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Best Plumbing Financing Options for Work and Repairs

Plumbing repairs and upgrades can seem relatively straightforward and inexpensive to repair yourself, at first glance. It’s often what you find once you start digging or removing old fixtures and pipes that can leave you scratching your head, wondering if you should have called a plumber. A low-cost, self repair may not be an option, especially if you are in the middle of a plumbing emergency.

When should you call a plumber?

Although you may feel skilled at making home repairs, there are times when you should consider calling the plumber:

  • Low water pressure throughout your house – this can be due to obstructions, roots or poor supply line design and a professional plumber can pinpoint the problem.
  • Emergencies – Occasionally water shoots out from, or lies around in places it shouldn’t. Plumbing appliances, like water heaters, need replacement or repairs. Be sure you and your family know the location of the water shut-off valve to your house for emergencies like these. Turn the water off until the plumber arrives to fix the problem.
  • No hot water – this could be due to a faulty hot water tank. A plumber will be able to find out why
  • Clog in the sewer line – if you’ve been plunging your toilet, sinks, and drains and still cannot manage to get things moving, it’s time to call a plumber.
  • Leaking, outdated fixtures and pipes can precipitate a complete home plumbing reconstruction and remodeling project. You’ll want to plan that with a plumber.

How much does major plumbing work normally cost?

As with most repairs, the estimates can vary widely and are highly dependent on the plumber’s rates, as labor is a significant portion of the total costs for plumbing work.

The average cost per hour for plumbers ranges from $45 to 200 dollars, so be sure to obtain a few estimates to compare before selecting the plumber with whom you want to work.

For larger bathroom reconstruction projects, a plumber might charge a flat rate service fee in addition to the costs of the fixtures, pipes, or appliances necessary to complete your job.

How do you finance major home repairs?

There are a few options for you to choose from in financing major home repairs. While using a credit card might work okay for a small emergency repair, the high-interest rates, accruing interest, and credit card limits should inhibit their use for major plumbing repairs.

You can consider:

  • A cash-out refi – refinancing your mortgage to obtain cash equity from your home 
  • A second mortgage
  • A home equity line of credit
  • Qualifying government loans through the Title 1 Program run by the Federal Housing Administration for homeowners with little equity
  • A personal home improvement loan

What are the best plumbing financing options?

Personal Home Improvement Loans for Plumbing Work money borrowed from a lender, bank, or credit union to make plumbing repairs and  improvements to your home.

Pros

  • Personal loans can be either secured or unsecured. Unsecured personal loans allow people to obtain the financing they need based on their income and credit history. 
  • The loan is a fixed amount of money, with a fixed interest rate and a fixed term for repayment (generally 2-5 years). These benefits make it easier to plan and budget for your project and allows you to prepare for and schedule your monthly payments. 
  • The application process can be short,  24-72 hrs, and simple, without much tedious documentation.

Cons

  • Lenders do not require the security of collateral for unsecured personal loans and therefore regard them as higher risk loans. To offset that risk, Lenders typically set higher interest rates for personal loans than what you might receive if you obtain a home equity line of credit. 
  • Because it’s a fixed amount, sometimes unexpected completion costs can exceed your financing budget.
  • Most lenders charge an origination fee.

SoFi

APR range:5.99% to 16.99% APR (with AutoPay)
Available loan terms:24-84 months
Loan amounts:$5,000—$100,000
Time to fund:Typically 7 days
Origination fee:None
Credit needed:680+
Income needed:$50,000+
Soft Credit Check?Yes
Best for:Young professionals and graduates, good credit
Click “Check Rates” to apply to SoFi

SoFi – The borrower best suited for funding a plumbing project with a personal loan through SoFi has good to excellent credit, and income history.

