Best Swimming Pool Loans in 2024

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Best swimming pool loans in 2024

Written by Tara Mastroeni | Edited by Jessica Sain-Baird | Updated April 10, 2024

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User ratings	Best for...	APR range	Loan terms	Loan amounts	Credit score required	Origination fee
(4) User Ratings & Reviews Ratings and reviews are from real consumers who have used the lending partner’s services.	Large loan amounts	13.39% - 24.91%	36 to 120 months	$10,000 - $200,000	660	2.00% - 4.00%
(1,593) User Ratings & Reviews Ratings and reviews are from real consumers who have used the lending partner’s services.	Small loan amounts	7.99% - 24.99%	36 to 84 months	$2,500 - $40,000	720	None
(279) User Ratings & Reviews Ratings and reviews are from real consumers who have used the lending partner’s services.	Excellent credit borrowers	7.99% - 20.99% (with autopay)	24 to 144 months	$5,000 - $100,000	Not specified	None
User ratings coming soon	Military personnel	8.99% - 18.00%	Up to 180 months	$250 - $150,000	Not specified	None
(97) User Ratings & Reviews Ratings and reviews are from real consumers who have used the lending partner’s services.	Good-credit borrowers	8.99% - 29.99% (with discounts)*	24 to 84 months	$5,000 - $100,000	680	0.00% - 7.00% (optional)
(2,202) User Ratings & Reviews Ratings and reviews are from real consumers who have used the lending partner’s services.	Bad-credit borrowers	8.49% - 35.99% (with autopay)	24 to 84 months	$1,000 - $50,000	580	1.85% - 9.99%
User ratings coming soon	Existing customers	7.49% - 23.24% (with discounts)	12 to 84 months	$3,000 - $100,000	Not specified	None

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Best pool loan lenders at a glance

BHG Money: Best for large loan amounts

APR range	13.39% - 24.91%
Loan terms	36 to 120 months
Loan amounts	$10,000 - $200,000
Minimum credit score	660
Origination fee	2.00% - 4.00%

Pros	Cons
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

Pros

Cons

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

What to know

BHG Money, which is part of BHG Financial, offers business and consumer loan products, including loans for home improvement projects, such as building a swimming pool. BHG allows you to prequalify for a loan, which only requires a soft credit check, but watch out for its origination fees — which are subtracted from your total loan amount — and higher minimum APR.

Read our full BHG Money personal loan review.

How to qualify

You must have a credit score of at least 660 to qualify for a BHG Money personal loan, and you’re required to submit standard information, like proof of income. However, beyond providing that information, BHG Money is not all that transparent about the rest of its personal loan requirements.

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Discover: Best for small loan amounts

APR range	7.99% - 24.99%
Loan terms	36 to 84 months
Loan amounts	$2,500 - $40,000
Minimum credit score	720
Origination fee	None

Pros	Cons
Lower minimum APR Flexible loan terms No origination fee	Low maximum loan amount High minimum credit score Steep late payment fee ($39)

Pros

Cons

Lower minimum APR

Flexible loan terms

No origination fee

Low maximum loan amount

High minimum credit score

Steep late payment fee ($39)

What to know

In addition to credit cards, Discover offers various loans and other banking products. Discover’s home improvement loan has a relatively low maximum amount, so you may not be able to finance the construction of an in-ground pool. But if you don’t need financing for the entire cost of the pool or are planning a less expensive project, the Discover loan could be a great option.

Read our full Discover personal loan review.

How to qualify

At 720, Discover’s minimum credit score is on the higher end. Plus, you’ll need a minimum annual income of at least $40,000 to qualify. If you can meet those benchmarks, you’ll also need to be at least 18 years old and have a valid Social Security number to complete Discover’s loan application.

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LightStream: Best for excellent credit borrowers

APR range	7.99% - 20.99% (with autopay)
Loan terms	24 to 144 months
Loan amounts	$5,000 - $100,000
Minimum credit score	Not specified
Origination fee	None

Pros	Cons
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

Pros

Cons

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

What to know

LightStream is an online consumer loan company that is part of Truist, a large bank. Meant for high-credit borrowers, LightStream may be a good financing option for an in-ground pool loan, considering its long repayment terms and high maximum loan amount. However, this lender doesn’t offer prequalification, so you’ll have to agree to a hard credit pull before seeing the loan terms you qualify for.

