The Best Swimming Pool Loans and Financing

There is nothing better than a swimming pool when you are trying to beat the sticky wet humidity and scorching heat of the unforgiving summer sun. A personal loan can help you secure the funding you need to install your very own swimming pool for your backyard.

Before assigning a score, we research thousands of expert critique and real customer reviews to sift through the several lenders offering personal loans today.  Using our proprietary SimpleScore methodology, we perform an in-depth analysis of lenders offering personal loans to find the very best pool financing for 2020.

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In this article

  • The 6 best pool financing companies of 2020
  • What is a swimming pool loan?
  • How swimming pool loans work
  • Financing a pool with a personal loan
  • Financing a pool with a home equity loan
  • How to choose the right pool loan
  • Pool financing FAQ

The 6 best swimming pool loan providers of 2020

Pool loan providers at a glance

Lender APR Range Loan term Min. Loan Max. Loan SimpleScore
Lightstream 4.99% – 16.49% 24 to 144 months $5,000 $100,000 4.8
Wells Fargo as low as 5.74% 12 to 84 months $3,000 $100,000 4.6
SoFi 5.99% – 16.19% 24 to 84 months $5,000 $100,000 4.8
Navy Federal Credit Union 7.49% – 18.00% 36 to 60 months $250 $50,000 4.6
Earnest 4.99% – 17.24% 24 to 48 months $1,000 $100,000 4.8
Upgrade 6.99% – 29.99% 30 to 60 months $1,000 $35,000 3.8

Best for expensive pool renovations

LightStream

Year after year, Lightstream is repeatedly a winner at The Simple Dollar for low-interest loans without fees.

APR range
4.99% - 16.49%
Loan range
$5K - $100K
Term range
24 to 144 months
SimpleScore
4.8 / 5.0
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SimpleScore
LightStream
4.8
  • Rates
    5
  • Loan Size
    5
  • Fees
    5
  • Support
    4
  • Terms
    5
With LightStream, you can enjoy no fees, and straightforward pricing with the interest rates and loan terms spelled out on the website. If you enroll in AutoPay, you can save yourself an extra 0.50% off regular rates. You can feel free to use the prepayment option without fear of penalty, and LightStream will even match your rates with its Rate Beat Program.
Full review

Our Two Cents — Through Lightstream, you get the power of Suntrust Bank for more bang for your buck.

Best for borrowers with low credit scores

Wells Fargo

When you need cash quickly, Wells Fargo won’t delay with fast processing on its competitive rates.

APR range
as low as 5.74%
Loan range
$3K - $100K
Term range
12 to 84 months
SimpleScore
4.6 / 5.0
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SimpleScore
Wells Fargo
4.6
  • Rates
    5
  • Loan Size
    5
  • Fees
    4
  • Support
    4
  • Terms
    5
Wells Fargo has no origination fees and no prepayment penalties, so repayment isn’t an expensive process, and you can make the most of your loan. There is an extra relationship discount of 0.25% for existing customers, dropping rates to as low as 5.74% for those who qualify.
Full review

Our Two Cents — It pays to be a Wells Fargo customer when you need a personal loan.

Best for borrowers with good credit

SoFi

Online application processing and live customer support make borrowing a breeze with SoFi if you have the rates to qualify.

APR range
5.99% - 16.19%
Loan range
$5K - $100K
Term range
24 to 84 months
SimpleScore
4.8 / 5.0
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SimpleScore
SoFi
4.8
  • Rates
    5
  • Loan Size
    5
  • Fees
    5
  • Support
    4
  • Terms
    5
SoFi is proudly “100% fee-free,” which means you won’t pay any origination, prepayment or late fees. You can benefit from an additional 0.25% discount if you enroll in auto-payments, and you can enjoy the support of live customer service available even on weekends. Even better, these are unsecured loans, so you don't need collateral to qualify.
Full review

Our Two Cents — In the age of COVID-19, we especially appreciate that SoFi will pause your payments if you lose your job.

Best for competitive rates

Navy Federal Credit Union

This military lender focuses less on its profit and more on customer support for a stellar lending experience.

APR range
7.49% - 18.00%
Loan range
$250 - $50K
Term range
36 - 60 months
SimpleScore
4.6 / 5.0
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SimpleScore
Navy Federal Credit Union
4.6
  • Rates
    5
  • Loan Size
    5
  • Fees
    4
  • Support
    4
  • Terms
    5
Navy Federal skips the origination fees and prepayment penalties for fewer overall payments. In most cases, you can even benefit from same-day funding so you can get your pool started that much sooner. Just make sure that you are a member because loans are reserved exclusively for the military families that have joined this credit union.
Full review

Our Two Cents — Navy Federal is a great pick when you are looking for a small-sized loan, but be ready to prove that military affiliation before you can apply.

Best tech-driven lender

Earnest

AI-driven technology automatically pairs you with the best lender rates for you.

APR range
4.99%-17.24%
Loan range
$1K - $100K
Term range
24 - 48 months
SimpleScore
4.8 / 5.0
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SimpleScore
Earnest
4.8
  • Rates
    5
  • Loan Size
    5
  • Fees
    4
  • Support
    4
  • Terms
    5
Earnest is unlike any other lender on our list. It uses AI technology to pair you with the best possible loan for your situation. You can borrow up to $100,000 and have up to seven years to pay it all back . It’s by far the most flexible terms of any lender because it’s AI assistant, Fiona will work as your personal digital consultant and find you the most competitive rates based on your credit history.
Full review

Our Two Cents — You’ll fall in love with Fiona once you see what her technology can save you in total interest.