Pros 

  • NO Origination Fee
  • Longer loan term options, 24 – 84 months
  • Borrow up to $100,000.00
  • Competitive low interest rate range – you can choose variable or fixed APR
  • Pre-qualify without a hard inquiry on your credit history
  • No collateral necessary
  • Forbearance for up to 12 months with career counseling if you lose your job

Cons

  • Must have good credit history and income
  • Funding can take time – the application process takes just a few minutes, but SoFi can take up to a week to fund the loan due to their underwriting process

Earnest 

APRStarting at 6.99%
Loan amounts$5,000-$75,000
Time to fundAs Early As 48 hours
Credit needed680+
Best forBorrowers With Good Credit
Click “Check Rates” to pre-qualify and receive a personalized rate.

Earnest – Designed for borrowers who have good credit scores but lack a long credit history

Pros

  • No Fees – this means you never pay more than your monthly payment and you can pay it off early without a prepayment penalty.
  • The lender offers an easy application process
  • Rates and terms of loans are determined based on borrowers savings patterns, career trajectory, education, and each borrower’s unique financial situation.
  • Seven day grace period from original payment due date to make payments without penalty

Cons

  • Must have good credit – a credit score of 680+
  • Meant for larger projects $5,000 to $75,000
  • Higher interest rates 
  • Application to funding time is 5-10 days

LightStream

LightStream
APR range4.99% - 17.49% w/AutoPay1
Available loan terms24 to 144 months1
Loan amountsup to $100,000
Time to fundAs soon as the same day**
FeesOrigination fee: None
Late fee: None
Prepayment fee: None
Credit needed660+
Income neededn/a
Soft Credit Check?Varies
Best forBorrowers with good credit, long credit history, co-signers, debt consolidation, home improvements
Click “Check Rates” to apply to LightStream

LightStream Promising the best online loan experience possible for customers with good credit.

Pros

  • Apply quickly, and from the convenience of a computer or mobile device
  • Highly competitive fixed-rate financing
  • Longer loan terms – up to 144 months (12 years)
  • $5,000-$100,000 loan amounts – significant if your plumbing project requires major repairs, reconstruction or remodeling
  • Financing is in-house, immediate funding once the loan closes

Cons

  • Once funds are made available, the borrower has 30 days to move them into their personal bank accounts or the loan application is canceled
  • Need good credit – 680+
  • To lock in competitive financing rates, LightStream considers credit history (credit cards, vehicle loans, etc.), the ability to save, stable income, and good repayment history with few delinquencies or problems.

Plumber’s Loans 

There are independent lenders and plumbing companies that offer plumber’s loans, specially designed for emergency plumbing repairs. Some companies even provide same-as-cash financing options for a specific promotional period.

Pros

  • Quick financing for emergency repairs
  • No credit check
  • No upfront costs

Cons

  • Missed payments and balances that extend beyond the original loan terms can result in high interest rates that accumulate quickly
  • Generally only used to finance small projects

Home Equity Line of Credit – Also known as  HELOC, is credit extended to you by a lender, secured by the equity in your home. 

Figure

APR rangeStarting at 4.99%
Available loan termsUp to 30 years
Loan amountsBorrow up to $150,000
FeesLow origination fee
Credit neededMinimum credit score 600
Best forMajor Purchases, Home Improvements or Consolidating Debt
Click “Check Rates” to apply to Figure

Pros

  • Once obtained, homeowners have a revolving line of credit to use for project expenses. 
  • Like a credit card, you can pay all of it or some of it monthly. 
  • Unlike a credit card, because they are secured second mortgages, the interest rates are among the lowest. 

Cons

  • Since your home is used for collateral, if you are unable to make your payments, you could lose your home.
  • Interest rate is variable and can be unpredictable
  • Many lenders charge an annual fee to keep the HELOC open
  • If your home value falls you could end up owing more than your home is worth.

Conclusion

If a plumbing repair is in your future either due to emergency leaks and damage, or maybe you are unsatisfied with your current plumbing and ready for an upgrade, there are several ways you can fund your project. Remember not to skimp on materials. Using good quality materials can keep you from having to make repairs later. 

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