Best pool loans of November 2023

Installing a new pool can make you feel like you’re on vacation in your own yard, but like many other home improvement projects, it can also come with a hefty price tag. Fortunately, there are several financing options that could help you pay for a pool, such as a pool loan (which is typically an unsecured personal loan).

The best pool loans offer competitive interest rates, relatively long repayment terms, a variety of loan amounts and fast funding speeds. Some also provide more lenient credit score requirements or allow borrowers to apply with a co-signer or joint applicant.

To determine the best pool loans, we compared 25 lenders using these metrics as well as other factors like late and prepayment fees, lender discounts, state availability and customer experience.

Best pool loans

Best pool loans
SoFi
: Best overall
LendingPoint
: Best for fair credit
Upgrade
: Best for small loans
Prosper
: Best for peer-to-peer lending
LightStream
: Best for long repayment terms
Discover
: Best for competitive rates
Avant
: Best for poor credit
U.S. Bank
: Best for good credit
Compare the best pool loans
Methodology
How does a pool loan work?
How to apply for a pool loan
Alternatives to taking out a pool loan
Frequently asked questions (FAQs)

Best pool loans

Blueprint Rating

Learn More

What you should know

With SoFi, you can borrow $5,000 up to a maximum of $100,000, which could be helpful for covering a large expense like pool installation. Repayment terms range from two to seven years, and if you’re approved, you could get your funds as soon as the same business day.

Additionally, SoFi charges no fees on its personal loans. Multiple rate discounts are also available — such as for autopay and existing account holders — as well as several member benefits, such as unemployment protection, career coaching and financial planning.

Keep in mind that SoFi’s personal loans aren’t available in Mississippi. You’ll also need a credit score of at least 680 to qualify — though you do have the option to apply with a joint applicant.

Pros and cons

Pros

Can borrow up to $100,000.
Multiple rate discounts and member benefits.
No fees.

Cons

Could be hard to qualify if you don’t have good credit.
Must borrow at least $5,000.
Not available in all states.

More details

Interest rates: 8.99% to 25.81%.
Loan amounts: $5,000 to $100,000.
Repayment terms: 2 to 7 years.
Discounts: Autopay (0.25%) and existing account holder (0.125%).
Fees: None.
Min. credit score: 680.
Time to fund: As soon as the same business day after approval.

Blueprint Rating

Learn More

What you should know

Most lenders require good credit to qualify for a personal loan, but with LendingPoint, you could get approved with a credit score as low as 600. This could make it an ideal option if you have fair credit. LendingPoint personal loans range from $2,000 to $36,500 and come with terms from two to six years. If you’re approved, you could get your funds as soon as the next business day.

Keep in mind that LendingPoint charges an origination fee, which can increase your overall borrowing costs. This lender also doesn’t permit co-signers or joint applicants — meaning you’ll have to qualify on your own.

Pros and cons

Pros

Accepts fair credit scores.
Quick approval decisions.
Fast funding.

Cons

Charges an origination fee.
Lower loan maximum compared to some lenders.
Doesn’t permit co-signers or joint applicants.

More details

Interest rates: 7.99% to 35.99%.
Loan amounts: $2,000 to $36,500.
Repayment terms: 2 to 6 years.
Discounts: None.
Fees: Origination fee (0% to 8%).
Min. credit score: 600.
Time to fund: As soon as the next business day after approval.

Blueprint Rating

Learn More

What you should know

If you’re installing a less expensive pool or have already saved up a large sum and don’t need to borrow much, an Upgrade personal loan might be a good option. You can borrow as little as $1,000 up to $50,000 with terms from two to seven years. If you’re approved, you should get your funds within a day of clearing any necessary verifications.

In addition to offering small loans, Upgrade also works with borrowers who have poor credit scores — you could qualify with a credit score as low as 580. You also have the option to apply with a joint applicant, which could make it easier to get approved.

Note that Upgrade charges an origination fee as well as fees for late and returned payments, all of which can raise your overall costs.

Pros and cons

Pros

Can borrow as little as $1,000.
Accepts poor and fair credit scores.
Fast funding.

Cons

Charges an origination fee.
Charges fees for late and returned payments.
Doesn’t disclose rate discounts unless you have a registered account.

