Best Swimming Pool Loans in 2023

Ready to dive in? Build a backyard oasis with a swimming pool loan.

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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

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.

How Does LendingTree Get Paid?

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.

LenderAPR rangeLoan amountsLoan terms
12.99% to 22.49%$20,000 to $200,00036 to 120 months
6.99% to 24.99%$2,500 to $35,00036 to 84 months
6.99% to 20.74%*$5,000 to $100,00024 to 144 months
Navy Federal Credit Union7.49% to 18.00%$25,000 and upUp to 180 months
7.74% to 17.99%Up to $50,000Up to 60 months
SoFi7.99% to 23.43%*$5,000 to $100,00024 to 84 months
6.99% to 23.24%*$3,000 to $100,00012 to 84 months

* Rate includes autopay discount

 

Read more about how we chose the best lenders for swimming pool loans.

Top lenders for swimming pool loans

  • Loan amounts: $20,000 to $200,000
  • APR: 12.99% to 22.49%
  • Terms: 36 to 120 months
  • Origination fees: 2.00% - 4.00%

  Why we like it

Of all the lenders on this list, BHG Money offers the highest maximum loan amount at $200,000, so it could be the best fit if you’re looking for a six-figure loan to build the luxury pool of your dreams.

Overview

BHG Money, which is part of BHG Financial, offers business and consumer loan products, including home improvement loans for swimming pool construction financing. BHG allows you to estimate your payment online, which only requires a soft credit check, but watch out for its origination fees — they can eat into the principal value of your loan — and higher minimum APR.

 

ProsCons

  Largest maximum loan amount

  Longer payment terms available

  No prepayment penalties

  Higher minimum interest rate

  Not available in Illinois or Maryland

  Origination fees

 

Eligibility requirements

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 and government-issued ID.

  • Loan amounts: $2,500 to $35,000
  • APR: 6.99% to 24.99%
  • Terms: 36 to 84 months
  • Origination fees: None

  Why we like it

Among the lenders on this list, Discover would be a good option if you want to build a cheaper, above-ground pool.

Overview

In addition to credit cards, Discover offers various loans and other banking products. Discover’s personal 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.

 

ProsCons

  APR starting at 6.99%

  No origination fees

  Repayment period of up to seven years

  Low loan maximum at $35,000

  Doesn’t allow joint applications

  Charges fees for late payments

 

Eligibility requirements

Discover doesn’t disclose a minimum required credit score or debt-to-income ratio, but you will need a minimum annual income of at least $25,000. As with most loans, you’ll need to provide proof of income and employment when applying for a Discover loan.

  • Loan amounts: $5,000 to $100,000
  • APR: 6.99% to 20.74% (with autopay)
  • Terms: 24 to 144 months
  • Origination fees: None

  Why we like it

LightStream loans have very flexible loan terms (from two to 12 years) and competitive rates, especially for borrowers with excellent credit who enroll in autopay.

Overview

LightStream is an online consumer loan company that is part of Truist, a large bank. For high-credit borrowers, LightStream could be a good option for an in-ground pool loan, considering the long repayment terms and high maximum loan amounts. This lender doesn’t offer prequalification, so you’ll have to agree to a hard credit check before seeing the loan terms you qualify for.

 

ProsCons

  Up to $100,000 maximum

  No origination fees

  Wide range of payment terms

  No loan prequalification

  Hard credit check required

  Requires good or excellent credit

 

Eligibility requirements

Beyond requiring good to excellent credit, LightStream also looks for strong credit histories, liquid assets, including bank accounts, and a record of on-time payments.

  • Loan amounts: $25,000 and above
  • APR: 7.49% to 18.00%
  • Terms: Up to 180 months
  • Origination fees: None

  Why we like it

If you have military ties, Navy Federal Credit Union personal loans have a low max APR and long loan terms.

Overview

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

 

ProsCons

  Low maximum APR

  Allows joint applications

  Same-day funding

  Must qualify for membership

  Relatively high loan minimums

  Maximum loan amount not specified

 

Eligibility requirements

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. Unlike many other credit unions, Navy Fed doesn’t allow you to join with a small donation.

  • Loan amounts: Up to $50,000
  • APR: 7.74% to 17.99%
  • Terms: Up to 60 months
  • Origination fees: None

  Why we like it

PenFed may not have the longest terms or highest loan amounts, but it has great interest rates for borrowers who want shorter or smaller loans.

Overview

PenFed is one of the largest credit unions in the country, serving over 2.8 million members nationwide. As long as you make your payments on time, you won’t have to pay extra fees, as PenFed does not charge origination fees or prepayment penalties. This lender also offers other products, like home equity lines of credit (HELOCs), that could be a fit for swimming pool financing.

