BEST OF

8 Deck Loans: Finance Your Deck or Patio

Personal loans are a fast way to finance your new deck. Compare personal loans with equity financing, credit cards and contractor financing to choose the one that suits your plans.

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A backyard deck or patio can serve as a change of scenery for a family dinner or a peaceful place to sip your morning coffee. If you’re planning a new deck or patio, the first step is to decide how you’ll pay for it.

Cash is the interest-free way to pay, but if you need deck financing, your options include a personal loan, home equity loan or line of credit, credit cards and contractor financing. Each choice has pros and cons.

A personal loan is among your fastest options — many lenders can fund a loan in a week or less. Compare lenders that offer personal loans for decks and patios, plus learn about other financing options and when each is best.

Deck Loans: Finance Your Deck or Patio

Our pick for

Personal loans for deck financing

SoFi
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on SoFi's website

SoFi

5.0

NerdWallet rating 
SoFi

Est. APR

7.99-23.43%

Loan amount

$5,000-$100,000

Min. credit score

None
Get rate

on SoFi's website


Min. credit score

None

Key facts

SoFi offers online personal loans with consumer-friendly features for good- and excellent-credit borrowers.

Pros

  • No fees.

  • Joint loan option.

  • Rate discount for autopay.

  • Hardship program for borrowers in need.

  • Mobile app to manage loan.

Cons

  • No option to choose initial payment date.

  • High minimum loan amount.

Qualifications

  • Must legally be an adult in your state.

  • Must be a U.S. citizen, permanent resident or visa holder.

  • Must be employed, have sufficient income or have an offer of employment to start within the next 90 days.

Available Term Lengths

2 to 7 years

Fees

  • Origination fee: None.

  • Late fee: None.

Disclaimer

Fixed rates from 7.99% APR to 23.43% APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 8/22/22 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. 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 above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. 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.

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Lightstream
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on LightStream's website

LightStream

5.0

NerdWallet rating 
Lightstream

Est. APR

6.99-22.49%

Loan amount

$5,000-$100,000

Min. credit score

660
Get rate

on LightStream's website


Min. credit score

660

Key facts

LightStream targets strong-credit borrowers with no fees and low rates that vary based on loan purpose.

Pros

  • No fees.

  • Rate discount for autopay.

  • Long repayment terms on home improvement loans.

  • Rate Beat program and Experience Guarantee.

Cons

  • No option to pre-qualify on its website.

  • Requires several years of credit history.

  • No direct payment to creditors with debt consolidation loans.

Qualifications

  • Minimum credit score: 660.

  • Several years of credit history.

  • Multiple account types within your credit history, like credit cards, a car loan or other installment loan and a mortgage.

  • Strong payment history with few or no delinquencies.

  • Investments, retirement savings or other evidence of an ability to save money.

  • Enough income to pay existing debts and a new LightStream loan.

Available Term Lengths

2 to 7 years

Fees

  • Origination fee: None.

  • Late fee: None.

Disclaimer

Rates quoted are with AutoPay. Your loan terms are not guaranteed and may vary based on loan purpose, length of loan, loan amount, credit history and payment method (AutoPay or Invoice). AutoPay discount is only available when selected prior to loan funding. Rates without AutoPay are 0.50% points higher. To obtain a loan, you must complete an application on LightStream.com which may affect your credit score. You may be required to verify income, identity and other stated application information. Payment example: Monthly payments for a $25,000 loan at 4.98% APR with a term of 20 years would result in 240 monthly payments of $164.71. Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. Truist Bank is an Equal Housing Lender. © 2022 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

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Upgrade
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on Upgrade's website

Upgrade

5.0

NerdWallet rating 
Upgrade

Est. APR

7.96-35.97%

Loan amount

$1,000-$50,000

Min. credit score

560
Get rate

on Upgrade's website


Min. credit score

560

Key facts

Upgrade offers personal loans plus credit-building tools; you'll need strong cash flow to qualify.

Pros

  • Secured and joint loans.

  • Multiple rate discounts.

  • Mobile app to manage loan payments.

  • Direct payment to creditors with debt consolidation loans.

  • Long repayment terms on home improvement loans.

Cons

  • Origination fee.

  • No option to choose your payment date.

Qualifications

  • Minimum credit score: 560.

  • Minimum number of accounts on credit history: 1 account.

  • Maximum debt-to-income ratio: 75%, including the loan you're applying for.