More details

Interest rates: 8.49% to 35.99%.
Loan amounts: $1,000 to $50,000.
Repayment terms: 2 to 7 years.
Discounts: Autopay (amount not disclosed).
Fees: Origination fee (1.85% to 8.99%), late fee ($10) and returned payment fee ($10).
Min. credit score: 580.
Time to fund: Within 1 business day after clearing necessary verifications.

Blueprint Rating

Learn More

What you should know

Unlike most of the other lenders on this list, Prosper is a peer-to-peer (P2P) lender. This means that instead of borrowing from a traditional institution like a bank or credit union, you’ll work with a private investor (or group of investors). Because this kind of lending cuts out the middleman, it can be easier to qualify for a P2P loan. With Prosper, for example, you could qualify with a credit score as low as 600, and you also have the option to apply with a joint applicant.

With Prosper, you can borrow $2,000 to $50,000 and can choose a term from two to five years. If you’re approved, you could get your funds as soon as the next business day.

Keep in mind that Prosper charges an origination fee as well as fees for check payments, late payments and insufficient funds. Prosper personal loans also aren’t available in Iowa and West Virginia.

Pros and cons

Pros

Provides P2P lending.
Accepts fair credit scores.
Fast funding.

Cons

Charges an origination fee.
Charges fees for check payments, late payments and insufficient funds.
Not available in all states.

More details

Interest rates: 6.99% to 35.99%.
Loan amounts: $2,000 to $50,000.
Repayment terms: 2 to 5 years.
Discounts: None.
Fees: Origination fee (1% to 5%), check payment fee ($5 or 5% of your payment, whichever is less), late fee ($15 or 5% of the unpaid amount, whichever is greater) and insufficient funds fee ($15).
Min. credit score: 600.
Time to fund: As soon as the next business day after approval.

Blueprint Rating

Learn More

What you should know

LightStream personal loans are available for $5,000 to $100,000. While this lender’s repayment terms typically range from two to seven years, you could have up to 12 years to repay a pool loan. LightStream also charges no fees, which can help reduce your overall borrowing costs, and it funds loans as soon as the same day as approval.

Additionally, if you’ve already been approved for an unsecured loan from another lender, you could get another 0.1% off your rate through LightStream’s Rate Beat Program. LightStream also offers a 0.5% autopay discount.

Keep in mind that while LightStream doesn’t disclose its minimum credit score requirements, it does indicate that you’ll need good to excellent credit to qualify. Also note that this lender doesn’t allow borrowers to prequalify — meaning you’ll have to submit an application to check your personalized rates.

Pros and cons

Pros

Repayment terms as long as 12 years for some loan types.
Can borrow up to $100,000.
No fees.

Cons

Doesn’t disclose minimum credit score requirements.
No prequalification option.
High minimum loan amount.

More details

Interest rates: 7.99% to 25.99%.
Loan amounts: $5,000 to $100,000.
Repayment terms: 2 to 12 years (depending on loan type).
Discounts: Autopay (0.5%) and Rate Beat Program (0.1%).
Fees: None.
Min. credit score: Does not disclose.
Time to fund: As soon as the same business day after approval.

Blueprint Rating

Learn More

What you should know

Discover offers some of the most competitive annual percentage rates (APRs) on this list. This could make it a great option for borrowers with good to excellent credit who can qualify for the best rates. Discover’s personal loans range from $2,500 to $40,000 and come with terms from three to seven years. If you’re approved, you could get your funds as soon as the next business day.

Note that while this lender charges no origination or prepayment fees, it does assess fees for late payments. It also doesn’t disclose its minimum credit score requirements or permit either co-signers or joint applicants.

Pros and cons

Pros

Competitive rates.
No origination or prepayment fees.
Fast funding.

Cons

Charges late fees.
Doesn’t disclose minimum credit score requirements.
Doesn’t permit co-signers or joint applicants.

More details

Interest rates: 7.99% to 24.99%.
Loan amounts: $2,500 to $40,000.
Repayment terms: 3 to 7 years.
Discounts: None.
Fees: Late fee ($39).
Min. credit score: Does not disclose.
Time to fund: As soon as the next business day after approval.

Blueprint Rating

Learn More

What you should know

It can be hard to get approved for a personal loan if you have poor credit, but this isn’t a problem with Avant, which accepts credit scores as low as 580. Avant’s personal loans range from $2,000 to $35,000 and come with terms from one to five years. If you’re approved, you could get your funds as soon as the next business day.

