Best Pool Loans in 2023

• Loan amounts: $10,000 to $200,000
• APR: 13.39% to 24.91%
• Terms: 36 to 120 months
• Origination fees: 2.00% - 4.00%

Overview

BHG Money, which is part of BHG Financial, offers business and consumer loan products, including home improvement loans for swimming pool construction financing. BHG allows you to estimate your payment online, which only requires a soft credit check, but watch out for its origination fees — they can eat into the principal value of your loan — and higher minimum APR.

Eligibility requirements

You must have a credit score of at least 660 to qualify for a BHG Money personal loan, and you’re required to submit standard information, like proof of income and government-issued ID.

• Loan amounts: $2,500 to $40,000
• APR: 7.99% to 24.99%
• Terms: 36 to 84 months
• Origination fees: None

Overview

In addition to credit cards, Discover offers various loans and other banking products. Discover’s personal loan has a relatively low maximum amount, so you may not be able to finance the construction of an in-ground pool. But if you don’t need financing for the entire cost of the pool or are planning a less expensive project, the Discover loan could be a great option.

Eligibility requirements

Discover doesn’t disclose a minimum required credit score or debt-to-income ratio, but you will need a minimum annual income of at least $25,000. As with most loans, you’ll need to provide proof of income and employment when applying for a Discover loan.

• Loan amounts: $5,000 to $100,000
• APR: 7.99% to 20.74% (with autopay)
• Terms: 24 to 144 months
• Origination fees: None

Overview

LightStream is an online consumer loan company that is part of Truist, a large bank. For high-credit borrowers, LightStream could be a good option for an in-ground pool loan, considering the long repayment terms and high maximum loan amounts. This lender doesn’t offer prequalification, so you’ll have to agree to a hard credit check before seeing the loan terms you qualify for.

Eligibility requirements

Beyond requiring good to excellent credit, LightStream also looks for strong credit histories, liquid assets, including bank accounts, and a record of on-time payments.

• Loan amounts: $25,000 and above
• APR: 8.99% to 18.00%
• Terms: Up to 180 months
• Origination fees: None

Overview

Credit unions are owned by their members and sometimes restrict access to certain groups of borrowers. In addition to competitive rates and long terms, Navy Fed allows you to apply with a co-applicant and may provide funding the same day your loan application is approved.

Eligibility requirements

To join Navy Federal Credit Union, you must be an active-duty service member or part of the Department of Defense — or you must be a close relative. Unlike many other credit unions, Navy Fed doesn’t allow you to join with a small donation.

• Loan amounts: Up to $50,000
• APR: 7.99% to 17.99%
• Terms: 12 to 60 months
• Origination fees: None

Overview

PenFed is one of the largest credit unions in the country, serving over 2.8 million members nationwide. As long as you make your payments on time, you won’t have to pay extra fees, as PenFed does not charge origination fees or prepayment penalties. This lender also offers other products, like home equity lines of credit (HELOCs), that could be a fit for swimming pool financing.

Eligibility requirements

You don’t need to become a PenFed member to apply for a loan, but you will need to become one if you agree to the loan. This lender isn’t transparent with its eligibility criteria, but as with most lenders, you may be asked to verify your income, employment and credit history.

• Loan amounts: $5,000 to $100,000
• APR: 8.99% to 25.81%
• Terms: 24 to 84 months
• Origination fees: 0.00% - 6.00%

Overview

SoFi is an online lender that doesn’t charge any required fees and offers same-day funding. It allows prequalification with a soft credit pull so you can see the rates and fees you may qualify for without impacting your credit. SoFi loans also come with perks like unemployment protection, which lets you modify your monthly payments if you lose your source of income.

Eligibility requirements

To qualify for a pool loan with SoFi, you must have a credit score of at least 680. Additionally, you must be employed, have sufficient income from other sources or have a job offer that starts within 90 days.

• Loan amounts: $3,000 to $100,000
• APR: 8.49% to 24.49% (with autopay)
• Terms: 12 to 84 months
• Origination fees: None

Overview

Wells Fargo is one of the largest banks in the country and offers a variety of loan products, including home improvement loans for swimming pool construction. The combination of APR, term flexibility, large loan maximums and no origination fee are appealing, but Wells Fargo only issues personal loans to existing customers, so you must already have an account to apply.

Eligibility requirements

Aside from being an existing customer, Wells Fargo doesn’t disclose many of its other requirements, although it does ask for standard documentation, like proof of income and mortgage/rent amount.

Yes, many personal loan companies help finance swimming pool construction. Home improvements are a common reason for taking out a personal loan, and while most lenders have a few restrictions on how you can use your funds, home improvements are commonly permitted.

It depends. Some lenders require at least good credit, though some don’t publicly specify their minimum credit requirements. To qualify for a lender’s lowest rate, you’ll likely need an excellent credit score.

Some lenders charge a loan origination fee, though not all do. Those fees are deducted up front from the money your lender sends to you. Prepayment penalties are less common but can apply if you pay off your loan too quickly. It’s important to understand all potential fees before finalizing your loan application.

Lenders usually ask how you plan on using your loan funds during the application process. Personal loans can be used to pay for a wide variety of expenses, but most lenders place restrictions on how you can use the funds. If you use your loan to finance something that violates the lender’s conditions, you may be in breach of your loan contract and face stiff financial and legal repercussions.

If your lender does a hard credit check as part of the application process, your credit score will take a minor, temporary hit. As long as you make regular, on-time loan payments, your credit score should rebound eventually.