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Best Pool Loans for March 2024

Review Updated
David Chang, ChFC®, CLU®
By: David Chang, ChFC®, CLU®

Our Loans Expert

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

A pool can be a popular addition to a home, but it doesn’t come cheap. The average cost to install an inground pool ranges from $38,719 to $69,599. With the national average at $51,833, it is important to find the best pool loan to limit your costs while building the backyard you have dreamed of. The best pool loans have low interest rates, an easy application process, and low fees.

Best For: Best for those with excellent credit

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Logo for LightStream
Rating image, 4.0 out of 5 stars.
4.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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Minimum Credit Score
Good credit
Loan Amounts
$5,000 - $100,000
APR Range
7.49%-25.49% (w/ AutoPay)*
Term Length
24-144 months (varies by loan purpose)

LightStream has the “Rate Beat Program” to beat any competitor. It states that it will offer a rate 0.10% lower than the rate offered on any competing lender’s unsecured loan, provided you were approved for that lower rate (with the same loan terms offered by LightStream). The competitive offer must be available to any customer with a similar credit profile. LightStream offers interest rates ranging from 7.49%-25.49% (w/ AutoPay)*. Loan amounts range from $5,000 - $100,000. Loan repayment terms can be as low as two years and as long as 20 years. They offer an autopay discount of 0.50%. Borrowers can receive their loan the same day they apply or the next business day. LightStream does not disclose the minimum score required and there is no pre-qualification tool.

  • Competitive APRs
  • No fees or prepayment penalty
  • Same-day funding available
  • High maximum loan amount
  • Better APRs available
  • No pre-approval for personal loans

Best For: Best for wide-range of benefits

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Logo for SoFi Personal Loans
Rating image, 5.0 out of 5 stars.
5.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
= Good
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Minimum Credit Score
680
Loan Amounts
$5,000 - $100,000
APR Range
Fixed: 8.99%-29.99% APR (with all discounts)
Term Length
24 - 84 months

SoFi home improvement loans range from Fixed: 8.99%-29.99% APR (with all discounts). Loan amounts range from $5,000 - $100,000. Loan repayment terms range from 2 to 7 years. You can pre-qualify and view your rate without hurting your credit score. There are no fees required, and you can get your funds as fast as the same day your loan is approved. SoFi offers a 0.25% autopay discount. SoFi offers a wide-range of benefits for its members. In addition to educational resources, it offers personalized financial advice, a discount on estate plans, and many different type of loans. SoFi is a robust FinTech company offering financial products and services such as auto loans, mortgages, credit cards, insurance, investing, and banking through its mobile app and desktop.

  • Competitive interest rates
  • No fees or prepayment penalty
  • High maximum loan limit
  • Same-day funding available
  • High minimum loan amount
  • High minimum credit score
  • No in-person support

Best For: Best for those with bad credit

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Logo for Upgrade
Rating image, 4.5 out of 5 stars.
4.5/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
= Good
= Fair
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Minimum Credit Score
580
Loan Amounts
$1,000 - $50,000
APR Range
8.49%- 35.99% APR
Term Length
24 - 84 months

Upgrade is a lending platform that connects borrowers with different lenders. Upgrade has a lower requirement for a credit score but also has higher interest rates. Upgrade home improvement loans range from 8.49%- 35.99% APR. Loan amounts range from $1,000 - $50,000. Loan repayment terms range from three to five years. You can pre-qualify and view your rate without hurting your credit score. All personal loans at Upgrade have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. After accepting the final terms of the loan agreement, Upgrade will start working on approving and funding the loan in as fast as one business day.

