Deck Loans: Finance Your Deck or Patio in 2024
Last updated on May 29, 2024
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A backyard deck or patio can be a peaceful place to sip your morning coffee or gather for family dinners. If you’re planning to add one, an important decision is how to pay for it. Personal loans are a fast way to finance your new deck; other options are home equity, credit cards and contractor financing. Compare deck financing options to find the one that works for your project.
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Why trust NerdWallet
- 35+ personal loans reviewed and rated by our team of experts.
- 20+ years of combined experience covering personal loans and financial topics.
- Objective, comprehensive star rating system assessing 20+ categories and 70+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Compare personal loan rates in just 2 minutes
Check rates from multiple lenders at once Explore loans up to $100,000 There’s NO impact on your credit scoreDeck Loans: Finance Your Deck or Patio in 2024
Default
Rate discount
Est. APR
8.99-29.99%
Loan amount
$5K-$100K
Min. credit score
None
Visit Lender
on SoFi's website
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on NerdWallet
View details
Key Facts:SoFi offers online personal loans with consumer-friendly features for good- and excellent-credit borrowers.
Qualifications:
- Must be at least 18 years old in most states.
- Must be a U.S. citizen, permanent or non-permanent resident, including DACA recipients and asylum seekers.
- Must be employed, have sufficient income from another source, or have an offer of employment to start within the next 90 days.
- Acceptable income sources: Employment, spouse’s income, retirement, alimony, child support, Social Security payments and disability benefits.
Available Term Lengths:2 to 7 years
Fees:
- Origination fee: 0% to 7%.
- Late fee: None.
Rate discount
Est. APR
6.99-25.29%
Loan amount
$5K-$100K
Min. credit score
660
Visit Lender
on LightStream's website
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on NerdWallet
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Key Facts:LightStream is a solid option for good-credit borrowers, with no fees and a promise to beat competitors’ rates.
Qualifications:
- Minimum credit score: 660, but can vary depending on the loan purpose and amount.
- Maximum debt-to-income ratio: 50%.
- Minimum credit history: 3 years.
- Income sources accepted: Employment, retirement, rental income, alimony, child support, Social Security payments and disability benefits.
- Must be a U.S. citizen or permanent resident who is at least 18 years old and has a U.S. bank account.
Available Term Lengths:2 to 7 years
Fees:
- Origination fee: None.
- Late fee: None.
Rate discount
Est. APR
9.99-35.99%
Loan amount
$1K-$50K
Min. credit score
580
Visit Lender
on Upgrade's website
Check Rate
on NerdWallet
View details
Key Facts:Upgrade personal loans offer multiple rate discounts and direct payment to creditors. A low minimum credit score requirement makes the perks stand out even more.
Qualifications:
- Minimum credit score: 580.
- Minimum number of accounts on credit history: One account.
- Maximum debt-to-income ratio: 75%, including mortgage payments.
- Minimum length of credit history: Two years.
- Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security, disability benefits and other sources.
Available Term Lengths:2 to 7 years
Fees:
- Origination fee: 1.85% to 9.99%.
- Late Fee: $10.
- Failed payment fee: $10.
Fast funding
Rate discount
Est. APR
8.99-29.99%
Loan amount
$2K-$45K
Min. credit score
640
Visit Lender
on Rocket Loans' website
Check Rate
on NerdWallet
View details
Key Facts:Rocket Loans offers fast funding for online personal loans to borrowers with fair and good credit, but it lacks some key features.
Qualifications:
- Minimum credit score: 640.
- Minimum annual gross income: $24,000.
- Maximum debt-to-income ratio: 40% or 70% including a mortgage.
- Minimum credit history: 2 years.
- Must be at least 18 years old.
- Must be a U.S. resident living in one of the states where the lender does business.
Available Term Lengths:3 to 5 years
Fees:
- Origination fee: Up to 9%.
- Late fee: $15.
- Non-sufficient funds fee: $15.
View details
Key Facts:Prosper is a peer-to-peer online lending platform that accepts borrowers across the credit spectrum and offers competitive rates and fees.
Qualifications:
- Minimum credit score: 560; borrower average is 705.
- Minimum income: No minimum requirement; borrower average is $131,000.
- Maximum debt-to-income ratio: 50% (excluding mortgage); borrower average is 41.6% (including mortgage).
- Must be at least 18 years old.
- Must provide Social Security number and a U.S. bank account.
Available Term Lengths:2 to 5 years
Fees:
- Origination fee: 1% to 9.99%.
- Late fee: The greater of $15 or 5% of the unpaid amount.
- Insufficient funds fee: $15.
- Mailed-in payment fee: $5.
