payments.
  • Roofing companies that offer financing: If you are installing a new roof, you may find some roofing companies that offer financing. However, you’ll want to be sure to compare their costs to other options like personal loans so you don’t overpay.

Personal loans are typically the fastest and easiest way to get financing for a roofing project with the least amount of risk. However, you will need to get approved and will likely pay higher interest rates than you would with a secured loan or credit line (like a HELOC).

Roof Financing Tips

How can you make the roof financing process as smooth as possible? Here are some tips to keep in mind.

Check your homeowners insurance

Before you go ahead and finance the cost of a new roof or roof repair, you should first make sure that your homeowners insurance policy won’t cover the costs. Generally speaking, homeowners insurance covers damage if it was the result of an unusual accident that couldn’t have been prevented or an act of nature. If either of those situations applies, call your agent to see if the costs can be covered.

Check your warranties

You may also be able to avoid paying out of pocket if your roof is under warranty. But what kind of warranty?

  • Material warranties: A material warranty is the most common which is provided by the manufacturer of your roof’s materials. It may be on the manufacturer’s specific materials, like shingles, or your entire roofing system. The length and coverage vary from one manufacturer to the next.
  • Workmanship warranties: A workmanship warranty is provided by contractors and covers problems that arise due to improper installation.
  • Home warranties: While most home warranties don’t cover roofs, some companies offer the coverage as an add-on option. If you have a home warranty, it can be worth checking your policy.

A roof should be built to last for many years. If it’s failing due to the fault of the installers or manufacturer, you shouldn’t be on the hook for the costs.

Comparison shop

Lastly, to get the best deal, never blindly take the first thing you’re offered. When it comes to getting quotes on the cost of your roofing project from contractors, choosing a credit product, and deciding on the best offering between lenders, you should always compare at least three options. Doing so will help you to see how costs can vary and give you more context.

Conclusion

Your roof is one of the most important components of your home as it protects you and your belongings from the elements. Being so, it needs to be regularly maintained and kept in tip-top shape. Unfortunately, that can come at a sizeable cost, especially when you need a large repair or a total replacement. However, you’ll end up paying a lot more if your roof fails. Roof loans help you to avoid the latter. If you’re not sure where to look for the best roof loans, be sure to check out the lenders above. All provide competitive personal loans that can make your roofing project affordable and convenient.

Frequently Asked Questions(FAQ)

Can you finance a roof?
Yes, you can finance the cost of a roof using various financial products such as an unsecured personal loan, a credit card, a home equity loan, or a home equity line of credit. All of these options make a lump sum amount available to you which you can use for almost any legal purpose — including roof repairs or a complete roof replacement.
How do you finance a new roof?
You can finance a new roof by choosing the credit product that’s best for your situation, and finding a lender that offers you a competitive deal. You then accept their funding, use it to pay for the roof, and repay it according to the terms and conditions.
Can you finance a roof replacement?
A roof replacement can be financed using credit products like a personal loan or a credit card. As long as you can get approved for an amount high enough to cover the costs, you can use the available credit to pay for the new roof. Many lenders enable you to easily apply online and get an answer within a few minutes.

Related Loan Picks

About the Author

 Jessica Walrack

Jessica Walrack

Personal Finance Writer

Started freelance writing about 9 years ago after leaving a career in retail sales and management. Fell in love with writing content and copy and have been doing it ever since.

More about me