Read our full LightStream personal loan review.

How to qualify

Beyond requiring good to excellent credit, LightStream also looks for strong credit histories, solid debt-to-income ratios, liquid assets and a record of on-time payments when granting loan approval.

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Navy Federal Credit Union: Best for military personnel

APR range	8.99% - 18.00%
Loan terms	Up to 180 months
Loan amounts	$250 - $150,000
Minimum credit score	Not specified
Origination fee	None

Pros	Cons
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

Pros

Cons

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

What to know

Credit unions are owned by their members and sometimes restrict access to certain groups of borrowers. For those who are eligible to join, in addition to competitive rates and long loan terms, Navy Fed allows you to apply with a co-applicant and may provide funding the same day your loan application is approved.

Read our full Navy Federal Credit Union personal loan review.

How to qualify

To join Navy Federal Credit Union, you must be an active-duty service member or part of the Department of Defense — or you must be a close relative to one. Unlike many other credit unions, Navy Fed doesn’t allow you to join with a small donation.

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SoFi: Best for good credit borrowers

APR range	8.99% - 29.99% (with discounts)*
Loan terms	24 to 84 months
Loan amounts	$5,000 - $100,000
Minimum credit score	680
Origination fee	0.00% - 7.00% (optional)

Pros	Cons
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

Pros

Cons

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

What to know

SoFi is an online lender that doesn’t charge any fees and offers same-day funding. It allows prequalification with a soft credit pull so you can see the rates and fees you may qualify for without impacting your credit. SoFi loans also come with the opportunity for interest rate discounts, which allow you to reduce your rate by taking certain steps, like enrolling in autopay and direct deposit.

Read our full SoFi personal loan review.

How to qualify

To qualify for a pool loan with SoFi, you must have a credit score of at least 680, meaning these loans are best suited for those with good credit scores. Additionally, you must be employed, have sufficient income from other sources or have a job offer that starts within 90 days.

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Upgrade: Best for bad credit borrowers

APR range	8.49% - 35.99% (with autopay)
Loan terms	24 to 84 months
Loan amounts	$1,000 - $50,000
Minimum credit score	580
Origination fee	1.85% - 9.99%

Pros	Cons
Lower minimum credit score requirement Offers joint loans Next-day funding available	Low maximum loan amount Charges an origination fee High maximum APR

Pros

Cons

Lower minimum credit score requirement

Offers joint loans

Next-day funding available

Low maximum loan amount

Charges an origination fee

High maximum APR

What to know

While bad credit loans for home improvement projects like swimming pools do exist, the options are fewer and far between. Upgrade is our pick for those with lower credit scores because they offer the opportunities for an interest rate discount and applying with a cosigner, which may lower your rate even further. Still, the maximum loan amount is fairly low, which means it may not be a fit for all pool installations, and the maximum APR can get quite high, adding to your total costs.

Read our full Upgrade personal loan review.

How to qualify

To qualify for a loan through Upgrade, you’ll need a credit score of at least 580. You’ll also need to be of the age of majority in your state and be a U.S. citizen, a permanent resident or living in the U.S. with a valid visa. You should also have a verifiable bank account and email address.

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Wells Fargo: Best for existing Wells Fargo customers

APR range	7.49% - 23.24% (with existing relationship)
Loan terms	12 to 84 months
Loan amounts	$3,000 - $100,000
Minimum credit score	Not specified
Origination fee	None

Pros	Cons
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

Pros

Cons

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

What to know

Wells Fargo Bank is one of the largest banks in the country and offers a variety of loan products, including home improvement loans for swimming pool construction. The combination of APR, term flexibility, large loan maximums and lack of origination fee are appealing, but Wells Fargo only issues personal loans to existing customers, so you must already have an account to apply.

Read our full Wells Fargo personal loan review.

How to qualify

Aside from letting you know that you need to be an existing customer, Wells Fargo doesn’t disclose many of its other requirements. Although it does ask for standard documentation, like proof of income and mortgage/rent amount.

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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.

On this page

What is a pool loan?
How much do swimming pools cost?
How to compare pool loans
How to apply for a pool loan
Pool loan pros and cons
Swimming pool loan alternatives
How we chose the best pool loans
Frequently asked questions

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.

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

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.

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.
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.
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.
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.
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

Pros	Cons
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.

Pros

Cons

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.

*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 to $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.

Best Swimming Pool Loans in 2024

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