Updated
May 31, 2023 Plumbing is a silent lurker; you never notice it until something goes wrong. Substantial plumbing repairs often come on suddenly, the expenses can be high.
Whether plumbing costs are unexpected (e.g., a burst pipe or broken water heater) or expected (e.g., adding a new bathroom), you could shell out thousands of dollars.
This guide will walk you through how to find financing for plumbing repairs, including plumbers that offer financing to cover those costs and loan options when you don’t have the cash on hand.
In this guide:
3 methods of plumbing financing
If you need plumbing financing, a home equity loan, home equity line of credit (HELOC), or personal loan can cover your repairs.
Use a home equity loan to finance plumbing repairs
A home equity loan uses the equity in your home as collateral. That can be fantastic if you own your home outright or don’t owe much, but your home is on the line. If you can’t repay your home equity loan, you risk your lender foreclosing on the home.
The amount you can borrow depends on the value you own in your home—your home equity. You can calculate your home equity to get an idea of how much you might be able to borrow.
Here is our top-rated home equity loan partner that can provide financing for plumbing expenses.
Spring EQ
- Rates (APR): As low as 9.50%
- Loan amounts: $25,000 – $500,000
- Repayment terms: 5 – 30 years
Spring EQ is available in 36 states and the District of Columbia. It can fund quick home equity loans, which is terrific for those needing fast funds.
- Minimum credit score: 640
- Maximum loan-to-value: 90%
- Origination fee: $700 – $2,000
To compare other options, you can check out our guide to the best home equity loans.
Home equity line of credit (HELOC)
A HELOC is like a credit card: You have a fixed spending limit, but as you repay what you’ve spent, that amount becomes available to spend again. Like a home equity loan, the amount you are approved for depends on your home equity and is secured by your home.
You have the option to borrow just what you need, which is better for ongoing projects. However, you’ll need discipline because your home is on the line.
Here is our top-rated partner offering home equity lines of credit:
Figure
- Rates (APR): 6.55% – 15.54%
- Loan amounts: $15,000 – $400,000
- Repayment terms: 5 – 30 years
Figure is an out-of-the-box online lending experience. It offers same-day approval, money in just five days, and technology access for a more convenient experience.
- Minimum credit score: 640
- Maximum loan-to-value: 80%
- Rate reduction: 0.75% discount for autopay and Quorum membership
- Origination fee: 0% – 4.99%
To compare other options, check out our guide to the best home equity lines of credit.
>> Read more: Home equity loan and line of credit uses
Personal loan
If you don’t have much equity in your home, don’t want to risk putting your home up as collateral, have a low-cost plumbing project, or want other options, consider a personal loan.
Personal loans are often used as home improvement loans because they’re easy to get online and you can get fast funds—sometimes as soon as the day you’re approved. This could be useful if you’re financing a plumbing emergency.
However, personal loans may have higher interest rates than financing secured by home equity because most are unsecured.
Here are three personal loan lenders you can use for funding plumbing projects:
LightStream
- Rates (APR): 7.99% – 20.74%
- Loan amounts: $5,000 – $100,000
- Credit score: 660+
LightStream ranks as the best personal loan for excellent credit, making it an ideal candidate to fund a large plumbing project. If you have a good to excellent credit score, you can enjoy the company’s low rates, lack of fees, and Rate Beat program that will beat any rate a competitor offers by 0.10 percentage points.
- Credit score category: Excellent, good
- Soft credit pull to check rates: Not available
- Deposit time: As soon as the same day
- Origination fee: 0%
- Late fee: None
- Discounts: 0.50% interest rate reduction for enrolling in autopay
- Repayment terms: 24 – 144 months
Upgrade
- Rates (APR): 8.49% – 35.99%
- Loan amounts: $1,000 – $50,000
- Credit score: 580+
Upgrade‘s low minimum loan amounts make it a solid choice for any plumbing project. Loans are available to borrowers with lower credit scores, and checking your rate online won’t affect your credit.
- Credit score category: Fair, bad
- Soft credit pull to check rates: Yes
- Deposit time: As soon as the next day
- Origination fee: 2.9% – 8%
- Late fee: $10
- Repayment terms: 36 or 60 months
Upstart
- Rates (APR): 6.12% – 35.99%
- Loan amounts: $1,000 – $50,000
- Credit score: 580+
Upstart is an online lending platform that partners with banks to provide personal loans you can use for almost anything. Upstart’s lending model considers education, employment, and other variables when determining eligibility. This model leads to 27% more approvals and 16% lower rates than traditional models.
- Credit score category: Fair, bad
- Soft credit pull to check rates: Yes
- Deposit time: As fast as one business day
- Origination fee: 0% – 8%
- Late fee: $15 or 5% of payment
- Repayment terms: 36 or 60 months
To compare other options, check out our guides to the best personal loans or best home improvement loans.
Plumbers that offer financing
Don’t hesitate to contact local plumbers about their financing options. In addition to local plumbers, some large-scale companies offer plumbing work and financing nationwide.
Mr. Rooter
Mr. Rooter is a nationwide network of plumbing experts across the United States and Canada. The network comprises independently owned and operated plumbing companies that offer upfront flat-rate pricing.
Mr. Rooter partners with credit providers to offer easy financing options. These include revolving lines of credit, promotional offers, automatic billing, and electronic payments. Mr. Rooter’s technicians can give you a rundown of the payment options.
Hearth
Hearth is not a plumbing service; it’s a network of home contractors that can address your home remodeling needs.
The company helps consumers make smart financial decisions about home repairs, including budgeting and financing. It can help you secure a personal home improvement loan, a home improvement credit card, or a home equity loan.
Roto-Rooter
Roto-Rooter, one of the most famous and ubiquitous names in plumbing, drain cleaning, and water cleanup, is a nationwide network of plumbers. It offers financing for life’s plumbing emergencies.
Roto-Rooter partners with Synchrony Bank to offer the Synchrony Bank Home Design Credit Card, which can help you pay off home repair work. You can charge it again for future home repairs; in the meantime, it functions as a type of loan.