Secured loans
Wide range of loan amounts
Est. APR
7.99-35.99%
Loan amount
$2K-$50K
Min. credit score
600
Visit Lender
on Best Egg's website
Check Rate
on NerdWallet
View details
Key Facts:Best Egg offers personal loans for borrowers who want to consolidate debt and need cash fast.
Qualifications:
- Minimum credit score: 600.
- Maximum debt-to-income ratio: 70% including a mortgage.
- Minimum credit history: 3 years and 1 account.
- Acceptable income sources: Employment, household income, alimony, retirement, child support, Social Security payments and disability benefits.
- Must be a U.S. citizen or permanent resident and at least 18 years of age.
Available Term Lengths:3 to 5 years
Fees:
- Origination fee: 0.99% - 9.99%.
Fast funding
Est. APR
7.99-24.99%
Loan amount
$2.5K-$40K
Min. credit score
660
Visit Lender
on Discover's website
Check Rate
on NerdWallet
View details
Key Facts:With competitive rates and no orgination fees, Discover personal loans are good options for borrowers with good and excellent credit.
Qualifications:
- Minimum credit score: 660.
- Minimum annual household income: $25,000. Income can come from employment, retirement, alimony, child support, Social Security payments and disability benefits.
- Must provide a valid U.S. address and email address.
- Must be 18 years old with a valid Social Security number.
Available Term Lengths:3 to 7 years
Fees:
- Origination fee: None.
- Late fee: $39.
SoFi Personal LoanBest for Deck loans for good credit
Est. APR
8.99-29.99%
Loan amount
$5K-$100K
Min. credit score
None
Best for Deck loans for good credit
Rate discount
Visit Lender
on SoFi's website
Check Rate
on NerdWallet
View details
Key Facts:SoFi offers online personal loans with consumer-friendly features for good- and excellent-credit borrowers.
Qualifications:
- Must be at least 18 years old in most states.
- Must be a U.S. citizen, permanent or non-permanent resident, including DACA recipients and asylum seekers.
- Must be employed, have sufficient income from another source, or have an offer of employment to start within the next 90 days.
- Acceptable income sources: Employment, spouse’s income, retirement, alimony, child support, Social Security payments and disability benefits.
Available Term Lengths:2 to 7 years
Fees:
- Origination fee: 0% to 7%.
- Late fee: None.
LightStreamBest for Deck loans with no fees
Est. APR
6.99-25.29%
Loan amount
$5K-$100K
Min. credit score
660
Best for Deck loans with no fees
Rate discount
Visit Lender
on LightStream's website
Check Rate
on NerdWallet
View details
Key Facts:LightStream is a solid option for good-credit borrowers, with no fees and a promise to beat competitors’ rates.
Qualifications:
- Minimum credit score: 660, but can vary depending on the loan purpose and amount.
- Maximum debt-to-income ratio: 50%.
- Minimum credit history: 3 years.
- Income sources accepted: Employment, retirement, rental income, alimony, child support, Social Security payments and disability benefits.
- Must be a U.S. citizen or permanent resident who is at least 18 years old and has a U.S. bank account.
Available Term Lengths:2 to 7 years
Fees:
- Origination fee: None.
- Late fee: None.
UpgradeBest for Deck loans for fair credit
Est. APR
9.99-35.99%
Loan amount
$1K-$50K
Min. credit score
580
Best for Deck loans for fair credit
Rate discount
Visit Lender
on Upgrade's website
Check Rate
on NerdWallet
View details
Key Facts:Upgrade personal loans offer multiple rate discounts and direct payment to creditors. A low minimum credit score requirement makes the perks stand out even more.
Qualifications:
- Minimum credit score: 580.
- Minimum number of accounts on credit history: One account.
- Maximum debt-to-income ratio: 75%, including mortgage payments.
- Minimum length of credit history: Two years.
- Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security, disability benefits and other sources.
Available Term Lengths:2 to 7 years
Fees:
- Origination fee: 1.85% to 9.99%.
- Late Fee: $10.
- Failed payment fee: $10.
Rocket LoansBest for Deck loans for fast financing
Est. APR
8.99-29.99%
Loan amount
$2K-$45K
Min. credit score
640
Best for Deck loans for fast financing
Fast funding
Rate discount
Visit Lender
on Rocket Loans' website
Check Rate
on NerdWallet
View details
Key Facts:Rocket Loans offers fast funding for online personal loans to borrowers with fair and good credit, but it lacks some key features.
Qualifications:
- Minimum credit score: 640.
- Minimum annual gross income: $24,000.
- Maximum debt-to-income ratio: 40% or 70% including a mortgage.
