Best Swimming Pool Loans in 2024

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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Written by Tara Mastroeni | Edited by Jessica Sain-Baird | Updated April 10, 2024

Best pool loan lenders at a glance

BHG Money: Best for large loan amounts

APR range13.39% - 24.91%
Loan terms36 to 120 months
Loan amounts$20,000 - $200,000
Minimum credit score660
Origination fee3.00% - 4.00%
ProsCons

  Large loan amounts available

  Long loan terms available

  No prepayment penalties

  APR range is fairly high

  Charges an origination fee

  Loans not available in Illinois or Maryland

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Discover: Best for small loan amounts

APR range7.99% - 24.99%
Loan terms36 to 84 months
Loan amounts$2,500 - $40,000
Minimum credit score720
Origination feeNone
ProsCons

  Lower minimum APR

  Flexible loan terms

  No origination fee

  Low maximum loan amount

  High minimum credit score

  Steep late payment fee ($39)
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LightStream logo

LightStream: Best for excellent credit borrowers

APR range7.99% - 20.99% (with autopay)
Loan terms24 to 240 months
Loan amounts$5,000 - $100,000
Minimum credit scoreNot specified
Origination feeNone
ProsCons

  Same-day funding available

  Wide range of loan terms

  Autopay discount

  Only available to borrowers with good or excellent credit

  No option to prequalify

  Higher minimum loan amount
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APR range8.99% - 18.00%
Loan termsUp to 180 months
Loan amounts$250 - $150,000
Minimum credit scoreNot specified
Origination feeNone
ProsCons

  Same-day funding available

  Lower maximum APR

  Joint loans available

  Must have a military affiliation

  Must be a member of the credit union to borrow

  Minimum loan amount determines available loan terms
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SoFi: Best for good credit borrowers

APR range8.99% - 29.99% (with discounts)

Pricing Disclosure

Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive. Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
Loan terms24 to 84 months
Loan amounts$5,000 - $100,000
Minimum credit score680
Origination fee0.00% - 7.00% (optional)
ProsCons

  Same-day funding available

  Interest rate discounts offered

  No required fees

  Origination fee may apply for lower rates

  Higher minimum loan amount

  Higher minimum credit score requirement
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Upgrade logo

Upgrade: Best for bad credit borrowers

APR range8.49% - 35.99% (with autopay)
Loan terms24 to 84 months
Loan amounts$1,000 - $50,000
Minimum credit score580
Origination fee1.85% - 9.99%
ProsCons

  Lower minimum credit score requirement

  Offers joint loans

  Next-day funding available

  Low maximum loan amount

  Charges an origination fee

  High maximum APR
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Wells Fargo: Best for existing Wells Fargo customers

APR range7.49% - 23.24% (with existing relationship)
Loan terms12 to 84 months
Loan amounts$3,000 - $100,000
Minimum credit scoreNot specified
Origination feeNone
ProsCons

  APR discount available

  No origination fee

  Wide range of loan amounts

  Not transparent about minimum credit score requirements

  History of regulatory violations

  Late fees may be assessed
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What is a pool loan?

A pool loan is a type of personal loan. While some lenders may advertise specific pool loans, others may offer home improvement loans, which can be used for many different types of home improvement projects, including putting in a pool. In either case, though, swimming pool loans and home improvement loans both fall under the personal loan umbrella.

Personal loans are a form of installment loan, meaning they have fixed, monthly payments. With each payment, you’ll pay down a portion of the principal loan amount, plus some interest charges. These loans are generally a form of unsecured debt, meaning you don’t need an asset as collateral.

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How much do swimming pools cost?

Before you apply for a swimming pool loan, it’s important to get a sense of how much your new pool will cost. According to HomeAdvisor, in-ground pools range from about $44,000 to $86,000. Above-ground pools are substantially cheaper — usually less than $6,000.

The total cost of your pool will depend on a variety of factors, including where you live. Size, shape, materials and additional features like fencing or landscaping will also affect the size of your total bill.

As you’d expect, more luxurious pools are more expensive. If you want a huge luxury pool with waterfalls or spillover features, some personal loans may not offer enough funding to finance the entire cost.

Contractors should be able to provide an estimate of what your pool may cost, but your choice of labor and materials could affect the final price. Whether you want an inexpensive above-ground pool or a custom in-ground pool with all the bells and whistles, be sure to get a few quotes from licensed contractors before applying for a personal loan.

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How to compare pool loans

Before you start the application process, it’s also a good idea to shop around for a loan. Collecting loan offers from multiple lenders can help you save money over the life of the loan. Here’s a look at what to compare:

APRs: The annual percentage rate (APR) you’re given will tell you the overall cost of your loan, including interest and fees. Typically, the lowest rates are given to borrowers with the highest credit scores.

Loan amount: Putting in a swimming pool can be costly, so the total loan amount is an important consideration. Make sure the loan offer you choose has a loan amount large enough to cover all of your necessary expenses.

Loan term: The loan term tells you how long you have to repay your full loan balance. Short-term loans typically give you a shorter window to pay back your loan but can allow you to save on interest charges. Meanwhile, long-term loans give you a longer repayment window, but in exchange, you’ll pay more in interest over time.

Added fees: While many lenders don’t charge fees, some do. Origination fees (administrative fees that get subtracted from your loan balance) and prepayment penalties can add up, so ask the lender about their fee schedule ahead of time.