Most flexible repayment terms

Upgrade

Upgrade offers easy lending, but the rates are just average, and the fees are high if you have poor credit.

APR range
6.99% - 29.99%
Loan range
$1K - $35K
Term range
30 to 60 months
SimpleScore
3.8 / 5.0
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SimpleScore
Upgrade
3.8
  • Rates
    2
  • Loan Size
    5
  • Fees
    3
  • Support
    4
  • Terms
    5
Upgrade doesn’t take forever with its processing, with borrowers receiving payment as soon as the next day after approval. While there are no prepayment penalties, Upgrade does charge a steep origination fee that can run as high as 8% of the loan and is taken directly from the loan’s proceeds. This lender is still a popular option for many borrowers because it has flexible eligibility requirements and easy repayment terms that make borrowing a lot easier, even if it isn’t necessarily cheaper.
Full review

Our Two Cents — Upgrade may work with your poor credit, but you will pay handsomely for this opportunity.

What is a swimming pool loan?

A popular way to finance a new swimming pool is to take out a personal loan, which can also be referred to as a swimming pool loan. Most homeowners do not want to provide collateral for such a project, so an unsecured personal loan can be a great way to finance home remodeling like a swimming pool. Home equity loans are another option, albeit a less popular one.

How swimming pool loans work

When you want to put in a swimming pool, you will need thousands of dollars to install itl. Few people have the funds to pay upfront, so pool financing can become a great solution to pay that bill. As a homeowner, you can choose between a personal loan or a home equity loan. Regardless of which one you choose, both are incredibly beneficial for financing a pool.

Financing a pool with a personal loan

A personal loan is a great financing option because you do not need to secure the loan with your personal collateral, which means your assets are safe. However, with less to secure the loan, banks are more likely to charge higher interest rates and add extra fees to compensate.

Pros of personal loans

There are many benefits to personal loans, such as these.

  • Faster turnaround: With a personal loan, some lenders can provide financing as soon as the very next day so you can break ground that much faster.
  • No collateral needed: Unlike other types of loans, you don’t have to worry about losing your car or worse, your home if you default on the loan.
  • Less money spent on fees: Many of the lenders we have chosen here were selected for their low or no fees when it comes to things like origination fees, prepayment penalties and even late fees.

Financing a pool with a home equity loan

Some borrowers choose instead a home equity loan. By using your home or car as collateral, you can improve your chances of not only receiving a competitive rate but receiving a loan at all if you have bad credit. There is more risk, but you are more likely to be rewarded with lower fees and rates.

Pros of home equity loans

A home equity loan has its own merits.

  • Lower interest rates: Home equity loans typically carry interest rates that are more competitive than those associated with unsecured personal loans.
  • Potential tax benefits: The IRS could give you a break by not taxing your interest payments when used for home improvement reasons.

How to choose the right pool loan

1. Determine how much you need to borrow.

When it comes to swimming pools, many different factors that can affect the total cost. This includes the size and shape, as well as the materials that will be used and any other caveats, like unique  additions and features.

     2. Shop your loan options.

With so many lenders to choose from, you should take the time to shop and consider your options seriously. Your specific loan needs and credit history will determine what kind of interest rate you receive, as well as the terms that stipulate how long you have to pay it all back.

     3. Calculate what you can afford.

Before you accept a loan, calculate what the total payment will be each month once fees and interest are added. While some lenders charge 8% and more for origination fees, others may charge none at all. The difference can mean hundreds or even thousands of dollars that you could have put toward your new pool.

     4. Choose the right kind of loan.

Several options extend beyond just the lender that you choose. There are secured and unsecured loans that will give you the money you need for a pool loan, but they operate very differently. A home equity loan uses the equity you have in real assets to secure your loan. In contrast, an unsecured loan uses just your credit score and, therefore, typically brings higher interest rates.

Things to consider.

A swimming pool can bring boundless enjoyment to your family, but it is essential to understand that it may not add extra value to your home when it comes time to sell. If you would still like to move forward with your loan, you will want to make sure your credit score is as attractive as possible to prospective lenders. Be sure to pull a copy of your credit report and review it carefully to ensure that there is no inaccurate information that you need to dispute. You should also take this time to pay down any existing debts, so that you can present a more attractive income-to-debt ratio.

Pool financing FAQ

Can I pay off my loan early?

Many lenders allow you to pay off your loan early, saving you countless dollars in interest in the meantime. However, there are steep fees that can sometimes accompany these kinds of prepayments. Before you approve your loan, take a look at the prepayment penalties that you will be assessed if you pay off your loan ahead of schedule.

Do I need to own my home to get a pool loan?

Yes, only homeowners are able to procure a loan for pool financing.

What credit score do I need for a pool loan?

Every lender has different requirements in order to receive financing for a pool, but all lenders refer to the FICO scoring method for credit requirements. Our top picks for pool financing work with a range of credit scores and collateral could further increase your chances of approval.

Too long, didn’t read?

When you are looking for pool financing, these are the best pool loan companies in 2020. Your exact rate may vary according to your credit history, but these companies offer the best pool financing terms with the most competitive interest rates and loan terms.

Methodology

The SimpleScore is our proprietary scoring metric to compare products and services at The Simple Dollar in a transparent, evidence-based way. Our editorial team identifies five quantifiable aspects to compare for every brand, determines the rating criteria for each aspect score, then averages the five aspect scores to produce a single SimpleScore. For pool financing companies, we compared interest rates, loan sizes, terms, support and fees for every major lender. Our ratings are meant to be a directional tool to help you in the process of choosing a personal loan provider. Be sure to continue your research and shop around for the pool financing company that fits your specific needs. Learn more about our methodology.

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