  • Minimum length of credit history: 2 years.

  • Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security and other sources.

Available Term Lengths

2 to 7 years

Fees

  • Origination fee: 1.85% to 8.99%.

  • Late Fee: $10.

  • Failed payment fee: $10.

Disclaimer

Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 7.96%-35.97%. All personal loans have a 1.85% to 8.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/.

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RocketLoans
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Rocket Loans

4.5

NerdWallet rating 
RocketLoans

Est. APR

7.73-29.99%

Loan amount

$2,000-$45,000

Min. credit score

640
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on NerdWallet's secure website


Min. credit score

640

Key facts

Rocket Loans offers online personal loans to borrowers with fair credit and over two years of credit history.

Pros

  • Option to pre-qualify with a soft credit check.

  • Rate discount for autopay.

  • Fast funding.

  • Wide range of loan amounts.

Cons

  • Origination fee.

  • No direct payment to creditors with debt consolidation loans.

  • No option to choose initial payment date.

  • Only two repayment term options.

  • No co-sign or joint loan option.

Qualifications

  • Minimum credit score: 640; borrower average is 750.

  • Minimum credit history: Over two years.

  • Minimum annual income: $24,000; borrower average is $110,000.

  • Maximum debt-to-income ratio: 70%; borrower average is 18%.

  • No bankruptcies in the last two years.

Available Term Lengths

3 to 5 years

Fees

  • Origination fee: 1% to 6%.

  • Late fee: $15 after 10-day grace period.

  • Unsuccessful payment fee: $15.

Disclaimer

All personal loans are made by Cross River Bank, a New Jersey state chartered commercial bank, Member FDIC, Equal Housing Lender. All loans are unsecured, fully amortizing personal loans. Eligibility for a loan is not guaranteed. Please refer to our Disclosures and Licenses page for state required disclosures, licenses, and lending restrictions. Borrower must be a U.S. citizen or permanent U.S. resident alien at least 18 years of age (in Nebraska and Alabama a borrower must be at least 19 years of age). All loan applications are subject to credit review and approval. Offered loan terms depend upon your credit profile, requested amount, requested loan term, credit usage, credit history and other factors. Not all borrowers receive the lowest interest rate. To qualify for the lowest rate, you must have excellent credit, meet certain conditions, and select autopay. Rates and Terms are subject to change at any time without notice. Please refer to RocketLoans.com and our Terms of Use for additional terms and conditions.

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Upstart
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on Upstart's website

Upstart

4.5

NerdWallet rating 
Upstart

Est. APR

5.42-35.99%

Loan amount

$1,000-$50,000

Min. credit score

None
Get rate

on Upstart's website


Min. credit score

None

Key facts

Upstart personal loans offer fast funding and may be an option for borrowers with low credit scores or thin credit histories. Upstart is a solid financing choice for large purchases.

Pros

  • Accepts borrowers new to credit.

  • Fast funding.

  • Option to change your payment date.

  • Option to pre-qualify with a soft credit check.

  • Offers free financial education

Cons

  • May charge origination fee.

  • No joint, co-signed or secured loans.

  • No mobile app to manage loan.

  • Only two repayment term options.

Qualifications

  • Minimum credit score: None.

  • Minimum annual income: $12,000; this lender accepts income from employment, alimony, retirement, child support, Social Security, rentals, trusts, pensions, disability and scholarships.

  • Must have a full-time job or be starting a full-time job in six months.

Available Term Lengths

3 to 5 years

Fees

  • Origination fee: 0% - 10%

  • Late fee: 5% of past due amount or $15, whichever is greater.

  • Returned check fee: $15.

Disclaimer

Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000), NM ($5,100), OH ($6,000). The full range of available rates varies by state. The average 5-year loan offered across all lenders using the Upstart platform will have an APR of 25.05% and 60 monthly payments of $25.80 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $15,478 including a $804 origination fee. APR is calculated based on 5-year rates offered in June 2022. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved. This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Duplicate offers are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the Upstart.com website.

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BestEgg
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on Best Egg's website

Best Egg

4.5

NerdWallet rating 
BestEgg

Est. APR

8.99-35.99%

Loan amount

$2,000-$50,000

Min. credit score

600
Get rate

on Best Egg's website


Min. credit score

600

Key facts

Best Egg offers personal loans for borrowers who want to consolidate debt and need cash fast.

Pros

  • Offers wide range of loan amounts.

