Plan essential repairs with clear payments
Home repair loans in Canada
A leaking roof, failed furnace or essential household repair may require attention before savings are ready. GoodLoan may offer eligible Manitoba and Ontario residents an unsecured personal loan for an approved home expense.
$100–$20,000
General request range. The amount offered may be lower.
Up to 48 months (4 years)
Annual interest: 5%–30%. APR: 31%. Subject to eligibility and approval.
Flexible schedules
Weekly, bi-weekly or monthly where offered.
How does a home repair personal loan work?
An approved borrower receives a fixed principal amount and repays it through scheduled installments. Unlike a mortgage or home equity line of credit, the GoodLoan product described here does not use the home as collateral.
This type of financing may fit a defined repair with a known budget. However, it may not suit a large renovation or an open-ended project where costs remain uncertain. Get written estimates and identify the essential scope before requesting credit.
Eligible home expenses may include
Urgent systems
Eligible furnace, plumbing, electrical, water or essential appliance work needed for normal use of the home.
Weather protection
Roof, window or exterior repairs that address active damage or prevent a larger necessary expense.
Safety and access
Approved repairs that improve basic safety, accessibility or essential living conditions.
Build a realistic repair budget
Request at least one detailed contractor quote and compare providers where time allows. The quote should separate labour, materials, tax, permits and possible additional work. Also check insurance, warranties, rebates and landlord responsibilities before borrowing.
If a project is cosmetic or optional, saving first may cost less. For an essential repair, request only the amount that remains after confirmed coverage and a safe personal contribution.
What GoodLoan may request
- Valid identification and current address
- Recent proof of income
- Bank statements and existing debt details
- A contractor quote or repair invoice where required
- Information about insurance or other confirmed coverage
- Evidence that the proposed payment fits the household budget
Personal loan versus home-secured financing
A HELOC or secured renovation loan may offer a lower rate to an eligible homeowner, but it uses home equity and may involve different costs or risks. An unsecured personal loan avoids a property lien, although its rate may be higher. Compare the APR, setup costs, repayment flexibility, total interest and security before deciding.
How the GoodLoan online application works
Choose a reasonable amount
Request only what you need and consider whether the scheduled payment fits your regular budget.
Provide your information
Complete the application with accurate identity, address, employment, income, expense and debt details.
Complete verification
GoodLoan may request identity checks, income documents, bank statements and authorized credit information.
Review any offer
If approved, read the principal, interest rate, APR, payment schedule, total cost, fees and borrower rights before signing.
Submitting information does not guarantee approval, a particular amount or rate, or funding. Verification and underwriting requirements apply.
Compare the payment and total borrowing cost
A smaller scheduled payment may look easier to manage. However, a longer term can increase the total interest paid. Therefore, compare the annual interest rate, annual percentage rate (APR), number of payments, payment amount, total cost of borrowing and total repayment.
GoodLoan does not charge an application fee under its current product design. In addition, early full or partial repayment is intended without a prepayment penalty. Review the final agreement because it controls the actual terms.
Frequently asked questions
Can renters apply for a home repair loan?
A renter may apply for an eligible personal expense, but the landlord may be responsible for many property repairs. Confirm responsibility before borrowing.
Does GoodLoan place a lien on my home?
No. The personal loan described on this page is unsecured and does not use the home as collateral.
Can I finance a renovation?
GoodLoan may consider an eligible personal-purpose request, but large or open-ended renovations may be better suited to other financing.
Should I get a contractor quote first?
Yes. A detailed written quote can help define the necessary amount and reduce the risk of borrowing too much.
Review the cost before you apply
Estimate a payment, review GoodLoan’s current rates and decide whether the loan fits your budget.
GoodLoan currently serves eligible applicants in Manitoba and Ontario, subject to product availability, verification, underwriting and applicable law. Website information does not replace the final loan agreement and disclosure.