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The average cost of installing a pool in the U.S. is about $35,000, according to HomeGuide. If you’d like to get a pool but don’t have the cash, a personal loan could help you cover the cost.

Here’s what you should know about swimming pool loans:

Personal loans for swimming pools

A personal loan can be used for a wide variety of reasons — including swimming pool installation. Here are Credible’s partner lenders that offer personal loans for swimming pools:

Avant

Avant offers personal loans for up to $35,000, as well as fast loan funding. If you have fair credit and would like to finance a pool installation, Avant could be a good choice.

• Rates: 9.95% – 35.99% APR
• Loan terms (years): 2, 3, 4, 5^*
• Loan amount: $2,000 to $35,000^**
• Fees: Origination fee
• Discounts: Autopay
• Eligibility: Available in all states except CO, CT, HI, IA, LA, NV, NY, SC, VT, and WV
• Min. income: $24,000
• Customer service: Phone, email
• Soft credit check: Yes
• Min. credit score: 580
• Time to get funds: As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
• Loan uses: Debt consolidation, emergency expense, life event, home improvement, and other purposes

Avant personal loans review

^*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.

^**Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.

Axos

Axos personal loans range from $5,000 to $35,000 and can be used for home improvement and more. Keep in mind that you’ll likely need very good credit to qualify for an Axos loan.

• Rates: 9.95% – 35.99% APR
• Loan terms (years): 2, 3, 4, 5^*
• Loan amount: $2,000 to $35,000^**
• Fees: Origination fee
• Discounts: Autopay
• Eligibility: Available in all states except CO, CT, HI, IA, LA, NV, NY, SC, VT, and WV
• Min. income: $24,000
• Customer service: Phone, email
• Soft credit check: Yes
• Min. credit score: 580
• Time to get funds: As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
• Loan uses: Debt consolidation, emergency expense, life event, home improvement, and other purposes

Avant personal loans review

^*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.

^**Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.

Best Egg

Best Egg offers personal loans up to $35,000, with highly competitive fixed interest rates. Just remember that you’ll need good credit to qualify for the lower end of these rates.

• Rates: 5.99% – 29.99% APR
• Loan terms (years): 3, 5
• Loan amount: $5,000 – $35,000
• Fees: Origination fee
• Discounts: None
• Eligibility: Available in all states except DC, IA, VT, and WV
• Min. income: None
• Customer service: Phone
• Soft credit check: Yes
• Min. credit score: 640
• Time to get funds: As soon as 1 – 3 business days after successful verification
• Loan uses: Credit card refinancing, debt consolidation, home improvement, and other purposes

Best Egg personal loans review

Discover

If you have good to excellent credit and are looking for a longer repayment term, a personal loan from Discover might be a good option. Discover offers loans ranging from $2,500 to $35,000, with terms from three to seven years.

• Rates: 6.99% – 24.99% APR
• Loan terms (years): 3, 4, 5, 6, 7
• Loan amount: $2,500 – $35,000
• Fees: None as long as you pay on time
• Discounts: None
• Eligibility: Available in all 50 states
• Customer service: Phone
• Soft credit check: Yes
• Min. credit score: 660
• Time to get funds: Funds can be sent as soon as the next business day after acceptance
• Loan uses: Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding

Discover personal loans review

LendingPoint

You don’t need excellent credit to get a loan from LendingPoint. If you’re looking for bad credit personal loans, LendingPoint might be a good option.

• Rates: 15.49% – 35.99% APR
• Loan terms (years): 2, 3, 4
• Loan amount: $2,000 to $25,000
• Fees: Origination fee
• Discounts: Autopay
• Eligibility: Available in all states except CO, CT, HI, MA, MD, NV, NY, VT, WV, and WY
• Min. income: $35,000
• Customer service: Phone, email
• Soft credit check: Yes
• Min. credit score: 585
• Time to get funds: As soon as the next business day
• Loan uses: Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes

LendingPoint personal loans review

LightStream

A division of SunTrust Bank, LightStream offers loans up to $100,000, plus repayment terms ranging from two to 12 years for home improvement. This gives you more time to pay off your pool compared to other personal loan lenders.