  • Provides secured loan option for homeowners.

  • Offers direct payment to creditors with debt consolidation loans.

Cons

  • Origination fee.

  • No rate discounts.

  • No option to choose initial payment date.

Qualifications

  • Minimum credit score: 600; borrower average is 700.

  • Minimum credit history: 3 years and 3 accounts.

  • Minimum income requirement is $3,500; borrower average is $80,000. Borrower must have enough cash flow to cover current financial obligations.

  • Maximum debt-to-income ratio: 40% or 65% including a mortgage; borrower average is 40%.

  • Employment: Must provide proof of income; part-time employees are eligible.

  • Must provide valid U.S. address and Social Security number.

Available Term Lengths

3 to 5 years

Fees

  • Origination fee: 0.99% - 8.99%.

  • Return fee: $15 if payments are not processed.

Disclaimer

*Trustpilot TrustScore as of June 2020. Best Egg personal loans, including the Best Egg Secured Loan, are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender or Blue Ridge Bank, a Nationally Chartered Bank, Member FDIC, Equal Housing Lender. “Best Egg” is a trademark of Marlette Holdings, Inc., a Delaware corporation. All uses of “Best Egg” refer to “the Best Egg personal loan”, “the Best Egg Secured Loan”, and/or “Best Egg on behalf of Cross River Bank or Blue Ridge Bank, as originator of the Best Egg personal loan,” as applicable. The term, amount, and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. About half of our customers get their money the next day. After successful verification, your money can be deposited in your bank account within 1-3 business days. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000– $50,000. Residents of Massachusetts have a minimum loan amount of $6,500 ; New Mexico and Ohio, $5,000; and Georgia, $3,000. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $100,000. Annual Percentage Rates (APRs) range from 8.99%–35.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–8.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest APR. For example: a 5‐year $10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81, and a 3‐year $5,000 loan with 7.99% APR has 36 scheduled monthly payments of $155.12. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. Best Egg products are not available if you live in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories.

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U.S. Bank Personal Loan
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on NerdWallet's secure website

U.S. Bank Personal Loan

4.5

NerdWallet rating 
U.S. Bank Personal Loan

Est. APR

8.99-21.49%

Loan amount

$1,000-$25,000

Min. credit score

680
See my rates

on NerdWallet's secure website


Min. credit score

680

Key facts

With minimal fees, a rate discount and fast funding, U.S. Bank is a strong option for good-credit customers.

Pros

  • Option to pre-qualify with a soft credit check.

  • Wide variety of repayment term options.

  • Rate discount for autopay.

  • Joint and secured loan options.

Cons

  • Available in a limited number of states.

  • May require an in-person visit.

  • No direct payment to creditors with debt consolidation loans.

Qualifications

  • Minimum credit score: 660.

  • Must be 18 years or older.

  • Must provide Social Security number.

  • Must provide home address and employment information.

Available Term Lengths

1 to 7 years

Fees

  • Late fee: $29.

  • Returned payment fee: $25.

Disclaimer

As of November 22, 2022, the fixed Annual Percentage Rate (APR) ranged from 8.99% APR to 21.49% APR, and varies based on credit score, loan amount and term. Minimum loan amount is $1,000 and loan terms range from 12 to 84 months. The lowest APR in the range is available on loans of $10,000 or more with a term of 12 to 36 months, a credit score of 800 or more and includes discounts for automatic payments from a U.S. Bank or external personal checking or savings account. Automatic payments and a U.S. Bank, or external, personal checking or savings account are not required for loan approval. The Consumer Pricing Information disclosure lists fees, terms, and conditions that apply to U.S. Bank personal checking and savings accounts. This disclosure can be obtained by visiting a U.S. Bank branch or calling 800-872-2657. Loan payment example: on a $10,000 loan for 36 months, monthly payments would be $317.95 and APR of 8.99% with automatic payments from a personal checking or savings account. Maximum loan amounts may vary by credit score and location. Loan approval is subject to credit approval and program guidelines. Interest rates and program terms are subject to change without notice. Installment loans are offered by U.S. Bank National Association. Deposit products are offered by U.S. Bank National Association. Member FDIC. Applicant must reside in AZ, AR, CA, CO, ID, IL, IN, IA, KS, KY, MN, MO, MT, NE, NV, NM, NC - limited areas, ND, OH, OR, SD, TN, UT, WA, WI, WY to be eligible for a personal loan Equal housing lender. ©2022 U.S. Bank

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PenFed Credit Union Personal Loan
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PenFed Credit Union Personal Loan

5.0

NerdWallet rating 
PenFed Credit Union Personal Loan

Est. APR

7.74-17.99%

Loan amount

$600-$50,000

Min. credit score

700
See my rates

on NerdWallet's secure website


Min. credit score

700

Key facts

PenFed’s personal loans are best for good- to excellent-credit borrowers looking for a wide range of loan amounts and terms to choose from.

