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Private outdoor spaces have grown in popularity, even more so with the rise of remote work, and a pool is a must-have item for many homeowners. Pool prices range from a few thousand dollars to over $100,000, which means you may need to get a loan. The primary financing choices for establishing a new pool are personal loans, home equity lines of credit (HELOC), and cash-out refinancing mortgages.
We analyzed different pool loan lenders to assist you in finding the best personal pool loan lender for your needs. We selected the best pool loans based on their loan offering, interest rates, and repayment conditions.
Upgrade is an online lender that offers customers with a credit score of at least 560 quick approvals on fixed-rate personal loans of up to $50,000. Upgrade does not impose application or prepayment fees, but all loans contain an origination fee ranging from 2.9 percent to 8 percent, which is deducted from your loan proceeds and put into your APR.
To qualify for a personal pool loan from Upgrade, you must first fill out a one-page form to obtain rates and select any alternatives you prequalify for. If you prequalify, the interest rate you are offered will be based on your credit score, credit usage, and history.
>> More: Upgrade Personal Loans Review
Upstart is a lending platform that offers personal loans ranging from $1,000 to $50,0005 from various lending partners. Upstart claims to be distinct from others in that its evaluation procedure considers your education, major, and career history, in addition to your credit score and credit history.
Personal loans ranging from $1,000 to $50,000 are available from upstart lenders, with fixed interest rates and repayment lengths of three or five years4. Upstart loans can be utilized for various purposes, including debt consolidation, relocation, weddings, and medical costs.
Upstart employs machine learning to “price credit,” allowing you to get a reduced rate if your education and work experience show potential that your credit score does not reflect. You may still be eligible for Upstart if you have “thin credit,” which means there isn’t enough information about you to produce a credit score.
>> More: Upstart Personal Loans Review
LightStream is SunTrust’s online lending arm. LightStream specializes in loans for customers with good to excellent credit, usually 670 or higher, and extended credit history.
LightStream only takes applications online and has no prequalification mechanism. The only way to learn if you’re approved and what rates you’ll get is to apply fully.
If approved, you could get your money the same day you apply, depending on how quickly your loan is processed. A personal pool loan’s term might range from three to twelve years.
Unlike other lenders, LightStream’s loan agreement emphasizes that the money you borrow must be utilized for the indicated reason; therefore, you can only use your loan for your pool installation.
>> More: LightStream Personal Loans Review
SoFi is an online lending platform that provides unsecured, fixed-rate pool loans in all states except Mississippi. Since its inception in 2011, SoFi has made more than $50 billion in loans. It distinguishes itself by accepting large loan amounts and providing prolonged loan terms. Loans range from $5,000 to $100,000, making SoFi a fantastic choice for folks with good credit who need to borrow a significant sum of money for their pool. Loan amounts vary by state.
Repayment durations span from two to seven years, making SoFi an extremely flexible alternative for people with adequate credit (minimum 680) and annual income (at least $45,000). SoFi also allows prospective borrowers to submit joint applications, while co-signers are not permitted.
Borrowers who are approved are rewarded with reduced APRs. Furthermore, SoFi does not charge origination costs, late fees, or prepayment penalties—a notable feature given that personal loan providers frequently charge origination or late payment fees as a minimum.
>> More: SoFi Personal Loans Review
LendingClub was launched in 2007 as a peer-to-peer — or marketplace — lender. With LendingClub, you may be able to qualify for a loan even if your credit score is slightly below average, as your personal loan application might include a co-signer. This boosts your chances of obtaining a loan and negotiating a favorable interest rate.
While LendingClub charges high annual percentage rates and does not offer an autopay discount, applicants can borrow up to $1,000. As a result, you will avoid borrowing more than you need – and paying interest on it. LendingClub’s loan terms are limited to three or five years, which is less flexible than the loan terms offered by the other lenders on our list. Additionally, borrowers are charged an origination fee ranging from 2% to 6% of the loan amount, which is deducted from the loan proceeds at financing.
Interest rates range from 7.04 percent to 35.89 percent, and checking your rate and loan eligibility will not affect your credit score. If approved, disbursement of your loan may take three days or longer.
>> More: LendingClub Personal Loans Review
Avant is a consumer lending platform that connects consumers with third-party banks that offer unsecured personal loans (WebBank). In Washington, D.C., and all states except Hawaii, Louisiana, Nevada, and South Carolina, pool loans are accessible. The platform caters to middle-income borrowers with acceptable credit, with a minimum credit score of 580 required to qualify.
Although the maximum loan amount is limited compared to other lenders, the low minimum loan amount and flexible payback terms (two to five years) make this a viable alternative for borrowers. However, as with many subprime loans, Avant personal loans come with a cost.
Avant charges an administrative fee of up to 4.75 percent of the loan amount in addition to a high APR for applicants with a good to exceptional credit score—and there is no autopay discount. Nonetheless, the site is highly recommended for borrowers with less-than-perfect credit who require immediate access to funds.
>> More: Avant Personal Loans Review