• Rates: 3.99% – 19.99% APR
• Loan terms (years): 2, 3, 4, 5, 6, 7 (up to 12 years for home improvement loans)
• Loan amount: $5,000 to $100,000
• Fees: None
• Discounts: Autopay
• Eligibility: Available in all states except RI and VT
• Min. income: Does not disclose
• Customer service: Phone, email
• Soft credit check: No
• Min. credit score: 660
• Time to get funds: As soon as the same business day
• Loan uses: Credit card refinancing, debt consolidation, home improvement, and other purposes

LightStream personal loans review

LightStream disclosure

Marcus

Marcus personal loans come with absolutely no fees — no origination fees, prepayment penalties, or even late fees. And if you make your payments on time and in full for a year, you have the option of skipping a payment with no interest accruing.

• Rates: 6.99% – 19.99% APR¹
• Loan terms (years): 3, 4, 5, 6, 7
• Loan amount: $3,500 to $40,000²
• Fees: None
• Discounts: None
• Eligibility: Available in all states except MD
• Min. income: $30,000
• Customer service: Phone
• Soft credit check: Yes
• Min. credit score: 680
• Time to get funds: Many Marcus customers receive funds in as little as five days
• Loan uses: Credit card refinancing, debt consolidation, home improvement, and other purposes

Marcus personal loans review

¹Rate reduction available for AutoPay.

²You may be required to have some of your funds sent directly to pay off outstanding unsecured debt.

³After making 12 or more consecutive monthly payments, you can defer one payment as long as you have made all your prior payments in full and on time. Marcus will waive any interest incurred during the deferral and extend your loan by one month (you will pay interest during this extra month). Your payments resume as usual after your deferral. Advance notice is required. See loan agreement for details.

PenFed

If you only need to borrow a small amount, PenFed could be a good choice. With PenFed, you could get anywhere from a $600 up to $20,000 personal loan with loan terms from one to five years.

• Rates: 6.49% – 17.99% APR
• Loan terms (years): 3, 4, 5
• Loan amount: $600 to $20,000 (depending on loan term)
• Fees: None
• Discounts: None
• Eligibility: Does not disclose
• Min. income: Does not disclose
• Customer service: Phone, email
• Soft credit check: No
• Min. credit score: 650
• Time to get funds: 2 to 4 business days after verification
• Loan uses: Debt consolidation, home improvement, transportation, medical, dental, life events

PenFed personal loans review

Prosper

Prosper is a lending marketplace where loans are funded by individual investors. Prosper loans come with three- or five-year terms and are available for up to $40,000.

• Rates: 6.95% – 35.99% APR
• Loan terms (years): 3, 5
• Loan amount: $2,000 to $40,000
• Fees: Origination fee
• Discounts: None
• Eligibility: Available in all states except IA, ND, WV
• Min. income: None
• Customer service: Phone, email
• Soft credit check: Yes
• Min. credit score: 640
• Time to get funds: On average, within 5 days of accepting your offer
• Loan uses: Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes

Prosper personal loans review

SoFi

SoFi offers $5,000 up to $100,000 personal loans that come with no origination fees, closing costs, or prepayment penalties. SoFi also offers unemployment protection, free financial planning sessions, and career coaching.

• Rates: 5.99% – 18.83% APR
• Loan terms (years): 2, 3, 4, 5, 6, 7
• Loan amount: $5,000 to $100,000
• Fees: None
• Discounts: Autopay
• Eligibility: Available in all states except MS
• Min. income: Does not disclose
• Customer service: Phone, email
• Soft credit check: Yes
• Min. credit score: Does not disclose
• Time to get funds: 3 business days
• Loan uses: Solely for personal, family, or household uses

SoFi personal loans review

Upgrade

An Upgrade personal loan could be a good choice if you’re building credit or looking for fast loan approval. Upgrade offers loans up to $35,000.