Funding time: Some lenders offer quick loans, which offer funding in 24 hours or less. Other lenders can take a few business days to complete your funding request. If getting cash fast is important to you, make sure to factor that into your decision as well.

Swimming pool loan calculator

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How to apply for a pool loan

Getting a swimming pool loan is similar to getting any other kind of personal loan. Once you’ve gathered quotes from contractors and lenders, you’re ready to start the loan application process.

  1. Determine your budget

    Keep monthly loan payments in mind as you decide what kind of pool you’d like and how much it might cost. If you’re borrowing money to finance the project, it’s important to ensure that the monthly cost fits into your budget. You don’t want to wind up underwater if you miss payments.

  2. Check your credit score

    Your credit score helps track your credit history for potential lenders. A higher score can offer access to more loans and better rates, and a lender will check your score when you apply for a loan.

    You can check your score for free using LendingTree Spring. Understanding your credit score will give you a better idea of where to apply as you start the application process.

  3. Prequalify for loans

    Think of prequalification as getting your feet wet without jumping all the way into the deep end. Some lenders allow you to prequalify for a loan, which gives you an estimated APR and monthly payment with a soft credit check — avoiding a hard credit check until you’re ready to apply.

    That said, some lenders don’t allow prequalification, so you wouldn’t know the specific terms before applying.

  4. Compare loans

    Once you’ve prequalified for a few loans, compare your options to see which has the best terms for your needs. Consider factors like APR, term length, origination fees and credit score requirements when deciding which loan is best for your circumstances.

    Ultimately, the interest you’ll have to pay may be the most important number — a lower interest rate can save you a lot of money over the life of the loan. To get the best rates, you’ll need a strong credit score. It might be worth delaying your project and working to improve your credit score before applying.

  5. Apply for your loan

    The final step is to submit a formal loan application to a lender. In addition to basic information like your ID and Social Security number, you may also need to provide proof of income or employment, bank account information and documentation for your other debts. The lender will pull your credit report before making a final loan decision.

    If your application is approved, you’ll sign a loan contract and receive your funds in the form of a lump sum. If your request is denied, here are ways to boost your odds of approval next time.

Pool loan pros and cons

ProsCons

  No collateral needed: Personal loans are unsecured loans, meaning you won’t need to put an asset on the line.

  Fixed payments only: Personal loan payments don’t change over time. You’ll know what you owe and be able to budget for it accordingly.

  Fast funding available: Some personal loan lenders can fund your request as soon as the same day you complete your application.

  APRs can get high: The APRs on personal loans can get as high as 35.99%. If you have bad credit, these high rates could impact your payment.

  Other financing may work better: Depending on how much equity you have built up in your home, it may be smart to choose a secured loan option, like a home equity loan or HELOC. They often come with lower APRs.

  No tax benefits: Personal loan interest isn’t typically tax deductible, but the interest on a home equity loan or HELOC could be.

Swimming pool loan alternatives

While personal loans can seem great for financing a swimming pool, they’re not a one-size-fits-all solution. Before diving in, consider whether an alternative product makes more sense.

  • Home equity loan: Unlike unsecured personal loans, home equity loans are secured loans, meaning that your home is considered collateral (much like a mortgage). The amount you can borrow and the interest rates you qualify for will depend on your credit score and the amount of equity you’ve built in your home. Home equity loans come with fixed rates that tend to be lower than those for personal loans because they require you to use your home as collateral.
  • Home equity line of credit (HELOC): Like a credit card, a HELOC is a form of revolving credit that allows you to borrow money as needed. HELOC financing also uses your home as collateral for the secured credit line. Unlike a home equity loan, which often has a fixed interest rate, the APR on a HELOC is variable and can fluctuate with the market.
  • Cash-out refinance: If you’ve built considerable equity in your home, a cash-out refinance allows you to convert that equity into cash. With this type of refinancing, you borrow more than you currently owe on your mortgage and use the cash difference to finance projects like building a swimming pool in your backyard.

These alternatives have much longer funding timelines than personal loans, and they require a significant amount of home equity. If you’re itching to get started or you haven’t built much equity in your home yet, a swimming pool loan may be your best bet.

How we chose the best pool loans

We reviewed more than 15 lenders to determine the overall best seven personal loans. To make our list, lenders must offer joint loans with competitive APRs. From there, we prioritize lenders based on the following factors:

  • Accessibility: Lenders are ranked higher if their personal loans are available to more people and require fewer conditions. This may include lower credit requirements, wider geographic availability, faster funding and easier and more transparent prequalification and application processes.
  • Rates and terms: We prioritize lenders with more competitive fixed rates, fewer fees and greater options for repayment terms, loan amounts and APR discounts.
  • Repayment experience: For starters, we consider each lender’s reputation and business practices. We also favor lenders that report to all major credit bureaus, offer reliable customer service and provide any unique perks to customers, like free wealth coaching.

Frequently asked questions

Every lender sets its own eligibility requirements, including minimum credit score requirements. As a rule of thumb, you’ll need a score over 600 to qualify for most lenders, but there are a few exceptions.

Each lender sets its own loan terms, as well. Most lenders offer terms between two and seven years. However, some may be longer or shorter. In particular, Navy Federal Credit Union offers terms as long as 180 months for pool financing.

In general, you should be able to use a HELOC to finance pool construction. However, some lenders may put certain use restrictions in place, so be sure to check with your lender before applying.