Best Pool Loans of 2024

A swimming pool loan can help you finance your backyard's new centerpiece. Compare unsecured loans with other options.

Annie Millerbernd
Written by
Last updated on April 17, 2024
Edited by
✅ Fact checked and reviewed
Kim Lowe
Edited by
✅ Fact checked and reviewed

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Featured partners for Personal Loans
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SoFi Personal Loan
SoFi Personal Loan
SoFi Personal Loan
5.0
NerdWallet rating

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

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Best Pool Loans of 2024

🏆 Top 3 most visited
SoFi
SoFi Personal Loan
🏆 Top 3 most visited
Best for Swimming pool loans
5.0
Rate discount
Est. APR
8.99-29.99%
Loan amount
$5K-$100K
Min. credit score
None
Visit Lender
on SoFi's website
on SoFi's website
Check Rate
on NerdWallet
on NerdWallet
View details
🏆 Top 3 most visited
Upgrade
Upgrade
🏆 Top 3 most visited
Best for Swimming pool loans
Rate discount
Est. APR
8.49-35.99%
Loan amount
$1K-$50K
Min. credit score
560
Navy Federal Credit Union Personal Loan
Navy Federal Credit Union Personal Loan
Best for Swimming pool loans
Est. APR
7.49-18.00%
Loan amount
$250-$50K
Min. credit score
None
Check Rate
on NerdWallet
on NerdWallet
🏆 Top 3 most visited
Lightstream
LightStream
🏆 Top 3 most visited
Best for Swimming pool loans
4.5
Rate discount
Est. APR
6.99-25.49%
Loan amount
$5K-$100K
Min. credit score
660
Prosper
Prosper
Best for Swimming pool loans
Est. APR
8.99-35.99%
Loan amount
$2K-$50K
Min. credit score
560
BestEgg
Best Egg
Best for Swimming pool loans
Secured loans
Wide range of loan amounts
Est. APR
8.99-35.99%
Loan amount
$2K-$50K
Min. credit score
600
Lending Club
LendingClub
Best for Swimming pool loans
Flexible payments
Est. APR
8.98-35.99%
Loan amount
$1K-$40K
Min. credit score
600
Wells Fargo Personal Loan
Wells Fargo Personal Loan
Best for Swimming pool loans
Est. APR
7.49-23.74%
Loan amount
$3K-$100K
Min. credit score
None
SoFi
🏆 Top 3 most visited
SoFi Personal Loan
Visit Lender
on SoFi's website
on SoFi's website
Check Rate
on NerdWallet
on NerdWallet
Best for Swimming pool loans
🏆 Top 3 most visited
Est. APR
8.99-29.99%
Loan amount
$5K-$100K
Min. credit score
None
Best for Swimming pool loans
Rate discount
Upgrade
🏆 Top 3 most visited
Upgrade
Best for Swimming pool loans
🏆 Top 3 most visited
Est. APR
8.49-35.99%
Loan amount
$1K-$50K
Min. credit score
560
Best for Swimming pool loans
Rate discount
Navy Federal Credit Union Personal Loan
Check Rate
on NerdWallet
on NerdWallet
Best for Swimming pool loans
Est. APR
7.49-18.00%
Loan amount
$250-$50K
Min. credit score
None
Best for Swimming pool loans
Lightstream
🏆 Top 3 most visited
LightStream
Best for Swimming pool loans
🏆 Top 3 most visited
Est. APR
6.99-25.49%
Loan amount
$5K-$100K
Min. credit score
660
Best for Swimming pool loans
Rate discount
Prosper
Best for Swimming pool loans
Est. APR
8.99-35.99%
Loan amount
$2K-$50K
Min. credit score
560
Best for Swimming pool loans
Best Egg
Best for Swimming pool loans
Est. APR
8.99-35.99%
Loan amount
$2K-$50K
Min. credit score
600
Best for Swimming pool loans
Secured loans
Wide range of loan amounts
LendingClub
Best for Swimming pool loans
Est. APR
8.98-35.99%
Loan amount
$1K-$40K
Min. credit score
600
Best for Swimming pool loans
Flexible payments
Wells Fargo Personal Loan
Best for Swimming pool loans
Est. APR
7.49-23.74%
Loan amount
$3K-$100K
Min. credit score
None
Best for Swimming pool loans

