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In addition to their upfront cost, swimming pools require ongoing maintenance and care. Some packages include retaining walls, dirt removal and electrical hook-up, but not all swimming pool installations include these services. This means the price of a swimming pool project might be even higher than what your pool dealer originally quoted. A swimming pool loan lets you pay off a pool build over time.
Because installing a swimming pool is expensive, you may want to look into swimming pool loans. Your income and FICO credit score will be major factors in determining the interest rate and monthly payment of any loan you receive. According to the National Association of Realtors, adding a pool to your home might increase its value by seven percent. Other types of credit can be used to finance a pool installation, but these alternatives are often more costly than a pool loan.
To qualify for a loan, you must be a member of Alliant Credit Union. Anyone can join as long as you make a donation to its partner charity, Foster Care to Success. While a cash-out refinance can give you access to a large amount of money in the form of a lump sum, there are some drawbacks to keep in mind. A cash-out refinance is a form of a home loan, so you have to go through a full mortgage approval process that can take weeks or even months. When it comes to cash-out refinance loans, Alliant edged out the competition with its low interest rates and its simple online application.
You can apply for a loan quickly and easily, helping you get the money you need for your new swimming pool. SoFi is primarily known for its student loans and student loan refinancing products, but it also offers unsecured personal loans and home loans.
Its interest rates range from 4. A key benefit is its unemployment protection program. If you lose your job, SoFi will temporarily postpone your loan payments for three months at a time for up to a maximum of 12 months over the life of your loan. The lender will even help you find another job with its career advisory group.
SoFi's maximum loan term of seven years is shorter than some other personal loan lenders. This will result in a higher monthly payment than if you took out a loan from a lender that offers year or year terms. It may be a few days before you receive the money you need for your pool. It gives borrowers added peace of mind and stands out from other lenders. If you have less-than-stellar credit, qualifying for a personal loan can be challenging. LendingClub is our top choice for borrowers with bad credit since you can add a cosigner to your loan application to increase your chances of qualifying for a loan.
With LendingClub you possibly can qualify for a loan even if your credit score is slightly low because you can add a cosigner to your personal loan application. This increases your chances of qualifying for a loan and securing a competitive interest rate.
Besides personal loans, LendingClub also offers small business loans, medical financing, and auto loans. However, its maximum loan term is just five years, so make sure you have a plan for repaying the loan on time.
LendingClub does charge origination fees. Interest rates range from 7. If approved, it can take three days or more before your loan is disbursed. If you have bad credit, LendingClub is the best personal loan lender because of the ability to add a cosigner to your application. It makes it possible for people with less-than-perfect credit to get the money they need for home improvements. When it comes to financing a new pool, there are four main types of loans:.
Whether a pool is worth the expense is dependent on a number of factors, including your location, the size and type of pool you install, annual maintenance costs, and how much you plan on using the pool. However, they are not as long-lasting as in-ground pools and can damage your lawn.
We chose the top pool loan lenders after reviewing 15 different financing companies. We evaluated each lender on its available loan amounts, interest rates, repayment terms, funding speed, and credit requirements. Companies with lower loan limits were eliminated from the list.
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In addition to being a contributing writer at Forbes, she writes for other leading online home improvement, DIY, and garden media outlets and online retailers. Through her DIY expertise, she provides homeowners the tools and resources they need to manage their homes better.
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Debbie Wolfe, Lexie Pelchen. Contributor, Editor. Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations. Find a Contractor. Was this article helpful? Share your feedback. Send feedback to the editorial team. Rate this Article. Thank You for your feedback! Something went wrong. Please try again later. Our Guides. More from. By Christin Perry Contributor.
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