 

ProsCons

  Quick funding timeline (1-2 days)

  Competitive APR range

  No origination fees

  Unclear eligibility requirements

  Relatively low maximum loan amount

  Fees for late payments

 

Eligibility requirements

You don’t need to become a PenFed member to apply for a loan, but you will need to become one if you agree to the loan. This lender isn’t transparent with its eligibility criteria, but as with most lenders, you may be asked to verify your income, employment and credit history.

  • Loan amounts: $5,000 to $100,000
  • APR: 7.99% to 23.43%
  • Terms: 24 to 84 months
  • Origination fees: None

  Why we like it

For good-credit borrowers, SoFi has an appealing combination of low rates, a wide range of repayment terms and a maximum loan amount that will cover the cost of most swimming pools.

Overview

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 perks like unemployment protection, which lets you modify your monthly payments if you lose your source of income.

 

ProsCons

  Competitive APR range

  No origination fees

  Same-day funding

  Requires higher credit score

  Doesn’t have clear eligibility criteria

  Employment requirements

 

Eligibility requirements

To qualify for a pool loan with SoFi, you must have a credit score of at least 680. Additionally, you must be employed, have sufficient income from other sources or have a job offer that starts within 90 days.

  • Loan amounts: $3,000 to $100,000
  • APR: 6.99% to 23.24% (with autopay)
  • Terms: 12 to 84 months
  • Origination fees: None

  Why we like it

If you already have a Wells Fargo banking relationship, the lender has a competitive APR on personal loans up to $100,000.

Overview

Wells Fargo 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 no origination fee are appealing, but Wells Fargo only issues personal loans to existing customers, so you must already have an account to apply.

 

ProsCons

  Terms as short as 12 months

  Low minimum APR at 6.99%

  Quick application process

  Only Wells Fargo customers can apply

  Late payment fees apply

  Doesn’t allow cosigners

 

Eligibility requirements

Aside from being 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.

How much do swimming pools cost?

Before you apply for a swimming pool loan, you should get a few quotes for how much your new pool will cost. According to HomeAdvisor, in-ground pools range from about $42,000 to $79,000. 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 how much your pool costs.

As you’d expect, more luxurious pools are more expensive. In fact, if you want a huge, luxury pool with waterfalls or spillover features, many 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 cost fluctuations for 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.

APR is the most significant factor that determines the cost of your pool loan. Here are the average of the best APRs offered to borrowers, broken down by credit score.

Credit scoreAverage lowest APR offered
760+12.05%
720-75915.29%
680-71919.91%
640-67924.73%
639 and below28.43%

Source: LendingTree data for November 2022

Swimming pool loan calculator

How to get 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, 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 at LendingTree to understand where you stand 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. 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.

Swimming pool alternatives

While personal loans can be a great financing option, 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, 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.
  • 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 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

LendingTree reviewed 14 lenders to determine our list of the seven best lenders for swimming pool loans. Aside from one loan designed for cheaper, above-ground pools, each lender on our list has a maximum loan amount of at least $50,000 — enough to finance the average in-ground pool.

Other factors we considered include:

  • Competitive interest rates
  • Flexible repayment schedules
  • Low or no origination fees
  • Permitted loan use (swimming pool or home improvement loans allowed)

By offering you a detailed overview of the benefits and drawbacks of each loan product, LendingTree’s goal is to help you make an informed, financially sound decision that’s right for your needs.

Frequently asked questions

Yes, many personal loan companies help finance swimming pool construction. Home improvements are a common reason for taking out a personal loan, and while most lenders have a few restrictions on how you can use your funds, home improvements are commonly permitted.

It depends. Some lenders require at least good credit, though some don’t publicly specify their minimum credit requirements. To qualify for a lender’s lowest rate, you’ll likely need an excellent credit score.

Some lenders charge a loan origination fee, though not all do. Those fees are deducted up front from the money your lender sends to you. Prepayment penalties are less common but can apply if you pay off your loan too quickly. It’s important to understand all potential fees before finalizing your loan application.

Lenders usually ask how you plan on using your loan funds during the application process. Personal loans can be used to pay for a wide variety of expenses, but most lenders place restrictions on how you can use the funds. If you use your loan to finance something that violates the lender’s conditions, you may be in breach of your loan contract and face stiff financial and legal repercussions.

If your lender does a hard credit check as part of the application process, your credit score will take a minor, temporary hit. As long as you make regular, on-time loan payments, your credit score should rebound eventually.