Our pick for

Swimming pool loans

SoFi
Visit Lender
on SoFi's website
on SoFi's website
SoFi

SoFi Personal Loan

Est. APR

8.99-29.99%

Loan amount

$5,000-$100,000

Min. credit score

None

Lightstream

LightStream

Est. APR

6.99-25.49%

Loan amount

$5,000-$100,000

Min. credit score

660

Upgrade

Upgrade

Est. APR

8.49-35.99%

Loan amount

$1,000-$50,000

Min. credit score

560

Prosper

Prosper

Est. APR

8.99-35.99%

Loan amount

$2,000-$50,000

Min. credit score

560

Navy Federal Credit Union Personal Loan

Navy Federal Credit Union Personal Loan

Est. APR

7.49-18.00%

Loan amount

$250-$50,000

Min. credit score

None

BestEgg

Best Egg

Est. APR

8.99-35.99%

Loan amount

$2,000-$50,000

Min. credit score

600

Lending Club

LendingClub

Est. APR

8.98-35.99%

Loan amount

$1,000-$40,000

Min. credit score

600

Wells Fargo Personal Loan

Wells Fargo Personal Loan

Est. APR

7.49-23.74%

Loan amount

$3,000-$100,000

Min. credit score

None

» MORE: Best personal loans for home improvement

What is a pool loan?

A pool loan is a personal loan you receive in a lump sum and repay with interest in fixed monthly installments.

This type of loan is unsecured, which means no collateral is necessary. Instead, a lender uses information such as your credit score, income and other debts to decide whether you qualify for a loan and what annual percentage rate to offer you.

Pool loan amounts can be from $1,000 to $100,000, and are usually repaid over two to seven years. You can expect a rate from 6% to 36% on this loan, but the lowest rates often go to borrowers with good or excellent credit (scores of 690 or higher).

Pool loan rates

Borrower credit rating

Score range

Estimated APR

Excellent

720-850.

11.85%.

Good

690-719.

14.12%.

Fair

630-689.

18.05%.

Bad

300-629.

22.68%.

Source: Average rates are based on aggregate, anonymized offer data from users who pre-qualified through NerdWallet from March 1, 2024, through March 31, 2024. Rates are estimates only and not specific to any lender. The lowest credit scores — usually below 500 — are unlikely to qualify. Information in this table applies only to lenders with maximum APRs below 36%.

How much do pools cost?

The cost of a pool can vary significantly depending on what materials you use, whether it’s in- or above-ground, and additional features.

An in-ground pool can cost from about $44,000 to $86,000, according to Angi, a website that connects homeowners with home service professionals. An above-ground pool can cost from $1,000 to $6,000.

Pool loan example

A $60,000 pool loan repaid over five years at a 15% APR would require monthly payments of $1,427. You’d pay $25,644 in total interest on that loan.

Where to get a pool loan

Banks, credit unions and online lenders offer pool loans. Each type of lender has its own borrower criteria and loan features.

Banks

Existing bank customers can sometimes qualify for bank loans with lower rates, larger loans or special discounts. In general, banks prefer borrowers with good credit and strong income.

Credit unions

Borrowers with fair or bad credit (689 or lower scores) may be more likely to qualify for a credit union loan. These not-for-profit organizations may look beyond a low credit score and review your membership history to qualify you.

Online lenders

Online lenders vary in their qualification requirements and loan features. For example, some bad-credit lenders tailor their loans to borrowers with low scores or thin credit histories. Others offer borrowers special features like a mobile app or autopay rate discounts.

How to get a pool loan

The process of getting a personal loan generally involves these steps:

  1. Get a pool estimate. Work with a contractor to agree on a cost estimate for the project before you start loan shopping. Once you know how much you need, you can choose a lender that offers that amount. Unlike with credit cards or credit lines, you can’t borrow more once you get the loan.

  2. Check your credit. Knowing your credit score will give you a sense of your chances for qualifying and the range of rates you may receive. You can check your credit reports for free with NerdWallet or at AnnualCreditReport.com

  3. Pre-qualify. Online lenders and some banks and credit unions allow you to pre-qualify for a personal loan and see potential loan offers, including rates and monthly payments, without affecting your credit score.

  4. Compare lenders. If you get similar pool loan offers, compare not only rates and terms, but also other loan features. Some lenders offer extended repayment terms for larger home improvement projects.

  5. Gather documents and apply. Collect documents most lenders require for an application — like W-2s, bank statements and a government-issued ID — to move the process along faster. Some lenders can make an approval decision the same day you apply and fund a loan within one to two business days.

How to compare pool loans

Borrower requirements: Compare lenders’ minimum credit score, income and debt-to-income ratio requirements to find one you may qualify with. Some lenders include borrowing requirements in the FAQ or blog section of their websites.

Loan amount: Depending on the type of pool you choose, you may need to find a lender that offers large personal loans. Many lenders cap loans at $50,000, but some offer up to $100,000. Borrowers typically need strong credit and incomes to qualify for the largest pool loans.

Affordability: Use the APR to compare the cost of multiple loan offers and other financing options. The option with the lowest APR is the least expensive and usually the best offer. Also, check the payments against your monthly budget to be sure you can afford them.

Repayment term options: The repayment term helps determine the size of the monthly payment. Pool loans with longer terms have lower monthly payments but cost more in total interest. Some lenders only offer three- or five-year repayment terms, but others can have terms up to 12 years.