• Rates: 7.99% – 35.97% APR
• Loan terms (years): 3, 5
• Loan amount: $1,000 to $35,000 ($3,005 minimum in GA; $6,005 minimum in MA)
• Fees: Origination fee
• Discounts: Autopay
• Eligibility: Available in all states except DC, IA, WV
• Min. income: Does not disclose
• Customer service: Email
• Soft credit check: Yes
• Min. credit score: 580
• Time to get funds: Within a day of clearing necessary verifications
• Loan uses: Debt consolidation, credit card refinancing, home improvement, and other purposes

Upgrade personal loans review

Upstart

With Upstart, you could get a $1,000 up to a $50,000 personal loan. In addition to your credit, Upstart looks at over 1,000 non-traditional credit indicators to help get you approved for a personal loan — which means those with less-than-stellar credit might still qualify for a loan.

• Rates: 8.13% – 35.99% APR⁴
• Loan terms (years): 3 to 5 years⁴
• Loan amount: $1,000 to $50,000⁵
• Fees: Origination fee
• Discounts: None
• Eligibility: Available in all states except IA and WV
• Min. income: $12,000
• Customer service: Phone, email
• Soft credit check: Yes
• Min. credit score: 600
  
  (in most states)
• Time to get funds: As soon as 1 – 3 business days⁶
• Loan uses: Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposes

Upstart personal loans review

⁴The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 15% and 36 monthly payments of $33 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.

⁵This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Duplicate offers received are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the www.upstart.com website.

⁶If you accept your loan by 5pm EST (not including weekends or holidays), loan funds will be sent to your designated bank account on the next business day, provided that such funds are not being used to directly pay off credit cards. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.

See: What You Can Use a Personal Loan For

How to calculate the total cost of your swimming pool loan

How much you’ll need to borrow to cover your swimming pool will depend on the type of pool you choose.

Here are some common price points to consider before estimating the overall cost of a swimming pool loan:

• Above-ground swimming pool: $1,500 to $16,000 on average
• In-ground swimming pool: $3,000 to $100,000

Before you borrow, estimate how much you’ll pay for a swimming pool loan using our personal loan calculator below:

Check Out: How to Get a Personal Loan

HELOCs vs. personal loans for pools

In some cases, a Home Equity Line of Credit (HELOC) might be a good choice to pay for pool installation. Here are some pros and cons of both HELOCs and personal loans to help you decide:

Learn More: How to Decide Between a Personal Loan and a Personal Line of Credit

Things you should know before building a pool

On top of paying for a pool, there are a few points to keep in mind before you take the plunge. Here’s what to consider first:

Pools won’t necessarily boost your home value

Unlike a bathroom addition or kitchen remodel, adding a new pool won’t necessarily add value to your home. If you move, you’ll be leaving it behind and likely won’t recoup the full cost — if any.

Also keep in mind that if you sell your home, buyers might not be thrilled with the added costs and safety risks that come with a home swimming pool.

The typical pool builder will recoup about $20,000 to $32,000 in value compared to an average $50,000 expense, according to HGTV.

In addition to paying for the pool, there may be additional monthly costs

Pool costs don’t stop after building and filling it up for the first time. There are a handful of common, ongoing costs related to owning a pool. The cost is around $3,000 to $5,000 per year, according to HomeAdvisor. These costs include:

• Heating-related electricity costs
• Pool chemicals
• Cleaning services
• Ongoing maintenance
• Winterizing
• Filling and adding water
• Additional home insurance costs

Learn More: Where to Get a $10,000 Personal Loan

Some pool dealers may offer their own financing — but you should compare your options

Some pool-building companies offer their own financing. However, it’s a good idea to compare this with other loan options you might qualify for since you might get a much lower interest rate with another lender.

If the pool dealer offers a better deal, it might be a good choice. Just remember that you’re under no obligation to finance through your pool company, especially if you can get better terms elsewhere.

If you decide to take out a personal loan to pay for your swimming pool, be sure to consider as many lenders as possible to find the right loan for you. Credible makes this easy — you can compare your rates from multiple lenders in two minutes.

Keep Reading: Where to Get a Personal Loan

About the author

Eric Rosenberg

Eric Rosenberg is a Credible expert on personal finance. His work has been featured at Business Insider, Investopedia, The Balance, The Huffington Post, MSN Money, Yahoo Finance, Mint.com and more.

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