- Minimum credit history: 2 years.
- Must be at least 18 years old.
- Must be a U.S. resident living in one of the states where the lender does business.
Available Term Lengths:3 to 5 years
Fees:
- Origination fee: Up to 9%.
- Late fee: $15.
- Non-sufficient funds fee: $15.
ProsperBest for Deck loans for co-borrowers
Est. APR
8.99-35.99%
Loan amount
$2K-$50K
Min. credit score
560
Best for Deck loans for co-borrowers
Check Rate
on NerdWallet
View details
Key Facts:Prosper is a peer-to-peer online lending platform that accepts borrowers across the credit spectrum and offers competitive rates and fees.
Qualifications:
- Minimum credit score: 560; borrower average is 705.
- Minimum income: No minimum requirement; borrower average is $131,000.
- Maximum debt-to-income ratio: 50% (excluding mortgage); borrower average is 41.6% (including mortgage).
- Must be at least 18 years old.
- Must provide Social Security number and a U.S. bank account.
Available Term Lengths:2 to 5 years
Fees:
- Origination fee: 1% to 9.99%.
- Late fee: The greater of $15 or 5% of the unpaid amount.
- Insufficient funds fee: $15.
- Mailed-in payment fee: $5.
Best EggBest for Secured deck loans
Est. APR
7.99-35.99%
Loan amount
$2K-$50K
Min. credit score
600
Best for Secured deck loans
Secured loans
Wide range of loan amounts
Visit Lender
on Best Egg's website
Check Rate
on NerdWallet
View details
Key Facts:Best Egg offers personal loans for borrowers who want to consolidate debt and need cash fast.
Qualifications:
- Minimum credit score: 600.
- Maximum debt-to-income ratio: 70% including a mortgage.
- Minimum credit history: 3 years and 1 account.
- Acceptable income sources: Employment, household income, alimony, retirement, child support, Social Security payments and disability benefits.
- Must be a U.S. citizen or permanent resident and at least 18 years of age.
Available Term Lengths:3 to 5 years
Fees:
- Origination fee: 0.99% - 9.99%.
Discover® Personal LoansBest for Deck loans for excellent credit
Est. APR
7.99-24.99%
Loan amount
$2.5K-$40K
Min. credit score
660
Best for Deck loans for excellent credit
Fast funding
Visit Lender
on Discover's website
Check Rate
on NerdWallet
View details
Key Facts:With competitive rates and no orgination fees, Discover personal loans are good options for borrowers with good and excellent credit.
Qualifications:
- Minimum credit score: 660.
- Minimum annual household income: $25,000. Income can come from employment, retirement, alimony, child support, Social Security payments and disability benefits.
- Must provide a valid U.S. address and email address.
- Must be 18 years old with a valid Social Security number.
Available Term Lengths:3 to 7 years
Fees:
- Origination fee: None.
- Late fee: $39.
Our pick for
Deck loans for good credit
SoFi Personal Loan
Est. APR
8.99-29.99%
Loan amount
$5,000-$100,000
Min. credit score
None
Our pick for
Deck loans with no fees
Visit Lender
on LightStream's website
Check Rate
on NerdWallet
Our pick for
Deck loans for fair credit
Visit Lender
on Upgrade's website
Check Rate
on NerdWallet
Our pick for
Deck loans for fast financing
Visit Lender
on Rocket Loans' website
Check Rate
on NerdWallet
Our pick for
Deck loans for co-borrowers
Our pick for
Secured deck loans
Visit Lender
on Best Egg's website
Check Rate
on NerdWallet
Our pick for
Deck loans for excellent credit
Visit Lender
on Discover's website
Check Rate
on NerdWallet
Discover® Personal Loans
Est. APR
7.99-24.99%
Loan amount
$2,500-$40,000
Min. credit score
660
What is deck financing?
Deck financing is money borrowed from a lender that you use to pay for a new deck. You then repay the loan amount with interest over time.
Cash is an interest-free way to pay for a deck, but financing options include personal loans, home equity loans or lines of credit, credit cards or contractor financing.
A personal loan is among your fastest options — many lenders can fund a loan within a day or two. Personal loan amounts are $1,000 to $100,000, and annual percentage rates range from 6% to 36%. Personal loans are repaid in fixed monthly installments, typically over 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 a total of $7,752, including interest.
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. Here are four financing options to consider.
Personal loans
An unsecured personal loan doesn’t require pledging your home as collateral, so the interest rate may be higher than with a home equity loan or line of credit. Online lenders offer personal loans, as do some banks and credit unions.
When they’re best: Personal loans are best for financing your deck if you don’t have enough home equity or 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