Keep in mind that Avant charges an origination fee as well as fees for late and dishonored payments. Its loans also aren’t available in Massachusetts, Michigan, Montana, Vermont, Virginia and West Virginia.

Pros and cons

Pros

Accepts poor and fair credit scores.
Fast funding.
No prepayment penalties.

Cons

Charges an origination fee.
Charges fees for late and dishonored payments.
Not available in all states.

More details

Interest rates: 9.95% to 35.99%.
Loan amounts: $2,000 to $35,000.
Repayment terms: 1 to 5 years.
Discounts: None.
Fees: Origination fee (up to 4.75%), late fee ($25) and dishonored payment fee ($15).
Min. credit score: 580.
Time to fund: As soon as the next business day after approval.

Blueprint Rating

Learn More

What you should know

U.S. Bank offers personal loans from $1,000 to $50,000 with terms from one to seven years for its existing customers. If you don’t currently have an account, you can borrow up to $25,000 with a maximum term of five years.

While U.S. Bank accepts credit scores as low as 660 for account holders, non-U.S. Bank customers might need a higher credit score than this to qualify. You also have the option to apply with a joint applicant, which could make it easier to get approved.

Note that while you don’t have to worry about an origination fee or prepayment penalties, U.S. Bank does charge fees for late payments. Additionally, it could take one to four business days to get your money if it isn’t deposited in a U.S. Bank account — a longer funding time than some competitors offer.

Pros and cons

Pros

Accepts fair credit scores for existing account holders.
No origination or prepayment fees.
Permits joint applicants.

Cons

Higher credit score requirements for non-U.S. Bank customers.
Lower loan maximums and shorter term limits for non-U.S. Bank customers.
Charges late fees.

More details

Interest rates: 8.24% to 24.99%.
Loan amounts: $1,000 to $50,000 ($25,000 maximum for non-U.S. Bank customers).
Repayment terms: 1 to 7 years (5-year maximum for non-U.S. Bank customers).
Discounts: None.
Fees: Late fee ($29).
Min. credit score: 660.
Time to fund: Within 1 to 4 business days after approval.

Compare the best pool loans

Lender	Interest rates	Loan amounts	Repayment terms (years)	Min. credit score	Time to fund (after approval)
SoFi	8.99% to 25.81%	$5,000 to $100,000	2 to 7	680	As soon as the same business day
LendingPoint	7.99% to 35.99%	$2,000 to $36,500	2 to 6	600	As soon as the next business day
Upgrade	8.49% to 35.99%	$1,000 to $50,000	2 to 7	580	Within 1 business day of clearing necessary verifications
Prosper	6.99% to 35.99%	$2,000 to $50,000	2 to 5	600	As soon as the next business day
LightStream	7.99% to 25.99%	$5,000 to $100,000	2 to 12 (depending on loan type)	Does not disclose	As soon as the same business day
Discover	7.99% to 24.99%	$2,500 to $40,000	3 to 7	Does not disclose	As soon as the next business day
Avant	9.95% to 35.99%	$2,000 to $35,000	1 to 5	580	As soon as the next business day
U.S. Bank	8.24% to 24.99%	$1,000 to $50,000 ($25,000 maximum for non-U.S. Bank customers)	1 to 7 (5-year maximum for non-U.S. Bank customers)	660	Within 1 to 4 business days
All interest rates are current and include discounts as applicable as of November 6, 2023.

Methodology

Our expert writers and editors have reviewed and researched 24 popular lenders to help you find the best pool loan. Out of all the lenders considered, the eight that made our list excelled in areas across the following categories (with weightings): loan details (20%), loan cost (35%), eligibility and accessibility (20%), customer service (15%) and ease of application (10%).

Within each major category, we considered several characteristics, including APR ranges, loan amounts, maximum repayment terms, lender discounts, late payment and prepayment penalties, minimum credit score requirements and funding time as well as co-signer or co-borrower acceptance. We also evaluated each provider’s customer support options and customer reviews.

Why some lenders didn’t make the cut

Of the 24 personal loan lenders that we reviewed, only a fraction made the cut. The reasons for this varied by lender, with some receiving lower scores due to having higher interest rates or poor customer reviews while others didn’t allow co-signers or co-borrowers.

How does a pool loan work?

A pool loan is a loan that’s used to cover the cost of installing a swimming pool. In many cases, pool loans are unsecured personal loans. Many online lenders as well as traditional banks and credit unions offer personal loans for pools. These loans typically come with fixed interest rates, meaning your monthly payments won’t change over time. Repayment terms often range from one to seven years, depending on the lender.

