Do you think that financing options with bad credit are the wrong choice? That assumption is nothing but a fallacy. With your bad credit, proof of repayment on your roof finance can turn your credit around.
To finance roof replacement with bad credit, why don’t you consider these options:
Consult your homeowners’ insurance policy
Specifying the danger you insured against is very important. With your insurance cover that doesn’t cover natural disasters, if damages caused by nature such as fire and storm affect your roof, the repair will be fully financed by you. So, it is very important to check your homeowners’ insurance policy. This may be the first option to be considered. Moreover, when processing insurance claims, ensure that you use a knowledgeable roofing contractor around you to make the whole process easier.
However, the cover may exclude damages caused by one’s natural action such as lack of maintenance, and other proved physical damages not caused by nature.
People do get it wrong due to lack of understanding. You must make tireless efforts to every detail of your policy, and this can be done by contacting your insurance company for every necessary information on coverage limitations, exclusions and more.
Even with coverage from homeowners insurance, payment with cash may still be required for a few things. That is why it’s advisable you consult your insurance company and ask every necessary question you need to ask.
In a situation where cash saving is not available, you may consider loan finance as your next possible best option. Maybe you are not aware that various home improvement loans exist. Or maybe you are aware, but you doubt its authenticity. The truth is, Yes, they truly exist. Do you care to know? Let’s explore them for more clarification and perfect understanding.
Personal roofing loans
In a situation where you need over $2,000 – $3,000 to finance your project or roofing repair, you can consider a personal roofing loan.
A personal roofing loan allows you to fully repair your roof and make a monthly fixed payment for the total expenditure cost if the loans are up to $10,000 above without any form of additional interest.
Features of Personal Roofing Loans
Every loan has its specific features. The features of personal roofing loan vary but the most common features of include:
Fixed monthly payments: Personal loans have a fixed monthly payment. That is, no increment on the interest rate. Your budget can be aligned using this system.
Rapid funding: with the urgent attention needed for repairing a roof, a personal roofing loan can be regarded as the best option for you, because the loan gets approved and transferred in less than 24 hours. This saves you from the regular pressure and time wastage other loans require.
No prepayment penalties: Paying your loans before the scheduled date brings no penalty. So, if you can pay off your loans before the stipulated date, please do.
Absence of home equity requirement: There is no risk of foreclosing in a situation where sickness or loss of job hinders the loan repayment. That is why it is also known as zero equity home improvement loans. However, it has higher interest rates.
For an individual with high profit, little or no debt, and good credit score, roof financing loan of $80,000 – $150,000 can be gotten through a personal loan.