  • Allows borrowers with poor credit to get approved
  • No fees
  • Multiple discounts
  • Low minimum loan amount
  • Wide variation in origination fees
  • High interest rates

Best For: Best for home equity loan rates

Discover Personal Loan

Logo for Discover Personal Loan
Rating image, 5.0 out of 5 stars.
5.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
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Minimum Credit Score
660
Loan Amounts
$2,500 - $40,000
APR Range
7.99% - 24.99%
Term Length
36 - 84 months

Discover card offers a home equity loan with options ranging from $2,500 - $40,000 with fixed interest rates from 7.99% - 24.99%. Most HELOC’s have variable interest rates, where the rates are pegged to the national prime rate. With variable interest rates, your rate could go up or down for as long as your HELOC account is open. In comparison, most home equity loans offer fixed rates, which means you know upfront how much interest you will pay on the money you borrow. There are zero application fees, zero appraisal fees, and zero mortgage fees. Repayment terms range from 10 to 30 years. Discover Home Loans pays all closing costs incurred during the loan process, but if you repay the loan early, you may have to reimburse some of the closing costs, not to exceed $500.

  • Competitive APRs
  • No origination or prepayment fees
  • Debt consolidation support
  • Long repayment term

No cosigners accepted

As of Feb. 05, 2024
Lending Partner Min. Credit Score Loan Amounts Apr Range Next Steps
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LightStream
Rating image, 4.0 out of 5 stars.
4.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Min. Credit Score: Good credit Loan Amounts: $5,000 - $100,000 APR Range: 7.49%-25.49% (w/ AutoPay)*
Award Icon 2024 Award Winner
SoFi Personal Loans
Rating image, 5.0 out of 5 stars.
5.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Min. Credit Score: 680 Loan Amounts: $5,000 - $100,000 APR Range: Fixed: 8.99%-29.99% APR (with all discounts)
Award Icon 2024 Award Winner
Upgrade
Rating image, 4.5 out of 5 stars.
4.5/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Min. Credit Score: 580 Loan Amounts: $1,000 - $50,000 APR Range: 8.49%- 35.99% APR
Discover Personal Loan
Rating image, 5.0 out of 5 stars.
5.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Min. Credit Score: 660 Loan Amounts: $2,500 - $40,000 APR Range: 7.99% - 24.99%
Disclaimers

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 $10,000 loan at 8.49% APR with a term of 5 years would result in 60 monthly payments of $205.12.  Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. Truist Bank is an Equal Housing Lender. © 2024 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.

Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 8.49%-35.99%. All personal loans have a 1.85% to 9.99% 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/

*SoFi Personal Loan Disclaimer

Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. 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 and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.

Loan amounts range from $5,000–$100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.


Autopay: 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. Autopay is not required to receive a loan from SoFi.


Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.

Impact to credit score: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

What is a pool loan?

A pool loan is an unsecured personal loan you can use to install your pool. The funds can also be used for pool accessories and maintenance supplies. Since unsecured loans are not backed by any collateral, they are a higher risk for financial lenders.

Lenders typically will approve the loan based on your credit score, credit history, and income. To qualify for the best interest rate you will need to have an excellent credit score. Like other loans, the money is paid back in monthly installments.

What financing options can be used for a pool?

There are several pool financing options in addition to a pool loan. Each type of pool loan has advantages and disadvantages. It depends on your needs and financial situation, so it is important to compare the different types of loans offered.

  • Home equity line of credit (HELOC). A HELOC is secured by the equity in your home and interest rates are variable. You can borrow against the equity and as you repay the balance, the amount available is replenished like a credit card. However, if you default on the loan, then the lender can repossess your home.
  • Home equity loans. A home equity loan lets you borrow a fixed amount, secured by the equity in your home. You receive the money in one lump sum. Typically, home equity loans have a fixed interest rate, fixed term, and fixed monthly payment. Interest on a home equity loan may be tax deductible under certain circumstances.
  • Pool company financing. Some pool companies or contractors may offer their own financing.
  • Cash-out refinance. A cash-out refinance can be another source of financing for your pool. This involves refinancing your mortgage for more than the principal and converting the extra amount to cash, to give you the funds to install your pool. This replaces your current mortgage with a newer, larger loan.
  • Credit cards. You can also use a credit card to finance the installation of your pool.

How much does a pool cost?

The average cost to install an inground swimming pool ranges from $38,719 to $69,599. The national average for an inground pool is $51,833. A pool will cost $50 to $125 per square foot. Adding a pool house can increase the cost of a pool to $300 or more per square foot. The cost of a pool depends on the type of material, size, shape, design, landscaping, lighting, materials, labor, and any custom work.