If you’re approved for a pool loan, you’ll generally get your funds within a week or so — though some lenders will fund loans as soon as the same or next business day. You can then use the money to pay a contractor to install your pool.

How to apply for a pool loan

If you’re ready to apply for a pool loan, follow these steps:

Check your credit. When you apply for a personal loan, lenders will review your credit as part of the approval process — so it’s a good idea to check your credit beforehand to see where you stand. You can use a site like AnnualCreditReport.com to review your credit report for free. If you find any errors, dispute them with the appropriate credit bureau to potentially boost your credit score.
Compare lenders. It’s important to shop around and compare your options with as many lenders as possible to find the right pool loan for your needs. Most lenders allow you to check your personalized rates with only a soft credit check that won’t impact your credit score before you formally apply. In addition to rates, be sure to consider other factors like repayment terms, fees and eligibility requirements.
Fill out a full application. After you’ve compared options and chosen a loan option, you’ll have to submit an official application — many lenders allow this to be done fully online through a secure platform. You’ll also likely need to provide requested documentation, such as bank statements or pay stubs, so make sure to gather these beforehand.
Get your loan funds. If you’re approved, the lender will have you sign for the pool loan before releasing the funds to you — often by direct deposit into your bank account. Personal loan funding typically takes about a week, though some lenders will fund approved loans as soon as the same or next business day.

Alternatives to taking out a pool loan

While taking out a personal loan can be quick and easy, it isn’t the only way to finance a swimming pool. For example, you might have access to in-house financing through the pool construction company that you work with. Depending on the contractor, this financing might be an unsecured personal loan or a secured loan that requires collateral, offered by a lender that the contractor has partnered with.

Another alternative is a home equity loan, which is a type of fixed-rate loan that lets you tap into your home’s equity and is disbursed as a lump sum, similar to a personal loan. However, it could also take two to six weeks to get your funds. Additionally, you risk losing your house if you can’t keep up with your payments.

You could also consider a home equity line of credit (HELOC). Instead of receiving a lump sum, you’ll have access to a revolving line of credit that you can repeatedly draw on and pay off on an as-needed basis. Just remember that like a home equity loan, a HELOC is secured by your home — meaning you could lose it to foreclosure if you don’t keep up with the loan.

“A HELOC may make the most sense for homeowners with significant equity and a good credit score,” says Fred Winchar, CEO and co-founder of loan comparison site MaxCash. “This option generally has the lowest interest rate, allowing you to pay off the loan more quickly. A home equity loan also typically has lower interest rates than personal loans.”

Another option is cash-out refinancing, which allows you to take out a larger mortgage and pay off your original home loan — leaving you with the difference in cash to use how you’d like. However, while a refinance might be a good idea in a low-rate environment, it’s not necessarily the best choice if interest rates are high.

Frequently asked questions (FAQs)

The cost to build a pool varies based on the materials you choose, the pool size, where you live and other factors. As of 2023, prices range from $700 to $125,000 with an average of $36,000, according to Angi. In general, you’ll pay more for an inground pool compared to an above-ground pool.

The best kind of loan for you will depend on your individual needs. For example, an unsecured personal loan could be a good choice if you want fast funding without having to provide collateral. On the other hand, a home equity loan or HELOC might be better if you prefer a lower interest rate and don’t mind borrowing against your home equity.

The exact credit score you’ll need for a pool loan will depend on the lender. Most lenders require good credit to qualify. A good credit score is usually considered to be 670 or higher.

There are also several lenders that accept poor and fair credit scores. For example, both Avant and Upgrade accept credit scores as low as 580. Just keep in mind that bad credit loans tend to come with higher interest rates compared to good credit loans.

If you’re struggling to qualify on your own, consider applying with a creditworthy co-signer or joint applicant to improve your approval chances.

How difficult it is to finance a swimming pool depends on the financing option you choose as well as your financial situation. You’ll likely have an easier time qualifying for a personal loan, home equity loan, HELOC or cash-out refinancing if you have good to excellent credit, verifiable income and a low debt-to-income ratio (the amount you owe in monthly debt payments compared to your income).

However, remember that several personal loan lenders accept bad credit scores. You might also be eligible for a home equity loan or HELOC with poor credit if you have a high amount of home equity and a low amount of debt, depending on the lender.