What is a roof loan? Roofing loans are personal loans that you can use to pay for roof repairs or replacements. This type of loan is funded immediately and then repaid with interest in fixed monthly installments.
Loan amounts range from $1,000 to $100,000 and annual rates range from 6% to 36%. The repayment period is usually two to seven years. These roofing finances are unsecured, meaning that there is no collateral attached to the loan. Instead, the lender reviews your credit and finances to decide whether to offer you credit and at what APR.
Image Source: Google
Pros of a roof loan
Roofing loans are a good option if you don't have enough equity to take out a loan against your home and you don't want to get the most out of a credit card.
Unsecured: Personal loans don't require a mortgage for your home or other assets, and you run the risk of losing them if you can't repay the loan.
Fast Funding: Some online lenders may receive your money the same day or day after approval, while others may take up to a week.
Lower interest rates than credit cards: Personal loans can have lower interest rates than most credit cards, especially for borrowers with strong credit ratings.
You can even search online for more information about financing a new roof.