The phrase for "suffer loss" in the Greek is "zemiothesetai." The root word is "zemioo" which also refers to punishment. The construction “zemiothesetai” is used in Ex. 21:22 and Prov. 19:19 which refers to punishment (from the Hebrew “anash” meaning “punish” or “penalty”). Hence, this verse proves that there is an expiation of temporal punishment after our death, but the person is still saved. This cannot mean heaven (there is no punishment in heaven) and this cannot mean hell (the possibility of expiation no longer exists and the person is not saved).
Further, Paul writes “he himself will be saved, "but only" (or “yet so”) as through fire.” “He will be saved” in the Greek is “sothesetai” (which means eternal salvation). The phrase "but only" (or “yet so”) in the Greek is "houtos" which means "in the same manner." This means that man is both eternally rewarded and eternally saved in the same manner by fire.
“He shall suffer loss (zhmiwthsetai).
First future passive indicative of zhmiw, old verb from zhmia (damage, loss), to suffer loss. In Matthew 16:26; Mark 8:36; Luke 9:25 the loss is stated to be the man’s soul (psuxhn) or eternal life. But here there is no such total loss as that. The man’s work (ergon) is burned up (sermons, lectures, books, teaching, all dry as dust).
But he himself shall be saved (autov de swthsetai).
Eternal salvation, but not by purgatory. His work is burned up completely and hopelessly, but he himself escapes destruction because he is really a saved man a real believer in Christ.”
http://www.studylight.org/com/rwp/view.cgi?book=1co&chapter=003&verse=015
Paul was obviously using an analogy - that the church is a building, and ministers were working on the building with either wood or stone. On Judgement Day, the building would be tested by fire to show what each man had done - did he build with stone, that would survive the fire, or wood, which would not?
Paul states this explicitely:
” each one’s work will become manifest, for the Day will disclose it, because it will be revealed by fire, and the fire will test what sort of work each one has done.”
Paul then concludes his analogy by writing, “ If the work that anyone has built on the foundation survives, he will receive a reward. 15 If anyone’s work is burned up, he will suffer loss, though he himself will be saved, but only as through fire.”
If your house catches on fire, you will have nothing - but you will live. If someone builds the church poorly, his work will not last and he will enter heaven with empty hands - as someone whose house has burnt down is without anything.
This is not a complex verse to understand. It is very simple, and it does NOT, in any way, suggest a place where men are tormented to pay the temporal punishment of their sins. That is not the Gospel, but the anti-Gospel. There is nothing good about the news you have to work your way to heaven, and pay the judgment of your sins!