Pros

  • Option to pre-qualify with a soft credit check.

  • Co-sign and joint loan options.

  • Can fund loans within one week.

  • Wide range of loan amounts.

Cons

  • No rate discount.

  • Reports payments to only one of the three major credit bureaus.

  • No direct payment to creditors with debt consolidation loans.

Qualifications

  • Minimum credit score: 700.

  • Must provide name, address, date of birth, Social Security number and employer information.

  • Must show at least two years of credit history, two accounts and no bankruptcies.

  • Average borrower annual income: $55,000.

  • Average borrower debt-to-income ratio: 40%.

Available Term Lengths

2 to 5 years

Fees

  • Origination fee: None.

  • Late fee: $29.

  • Non-sufficient funds fee: $35.

Disclaimer

Personal Loan rates range from 7.74% to 17.99% APR.Rates and offers current as of October 2022 and are subject to change.* Your actual APR will be determined at the time of disbursement and will be based on your creditworthiness, which includes an evaluation of your credit history and the length of your PenFed membership. Not all applicants will qualify for the lowest rate. Rates quoted assume excellent borrower credit history. Other eligibility requirements may apply. All loans are subject to a minimum monthly payment of $50.Insured by NCUA. To receive any advertised product, you must become a member of PenFed. Equal Housing Lender.

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How to compare personal loans for deck and patio financing

  • Qualifications. The loan’s interest rate and the amount you receive are based primarily on your credit, income and existing debts. Lenders want to know that you can cover your regular monthly expenses, plus the additional loan payments. Some lenders cater to people with bad credit (a 629 or lower score), while others seek borrowers with good or excellent credit (690 and higher).

  • APR. A personal loan’s annual percentage rate is the entire cost of the loan, including interest and any fees. The loan with the lowest APR is the least expensive one.

  • Loan terms. Loans with longer terms often cost more in total interest, though monthly payments will be lower. Choose the shortest repayment term with payments you can still afford in order to minimize interest costs.

  • Special features. Some lenders offer features like pre-qualification, which lets you see your rate with a soft credit pull before formally applying. Others may give a rate discount for setting up automatic payments.

How much does it cost to build a deck or patio?

A new deck costs $4,122 to $11,627 on average, while a new patio can cost $1,938 to $5,627, according to home improvement website HomeAdvisor.

Factors that affect the cost include materials used to build the deck or patio and the cost of labor, if you hire a contractor. Decks on the second floor of the house can cost more than double those on the first floor, according to HomeAdvisor.

If you finance the project, you’ll pay interest, too. Personal loans have APRs from 6% to 36% and repayment terms of two to seven years.

A $7,000 personal loan with a 10% APR repaid over two years would require monthly payments of $323. You’d repay $7,753, including interest.

Here’s what interest rates on personal loans look like, on average:

How's your credit?

Score range

Estimated APR

Excellent

720-850.

10.6%.

Good

690-719.

15.7%.

Fair

630-689.

19.4%.

Bad

300-629.

25.2%.

Source: Average rates are based on aggregate, anonymized offer data from users who pre-qualified in NerdWallet’s lender marketplace from March 1, 2022, to Aug. 31, 2022. Rates are estimates only and not specific to any lender. The lowest credit scores — usually below a 500 credit score — are unlikely to qualify. Information in this table applies only to lenders with APRs below 36%.

4 deck financing options

How you finance your deck depends on factors like how much home equity you have, your credit and income, and the cost of your project. Knowing how much your deck will cost can help you choose the right financing option.

1. Personal loans

An unsecured personal loan doesn’t require you to pledge your home as collateral, so the interest rate may be higher than with a home equity loan or line of credit.

When they’re best: Personal loans are best for financing your deck if you don’t have enough home equity to pay for the new outdoor area or you don’t want to use your home as collateral. They're also best when you need funds quickly.