Large pools are about 18 by 36 feet with the deep end ranging from 9 to 12 feet. The deeper the pool, the more expensive it is. The starting price for a large pool is about $35,000. Small pools are about 10 by 20 feet with the deep end ranging from 5.5 to 7 feet. Prices for small pools range from $10,000 to $25,000 and up.

There are annual costs to maintain a pool. This can include electrical systems, plumbing, and pumps. Costs go up if you have a deck and a safety fence. Additional pool costs may be any permits, property taxes, and extra utility costs. Building permits for a pool usually cost around $450 to $1,800 per permit. It is important to take into account the annual maintenance fees and taxes when installing a pool. Another important consideration is based on the materials: After 7 to 10 years, parts of the pool may need to be replaced or repaired. A pool can be an expensive upgrade.

How to get a pool loan

When looking for the best pool loan, shop around to find the best rates. You can choose to get a loan from a typical brick-and-mortar bank, a credit union, or an online bank. Online banks generally have better rates since they don’t have the same overhead as regular banks.

  • Check your credit report and credit score. Your score will determine whether you qualify for the loan and the interest rate you get. If your score needs work, it may be best to work on improving your score. The difference can be thousands of dollars based on how much you borrow.
  • Determine your pool budget. Luxury pools with waterfalls, fountains, and customized lighting can be up to $200,000. Upgrades to a basic pool can range from several hundred dollars to $30,000 or more. Certain materials cost more than others. It is important to not overspend and borrow more than you can afford.
  • Research different financial institutions. Contact different lenders to see the rate and terms you qualify for. You can go online and research multiple lenders to find the best loan terms for you. Many lenders have a pre-approval process that lets you shop around for the best interest rates without hurting your credit score. Also check to see if there are extra fees such as origination or penalties for paying off the loan early.
  • Apply for a pool loan. Once you have selected the lender, you will have to submit an application. Many financial institutions allow you to do this online. They will process your application and disburse the funds either same-day or up to several days later. After you receive the money, you will have to make monthly payments to pay off the loan.

What to look for in a pool loan

When shopping around for the best pool loan, there are a variety of factors to consider.

  • Annual percentage rate (APR). This is the interest rate of the loan. Rates can range from 4.99% up to 35%. Rates are based on creditworthiness and the term of the loan.
  • Loan amount. Many lenders have a cap of $50,000, while some may go as high as $100,000. You will need excellent credit to be able to borrow the maximum amount.
  • Repayment terms. Lenders will offer different repayment options, ranging from two years to up to 20 years. The shorter the term, the lower the interest rate. However, the monthly payment amount will be higher.
  • Discounts. Some lenders will offer a discount for autopay or bundling other loans. Ask to see what discounts you qualify for.
  • Fees. Lenders may have origination fees or prepayment penalties. Check and compare what fees the different lenders have.
  • Cosigner. If your credit score is low, then you should consider applying with a cosigner who has better credit. Check to see if a lender allows cosigners.

FAQs

  • The repayment time period for a pool loan depends on the lender. On average, the typical pool loan is two to 10 years. Some lenders will extend a loan up to 20 years. It is important to find a loan term that will fit your budget and also has the lowest costs. The longer your term, the lower your payment, but the more interest you will pay. The lower your term, the better your interest rate, but your monthly payment will be higher.

  • Each lender has their own minimum credit score requirements to qualify for a loan. If your credit score is below 670 and in the fair range, you qualify for a pool loan but will not receive the best rate. The higher your score, the lower your interest rate will be.

  • Interest rates depend on the lender. Interest rates on average range from 5% to 10%. Those with excellent credit can get interest rates as low as 4.99%. Interest rates can be as high as 35% for those with bad credit.

  • Yes, some lenders will give pool loans with a credit score of 680 or lower. You may not qualify for the best interest rate, however, so you want to consider working on improving your score or getting a cosigner on the pool loan.

Our Loans Expert