Nothing beats having a pool to cool off during the hot summer months. Do you desire adding an in-ground or an above-ground pool to your house structure? Well, there’s good news for you. There are various pool loans that are considered the best currently available.
In this article, we will be exploring some of the best pool loans for 2024, with detailed highlights about their features and requirements. This article is aimed at providing the best pool loans for your readers, enabling them to select the right one for their specific needs and budget.
What is a Pool Loan?
A pool loan is a type of financial support specifically designed to cover the cost of installing or renovating a swimming pool. Pool loans are offered by traditional banks, credit unions, and lenders, thus enabling individuals to fund various aspects of pool construction or renovation. It covers the cost of materials and equipment needed, labor, landscaping, excavation, and other related expenses.
Depending on the lender and borrower’s financial capacity, pool loans could be secured or unsecured. Secured pool loans require collateral, while unsecured pool loans do not require collateral. However, unsecured loans usually have stricter eligibility criteria and higher interest rates.
Pool loan interest varies depending on factors like loan term, loan amount, borrower’s credit, and lender’s policies. We strongly advise that you carefully review the terms and conditions attached to the loan agreement, such as
Basically, pool loans provide home owners with the satisfaction of creating their dream backyard oasis.
Where to Get a Pool Loan
Getting a pool loan typically depends on your specific needs and the situation surrounding them. Generally, you can get pool loans from online lenders, traditional banks, and credit unions.
Individuals who have an existing relationship with an institution that understands their reputation can revive a pool loan from traditional banks.
One of the perks of getting a pool loan from credit unions is that they offer less stringent qualification criteria than online lenders and traditional banks. However, it requires membership before you can get the loan. Individuals who are members of a credit union can get a pool loan from them.
On the other hand, if you need swift funding within one or two business days, consider getting pool loans from online lenders. They provide the fastest funding for individuals who seek pool loans.
Those who meet the qualifying requirements can access loan amounts as high as $100,000.
5 Best Pool Loans of 2024
There are diverse pool loans available in the loan industry, but there are some that are considered the best. We have helped curate some of the best pool loans for you; check them out.
SoFi
SoFi is the best overall pool loan lender due to its competitive rates, lack of fees, and high loan maximums of up to $100,000. It offers loans with terms ranging from 2 to 7 years, making it a versatile option for various pool projects. SoFi’s minimum credit score requirement of 680 ensures that only those with good credit can access its services, which helps maintain its competitive rates.
LightStream
LightStream is another top choice for pool loans, offering low and competitive rates, especially for those with excellent credit. With a generally lower starting APR and repayment terms up to 144 months for certain loan types, LightStream provides borrowers with the flexibility to choose the best repayment term for their financial situation. LightStream also offers loan funding as soon as the same day, making it a convenient choice for urgent pool projects.
Upgrade
Upgrade is the best option for fair credit, providing loans with APRs ranging from 8.49% to 35.99% and accepting credit scores as low as 560. This makes it accessible to a wider range of borrowers who may not qualify for other lenders’ services. Upgrade offers loans with terms ranging from 3 to 5 years and has no early repayment fees, allowing borrowers to pay off their loans early without incurring additional fees.
Universal Credit
Universal Credit offers loans with APRs ranging from 5.99% to 35.99% and accepts credit scores as low as 560, making it a solid choice for borrowers with lower credit scores. It offers loans with terms ranging from 3 to 5 years and has no early repayment fees, giving borrowers the flexibility to pay off their loans at their own pace.
BestEgg
Best Egg is a strong option for borrowers with lower credit scores, offering loans with APRs ranging from 5.99% to 35.99% and accepting credit scores as low as 600. With loans ranging from $2,000 to $50,000 and terms ranging from 3 to 5 years, Best Egg provides borrowers with a wide range of options to choose from. Additionally, Best Egg has no early repayment fees, allowing borrowers to pay off their loans early without incurring additional fees.
FAQs
How many years can you finance a pool?
The number of years depends on factors like loan amount, lender, and creditworthiness. However, pool loans usually have terms between one and 12 years.
What credit score is required for a pool loan?
Some of the pool loan lenders highlighted in this article require a minimum credit score of 580; others require a score between 600 and 680. In your best interest, you should aim for a minimum score of 670 in order to increase your chances of qualifying for the loan.