Things to consider about personal loans

  • Fast funding. Many online lenders can fund a loan within a day or two of approval, while others usually take up to a week. In both cases, you’ll likely get funds faster with a personal loan than with home equity financing.

  • Unsecured. Getting an unsecured loan means if you fail to repay, the lender can’t take your house or car. On-time payments will build your credit, while missed payments will cause it to drop.

  • High credit and debt standards. Because lenders assess only your finances and creditworthiness, many have high credit standards and require a low debt-to-income ratio. You can apply for a joint or co-signed personal loan if you think you won’t qualify for a low rate on your own.

2. Home equity loans and lines of credit

Home equity loans and lines of credit have lower interest rates than other financing options because they’re secured by your home.

You get a home equity loan in a lump sum and repay it in fixed monthly installments, similar to a personal loan.

Home equity lines of credit give you the flexibility of borrowing as you need the money and repaying only the interest during the initial draw period. The repayment period can be 20 years, but rates are variable, meaning the monthly payment may fluctuate.

When they’re best: Equity financing works best if you’re comfortable using your home as collateral and you have enough equity to pay for the project.

Home equity loans are best if you have a firm cost estimate for the new deck or patio. You typically can't borrow more money from your equity once you’ve gotten a loan.

Home equity lines of credit are best if your project has an uncertain timeline or if you’re concerned about surprise expenses.

Things to consider about HELOCs and home equity loans

  • Tax benefits. When you use equity to pay for a home improvement, the interest is tax-deductible up to a limit. The tax rules are the same for both HELOCs and home equity loans.

  • Secured financing. Home equity options have lower rates than personal loans and credit cards partly because your home is used as collateral.

  • Long repayment terms. Both home equity loans and lines of credit can have repayment terms of over a decade, while personal loan repayment terms are shorter.

Get started: Compare home equity loans and lines of credit to decide which option is best for you. Then, compare lenders to find one that suits your project.

3. 0% APR credit cards

On average, credit cards have higher APRs than personal loans and home equity options. But if you qualify, a 0% APR credit card may be your cheapest option.

When they’re best: These cards are best when you qualify — meaning you have strong credit and little existing debt — and when you can pay the full balance by the end of the promotional period, which is usually 15 to 21 months.

Things to consider about credit cards

  • High credit standards. Cards with a 0% APR introductory period typically require good or excellent credit to qualify. You may be approved for the card, but not for the full amount you plan to spend on the new outdoor area. In that case, you can use the card for supplementary expenses or unexpected costs.

  • High rates after the promotional period. If you use a 0% APR credit card to finance a deck or patio and don’t pay off the balance, interest begins to accrue on the card when the promotional period ends. Check the card’s post-promotion APR and decide whether you'd be comfortable paying it.

  • Monthly payments. Cardholders should plan to make monthly payments. If you’re late with your minimum payment, the issuer can cancel the promotion, leaving you with the balance and the card’s regular interest rate.

Get started: Compare 0% APR cards to find the one with features and rates that fit your needs.

4. Contractor financing

Some contractors offer financing through a third-party lender, like GreenSky or Ally. These are usually unsecured loans that a contractor offers once you agree on a cost estimate.

When they’re best: This type of loan is best when it’s the least expensive option. Because the contractor offers this type of financing, it may be able to start on the deck or patio quickly if you use it.

Things to consider about contractor financing

  • Not all contractors offer it. Don’t expect every contractor that gives you a quote to provide financing.

  • It’s usually an unsecured loan. There’s usually no collateral for this type of loan, though if you don’t make payments while the contractor is working, it could stop. Missed payments will also hurt your credit.

  • Financing may be offered on the spot. Once you agree on an estimate, the contractor may pull up an application and ask you to submit it right away, similar to “buy now, pay later” loans. Even if it seems like a good offer, take time to review the rate and terms.

Get started: If a contractor offers deck financing, ask for a few days to compare other options. Pre-qualifying for a personal loan can show you what a fair offer looks like without affecting your credit. If the contractor’s financing is your best option, add the monthly payments to your budget and make a plan to pay on time.

Last updated on December 1, 2022

Methodology

NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial institutions. We collect over 45 data points from each lender, interview company representatives and compare the lender with others that seek the same customer or offer a similar personal loan product. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.

Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.

This methodology applies only to lenders that cap interest rates at 36%, the maximum rate most financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.

To recap our selections...

NerdWallet's Deck Loans: Finance Your Deck or Patio

Frequently asked questions