Best Pool Loans to Consider in 2024

The average cost of a pool is $35,000. That’s why you may need a personal loan to help you pay for it. A pool loan is typically easier to qualify for than getting a traditional bank loan and you can shop around and compare lenders and pool loan rates online. Our team of financial experts reviewed and ranked more than 30 online lenders to help get you funded. They did the research so you can enjoy splashing around in your new swimming pool.

Because personal loans can have a big impact on your finances, it’s important to spend a little time reviewing your options to make sure you’re not overpaying. Also, it’s usually worth comparing your rates across multiple lenders to ensure you’re getting the best deal for your credit history and financial situation.

Our team of financial experts ranked lenders based on our ratings methodology for personal loans and found the best pool loans on the market. This ratings methodology evaluates lenders based on loan length, APR, repayment terms, user experience, customer service, credit score history, banking and credit union use, and additional features.

Best Pool Loans of 2024 - Full Overview

The following represent the best loans for swimming pools:

How to Choose the Best Pool Loan?

When choosing the best swimming pool loans, you will want to know as much as possible about the pool loan rates, terms, and conditions. 

• Loan Features - These are things like loan terms, loan amounts, and what the loan can and cannot be used for. Make sure that the loan is allowed to be used for a swimming pool so you don’t waste your time. The loan term is the length of the loan. For example a two year term means you have two years to pay back the loan in its entirety.
• Interest rates and fees - Consider different types of fees, and minimum/maximum interest rates. Know what rate you will qualify for based on your credit score and overall financial profile. Find about all of the fees upfront so there aren’t any surprises. Will swimming pool loans have origination fees, prepayment penalties, late fees, or any other fees?
• Application process - How invasive is the application process? Will it take a few minutes or much longer? Does the company do a hard-pull or soft-pull on your credit? Know how long the funding time takes and if any distinctively competitive offerings are available.
• Qualification process - Will you qualify for a loan? Know the minimum credit score, income requirements, co-signer/joint application optionality, and membership requirements before you apply.
• Customer support - How accessible is customer support? Is it only offered online, via a chat bot, through email, or over the phone? Do they have multi-channel support? And be aware of customer service operating hours.
• Online user reviews - Check out reviews on independent review sites like Trustpilot. Look at both negative and positive reviews and find trends. For example, are there multiple bad reviews about hidden fees, or are there positive reviews on loan explanations?
• Perks and Bonuses - Consider specified service offerings like payment flexibility, advertising transparency, and advanced technology. Know what the company offers its pool loan customers. 

What is a Pool Loan?

A pool loan can be in the form of a personal loan and may be called a home improvement loan that can be used for multiple purposes including building a swimming pool. These loans are typically unsecured, offered at a variety of places including banks, credit unions, and online lenders, and have higher rates than secured loans. Pool financing can also be in the form of a HELOC or a home equity loan which both use the equity in your home to fund the pool.

How Much Do Pools Cost?

There are so many factors that determine how much a pool costs. The average swimming pool costs around $35,000 and most people spend somewhere between $28,000 and $55,000. Things that influence the price include the size and materials of the pool, its shape, depth, and physical location. A pool may be less expensive somewhere like Florida where pools are common and can often be used year round, as compared to somewhere with a chillier climate and less frequent private pools.

Learn more about swimming pool costs:

Where to Get a Pool Loan

Pool financing options can be found at the following:

• Bank: A bank or major financial institution may offer pool loans in the form of personal loans, HELOCs, or home equity loans.
• Credit union: Credit unions often reward their members with competitive rates and offer a variety of pool loans
• Online lender: An online lender typically offers personal, unsecured loans that can be used to finance a pool and some offer pool loans for bad credit. These loans can typically be found under the home improvement loan section and may or may not mention swimming pools specifically.

How to Get a Pool Loan

The following are steps to get the best loans for swimming pools:

• Get ready: Know your credit score, and have your bank statements, proof of income, and tax returns handy. Also, be aware of zoning regulations, and that your contractor will need to pull permits before building the pool.
• Budget: You may want a dark bottom infinity edge pool with a waterfall, but does that fit in your budget? Know how much you want to spend and then allow for a little extra because construction costs usually go over budget. Even though you’re getting a loan, you may need some cash on hand for prepping the area, landscaping, and cleaning etc.
• Compare options: Check out the lenders on our list and compare their rates, terms, and qualifications. Also compare them with the financial institution that you already have a relationship with.
• Apply: Once you decide on the lender, fill out the loan application and get an approval
• Funding: Once you get approved, you will find out when and how you will get funded. Typically it’s within a few days and can be directly deposited or wired into your bank account. Now your dream pool awaits!

Pool Loan Pros and Cons

Pros:

• Keeping your cash: Use leverage and don’t deplete your cash reserves
• Don’t need to sell stocks: Use a loan and keep your portfolio
• Affordable payments: Pay monthly instead of paying for the pool upfront
• Years of enjoyment and memories in your own backyard
• No need for a membership to a pool
• A place to cool off: Especially if you’re in a warm climate and get a Texas pool loan

Cons:

• Debt: Adding another bill to pay and a higher debt-to-income ratio
• Qualifications: Need to meet them in order to get the loan
• Space: Takes up a lot of room in your yard
• Safety: Need to ensure safety in and around the pool especially for children and pets
• Insurance: Your homeowner’s insurance premium may increase

Pool Loan Alternatives

Some alternatives to swimming pool financing are:

• Home equity loan: Take out a second mortgage and receive a lump sum to fund the pool costs
• Home equity line of credit (HELOC): Get a revolving line of credit based on the equity in your home
• Borrow the money: From friends or family
• Above ground pool: Purchase this instead to save on costs
• No private pool: Join a country club or go to a community pool instead of having your own pool

Conclusion

Pool loans can be found at a variety of different places, including online lenders, credit unions, and banks. Pool loans typically fall under the personal loan category and are unsecured loans that typically go up to around $50,000. However, they can also be HELOCs or home equity loans if you qualify and have enough equity in your home. Pools can add values to your house, but they do come with a lot of upfront costs and recurring maintenance so a pool loan can help with those costs.