Plumbing Financing: Compare Your Options
Plumbing problems tend to appear suddenly, leaving you with little time to prepare—especially financially. When a plumbing emergency is more costly than you can afford, you have financing options to cover the cost of your repairs.
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Plumbing is a silent lurker; you never notice it until something goes wrong. Substantial plumbing repairs often come on suddenly, and of the expenses you pay as a homeowner, they can be some of the most costly.
Whether plumbing costs are unexpected (like a burst pipe or broken water heater) or expected (like adding a new bathroom), you could be shelling 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, or personal loan can cover your repairs.
Using a home equity loan to finance plumbing repairs
A home equity loan uses the equity in your home as collateral for the loan. That can be great if you own your home outright or don’t owe much on it, but your home is on the line. If you can’t pay off your home equity loan, you risk your lender foreclosing on the home.
The amount you can borrow depends on the amount of 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 highly-rated home equity loan partner that can provide financing for plumbing expenses.
Spring EQ
Rates (APR)
As low as 5.205%
Loan Amounts
$20,000 – $500,000
Repayment Terms
5 – 30 years
Spring EQ is available in 36 states and Washington, D.C. The lender is able to quickly fund home equity loans, which is great for those in need of funds quickly.
- 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 home equity line of credit (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 only to borrow what you need, which is better for ongoing projects. However, HELOCs tend to have higher interest rates, and discipline is required to avoid walking yourself into a dangerous financial corner and losing your home.
Here is our highly-rated partner offering home equity lines of credit:
Figure
Rates (APR)
4.99% – 13.25%
Loan Amounts
$15,000 – $150,000
Repayment Terms
5, 10, 15, or 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: Can go 0% – 4.99%
To compare other options, you can 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 simply 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 receive your funding quickly—sometimes as soon as the same day you’re approved. This could be useful if you’re financing a plumbing emergency.
However, because personal loans are generally unsecured, they may have higher interest rates than financing secured by home equity.
Here are three personal loan lenders you can use for funding plumbing projects:
LightStream
Rates (APR)
3.49% – 19.99%*
with AutoPay
Loan Amounts
$5,000 – $100,000
Credit Score
660+
LightStream ranks as our best overall personal partner, making them an ideal candidate for funding 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 in which they 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)
7.99% – 35.97%
Loan Amounts
$1,000 – $35,000
Credit Score
620+
Upgrade‘s low minimum loan amounts make it a great 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)
8.41% – 35.99%1
Loan Amounts
$1,000 – $50,0002
Credit Score
600+
Upstart is an online lending platform that partners with banks to provide personal loans that can be used for almost anything. Upstart’s lending model considers education, employment, and many other variables when determining eligibility.3 This model leads to 27% more approvals and 16% lower rates than traditional models.4
- 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, you can check out our guides to the best personal loans or best home improvement loans.
Plumbers that offer financing
Don’t hesitate to simply get in touch with 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 that stretch across the United States and Canada. The network is made up of independently owned and operated plumbing companies and is known for offering up-front, flat-rate pricing.
Mr. Rooter partners with credit providers to offer easy financing options. These include revolving lines of credit, promo offers, automatic billing, and electronic payments. All of Mr. Rooter’s technicians can give you a run-down of the payment options right on the spot.
Hearth
Hearth is not a plumbing service; instead, it is a network of home contractors that can address all of 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, perhaps 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, specifically designed to help you pay off home repair work. You can charge it again for future home repairs, and in the meantime, it functions as a type of loan.
*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.
**LightStream will offer a rate .10 percentage points lower than the rate offered on any competing lender’s unsecured loan provided that you were approved for that lower rate (with the same loan terms offered by LightStream) no later than 2 p.m. Eastern time two business days prior to loan funding. The Rate Beat Program excludes secured or collateralized loan offers from any lender, and the competitive offer must be available to any customer with a similar credit profile. Terms are subject to change at any time.
If you believe you have been approved by another lender for a lower qualifying rate, contact LightStream customer service. We will work with you to determine your Rate Beat eligibility and obtain the necessary documentation.
***Payment example: Monthly payments for a $10,000 loan at 5.95% APR with a term of three years would result in 36 monthly payments of $303.99.
1The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.
2Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5100. The minimum loan amount in GA is $3,100.
3Although educational information is collected as part of Upstart’s rate check process, neither Upstart nor its bank partners have a minimum educational attainment requirement in order to be eligible for a loan.
4Approval numbers compare the 2020 loan approval rate by the Upstart model and a hypothetical traditional credit decision model. The APR calculation compares the two models based on the average APR offered to borrowers up to the same approval rate. The hypothetical traditional model used in Upstart’s analyses was developed in connection with the CFPB No Action Letter access-to-credit testing program, is trained on Upstart platform data, uses logistic regression and considers traditional application and credit file variables.
