If you’re interested in buying a swimming pool, but don’t have the funds to finance the purchase, one of the best options is to apply for a pool loan. Pool loans are unsecured, meaning that you won’t be required to put up collateral, and you can borrow anywhere from $1,000 to $100,000. The amount of the loan depends on how much you need to buy the pool, and you can usually pay it off over two to seven years. The interest rate varies, too. Borrowers with good credit may be eligible for lower rates, while those with poor credit may be denied.
Before applying for a pool loan, you need to make sure that you have a good credit score. While many lenders advertise that they can give you a loan in as little as one day, this is not always the case. While it is important to look at your credit score, it is more important to look at the customer reviews of the lender. While personal loans are easier to obtain than pool loans, you should still be aware that they are often more expensive. Make sure that you have a realistic budget for the loan and that you plan to repay it in a timely manner.
Another important factor to consider when applying for a pool loan is the interest rate. The interest rate for pool loans depends on how much you borrow. If you borrow too much, you may end up paying thousands of dollars in interest. If you have a good credit score, you should be able to get a pool loan with a low interest rate. If you have bad credit, however, you may have to pay high interest rates. However, the added benefit is that a pool loan can increase the value of your home, making it easier to sell it later.
SoFi is another lender to consider. They offer unsecured fixed-rate pool loans in all states except Mississippi. Founded in 2008, SoFi has made more than $50 billion in loans. The company accepts large loan amounts and offers prolonged loan terms. Its minimum credit score is 680 or higher. Their loans range from two to seven years, and repayment durations can be as long as seven. SoFi allows joint applications, but co-signers are not allowed.
Avant, for instance, has a smartphone application. LendingClub is another online marketplace with great educational tools for new borrowers. Overall, pool loans can last two to five years, depending on your financial situation and risk level. If you have good credit, you should apply for an unsecured loan to finance the project. Just be sure to shop around for the best rate and terms before signing the contract. While it’s possible to borrow money for the pool construction, it’s crucial to remember that you don’t want to spend more than your home can support.
Obtaining a swimming pool loan without a collateral may seem like a great option. A swimming pool loan is usually approved faster than other types of loans. It’s especially advantageous if you can’t qualify for other types of loans. However, it’s important to understand how to make payments on a pool loan so you can pay off the loan on time. It’s also important to know how much money you can afford to pay each month.