Joint loan option: If you share the home where you’re putting the pool in, you may be able to get a joint loan. Adding a co-borrower can improve your chances of qualifying, getting a larger loan or receiving a lower rate. A co-borrower is equally responsible for payments and has equal access to the funds.

Pool loan pros and cons

Pool loan pros

  • No collateral. Unsecured pool loans don’t require collateral, meaning the lender can’t take your possessions if you fail to repay. Instead, your credit score will drop.

  • Fast funding. Some lenders send loan funds the same or next day once you’re approved. Others can fund a loan within a couple of business days.

  • Wide range of repayment terms. Repayment terms on pool loans are usually between two and seven years. Some lenders, like LightStream and Navy Federal, offer longer repayment terms for home improvement projects.

Pool loan cons

  • Rates can be high. Compared with home equity loans and lines of credit, which often have single-digit APRs, personal loans can have high rates.

  • Large monthly payments. Because you typically have less than 10 years to repay a personal loan, the monthly payments are often higher than a longer-term financing option, like a home equity line of credit.

  • No tax benefits. If you finance a home improvement project with equity, you can usually deduct the interest from your taxes. There are no tax deductions with a personal loan.

Other types of pool loans

Financing a pool can be a years-long commitment. Compare personal loans with other financing options to find the one that fits best with your plans.

Home equity loans

A home equity loan is a second mortgage that’s structured similarly to a personal loan. APRs and monthly payments are fixed. If you’re comfortable using your home as collateral for the loan, home equity loans can be a low-rate financing option.

Here’s what you can expect if you use a home equity loan to pay for a pool:

  • Maximum loan amount: 80% to 90% of your home’s value, minus what you owe on the mortgage.

  • Repayment term: Up to 30 years.

  • APRs: Start around 8%.

Home equity lines of credit

A HELOC is an open credit line that you can draw on as needed, making it ideal for projects that last a long time or have surprise costs. HELOCs have variable interest rates, so your monthly payments could fluctuate.

Like home equity loans, starting rates are often in the single digits, so it may be a low-cost way to add a pool.

Here’s what you can expect if you use a HELOC to pay for a pool:

  • Maximum loan amount: 80% to 90% of your home’s value, minus what you owe on the mortgage.

  • Repayment term: A 10-year draw period followed by a 20-year repayment period is common.

  • APRs: Start around 8%.

Cash-out refinance

A cash-out refinance replaces your current mortgage with a new, larger loan. You “cash out” the difference between your new loan and the amount owed, and use it to pay for the pool. Because it’s a brand-new mortgage, you’ll have to get a home appraisal and pay closing costs, and the loan will have new terms. This is worth considering only if rates are lower than what you’re currently paying.

Here’s what you can expect if you use a cash-out refinance to pay for a pool:

  • Loan amount: 80% to 90% of your home’s value, minus what you owe on the mortgage.

  • Repayment terms: 15 years and 30 years are common mortgage repayment terms.

  • APRs: Start around 7%.

In-house financing

Your contractor may offer you an in-house financing option, usually through a third-party lender. Because this offer is specific to a new pool, loan amounts may be larger than a personal loan and repayment terms may be longer.

Compare this offer with other financing options to be sure you’re getting a good deal.

Loan amounts, repayment terms and rates can vary by company, but here’s what to expect if you finance through a contractor:

  • Loan amount: Maximums are often more than $100,000.

  • Repayment term: Up to 30 years.

  • APRs: Start between 5% and 9%.

Last updated on April 17, 2024

Methodology

NerdWallet’s review process evaluates and rates personal loan products from more than 35 technology companies and financial institutions. We collect over 50 data points from each lender and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. 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. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. 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.

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 Best Pool Loans of 2024

  • SoFi Personal Loan: Best for Swimming pool loans
  • LightStream: Best for Swimming pool loans
  • Upgrade: Best for Swimming pool loans
  • Prosper: Best for Swimming pool loans
  • Navy Federal Credit Union Personal Loan: Best for Swimming pool loans
  • Best Egg: Best for Swimming pool loans
  • LendingClub: Best for Swimming pool loans
  • Wells Fargo Personal Loan: Best for Swimming pool loans

Frequently asked questions

  • The typical repayment term on an unsecured pool loan is between two and seven years. Other pool financing, like home equity loans and lines of credit, can have repayment terms of up to 15 or 20 years. If you finance your pool through a contractor, you could get a repayment term up to 30 years.

  • You usually need a credit score around 560 or higher to qualify for a pool loan. Some lenders accept lower credit scores, but you may receive a higher rate. The largest loan amounts typically go to those with good and excellent credit scores (690 or higher).

  • The best lenders offer rates and terms that fit your project and budget. Here are NerdWallet's picks for the best lenders for pool loans:

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