Best Personal Loan Providers For Building Your Dream Pool

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If you love the idea of adding a pool to your home but don’t have the financial means to do so, a personal loan can be a good option for making your dream come true. However, taking out a personal loan isn’t something to be taken lightly; you need to make sure that you’ll be able to pay back the loan on time and afford the monthly upkeep of owning a pool.

If you’re unsure about whether taking out a personal loan for a home swimming pool is the right move for you, below are some things to consider. 

Building your dream pool could become a reality with the help of a personal loan

When To Take Out a Personal Loan to Build a Pool in Your Home

  • You earn enough money to make the monthly payments. If you are delinquent in your monthly loan payments, your credit score will suffer and you’ll become further ensconced in debt. But if you have a steady job and earn enough money that you’ll be able to make the monthly payments on time, a personal loan can be a good option. 
  • You have the means for regular pool upkeep. Building and installing a home pool can cost you one large, lump sum of money—and a personal loan can cover that. But maintaining a pool in your home also comes along with regular monthly costs, often a couple hundred dollars—do you have that kind of cash to spare? Make sure to do your homework and work out a budget so you can be sure. 
  • You have good credit. If your credit score is not good, you are likely to get charged a very high interest rate, which can make paying back your loan much harder. If your credit is good, you’re more likely to get a better interest rate, which can make paying back a personal loan more feasible.

Top Personal Loan Providers for Swimming Pools

Since pools are considered luxury items (as opposed to necessities), different lenders offer different interest rates and terms. Below are the top 5 companies that will treat your desire for a home swimming pool with respect and offer you the best rates and terms possible. 

LightStream

Minimum credit score: 660

Loan amount:$5000 - $100,000

Loan term: 24 - 84 months

APR range: 4.99% - 16.99%

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LendingTree

Minimum credit score: None

Loan amount: $1000 - $50,000

Loan term: 3 - 180 months

APR range: 4.79% - 35.99%

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Credible

Minimum credit score: 680

Loan amount: $1000 - $100,000

Loan term: 24 - 84 months

APR range: 4.99% - 35.99%

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Monevo

Minimum credit score: 580

Loan amount: $1000 - $100,000

Loan term: 3 - 96 months

APR range: 3.34% - 35.99%

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Best Egg Loans

Minimum credit score: 640

Loan amount: $2,000 - $35,000 

Loan term: 36 - 60 months

APR range: 5.99% - 29.99%

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LightStream

Minimum credit score: 660

Loan amount: $5,000 - $100,000

Loan term: 24 - 84 months

APR range: 4.99% - 16.99%

Why go with LightStream: You can get the money the same day you apply for loan

LightStream is a great option if you have good or excellent credit and want a loan to build a pool. If not, you’re not likely to get approved, or at the very least, get good rates. LightStream stands out for the large loans it is willing to give for in-home pools—up to $100,000, which is more than typical lenders. 

LightStream also offers a Rate Beat Program, which guarantees it will beat any APR from other lenders by .10 percentage points. Another benefit of borrowing from LightStream is that there are no fees for early repayment or extra payments, which means that if you’re able to pay off your loan earlier, you can do so without being charged more money. 

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LendingTree

Minimum credit score: None

Loan amount: $1,000 - $50,000

Loan term: 3 - 180 months

APR range: 4.79% - 35.99%

Why go with LendingTree: Allows you to compare loan options from different lenders

LendingTree is a perfect option for people with all kinds of credit scores; while it’s not a direct lender, it works with a vast network of reputable lending companies, which it sifts through to find you different loan options. You then get to choose which loan has the best rates, ranging from 4.79% - 35.99%, as well as a range of terms. 

Moreover, LendingTree doesn’t charge a fee for its service, which means you can use it to help build your dream pool free of charge and with no effect on your credit score. However, once you are matched with a suitable loan provider, LendingTree bows out and leaves you on your own for the application process.

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Credible

Minimum credit score: 680

Loan amount: $1,000 - $100,000

Loan term: 24 - 84 months

APR range: 4.99% - 35.99%

Why go with Credible: Gives up to 6 preliminary loan offers so you can compare options

Credible is a solid option for people with fairly good credit scores who are looking to build a pool. Like LendingTree, it acts as a loan aggregator and searches other loan companies for options that suit your financial situation and then presents you with up to 6 loan offers. 

The company also performs a “soft credit check,” which doesn’t affect your credit score but can find you suitable options. Interest rates and terms vary from lender to lender, and nothing is finalized until you commit to the loan. 

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Monevo

Minimum credit score: 580

Loan amount: $1,000 - $100,000

Loan term: 3 - 96 months

APR range: 3.34% - 35.99% 

Why go with Monevo: Access to hundreds of lending companies

Monevo is one of the rare loan companies that is willing to work with you even if you don’t have the best credit. Of course, the better your credit, the better your interest rates. However, even if your credit score is less than 600, Monevo can help find potential loans to suit your needs. 

Monevo has access to hundreds of international loan companies and combs through their offers to find the ones that are suitable for your situation. The application is simple and there is no fee to use the service, so you can start the process of building your pool in no time. The exact terms and rates you receive will differ by lender and will depend on your financial situation.

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Best Egg

Minimum credit score: 640

Loan amount: $2,000 - $35,000 

Loan term: 36 - 60 months

APR range: 5.99% - 29.99%

Why go with Best Egg: Receive funds within 1 business day after approval

Best Egg offers personal loans to people with credit scores as low as 640, though to get the best rates you’ll need a score of 700. Best Egg loans are serviced by Cross River Bank, an FDIC-approved New Jersey state-chartered commercial bank, so you can rest assured that your financial information is safe and secure. If you’re in a rush to build that pool, Best Egg can set you up with a personal loan in as little as 1 business day with competitive rates and terms of up to 60 months. 

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Now It’s Time to Dive In

If you’ve decided that taking out a personal loan is the right step toward fulfilling your dream of a home pool, the next step is choosing a reputable lender. The above 5 options are a great place to start, and you can even try out all 5 and see which one gives you the best option. In addition to rates and terms, here are a few things to keep in mind when choosing a loan provider:

  • How’s the customer service? Are there service reps available to talk to should you have any questions? Or does the entire process take place in cyberspace? The availability of customer support representatives may determine which company you feel most comfortable with.
  • How are the reviews? Check out user reviews before committing to anything. While one company may offer great rates, users may comment that there are hidden fees—you never know! Reading reviews can give you a more balanced view of the lender.
  • Read the fine print. Are you charged for paying back the loan early? Is there an origination fee? Each company has its own policy, and it’s especially important to read the fine print when using sites like LendingTree and Credible, which offer loans from many different providers, each of which have their own policy.

While building a home pool can be a big step in raising your quality of living, don’t dive into anything before you do your homework! Once you’ve sufficiently done your homework and are satisfied that you’ve found the right lender and loan terms for you, go for it. You’re one step closer to the pool you’ve always dreamed of.

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