A pool loan is a loan taken out to pay for the installation of a pool at a residential or commercial property. Most consumers finance their pools via personal loans, home equity loans, or home equity lines of credit (HELOCs). A personal loan is considered unsecured, meaning the borrower is not required to put up any collateral to secure the loan. If the borrower fails to repay an unsecured loan, the lender will not be able to reclaim any of the borrower's assets. One example of a secured loan is a home equity loan or home equity line of credit (HELOC).
LightStream
Because they had the lowest interest rates and fees of any personal loan provider that we researched, we decided that LightStream was the company that offered the best overall terms for borrowers. One of the most well-liked companies offering personal loans on the current market is called LightStream. This loan is a subsidiary of the former SunTrust Bank, now known as Truist. Their loans are available with periods ranging from two to twelve years in length.
LightStream gives customers who make their payments automatically a 0.50% reduction in their interest rate, and there are no prepayment penalties. Borrowers from the state of Florida will be subject to an extra Documentary Stamp Tax, the cost of which is not considered when calculating the APR.
LightStream also promises to beat the prices offered by its competitors. It will reduce your interest rate by 0.10 percentage points if you are authorized for a loan at a lower interest rate by another lender. They also guarantee that if you are unhappy with their service, they will repay you $100 in exchange for filling out a questionnaire that details your experience.
SoFi
SoFi is a big online lender that began in 2011 as a student loan refinancing firm. Since then, the company has expanded its offerings to include investment goods, insurance, and loans. We chose SoFi as the top company for extra advantages because they provide many additional benefits and perks that are not provided by other lenders, such as personal loans with large limits and fixed and variable interest rates.
If you want to make automatic payments, SoFi will reduce your interest rate by 0.25% and will not charge you any late fees on personal loans. Additionally, they do not impose any fees for the loan's origination or prepayment. In addition, SoFi provides live customer service seven days a week and a mobile app compatible with Android and iOS devices, which can be used to submit an application for a personal loan. However, it is important to keep in mind that cosigning is not permitted for SoFi personal loans.
Borrowers who find themselves unemployed are eligible for SoFi's unique unemployment protection program, which provides several different choices for loan deferral. Deferment of loan payments is possible for intervals of three months and a total of twelve months. If you've been laid off, they will provide you with career counseling and resume editing services.
Upstart
An artificial intelligence-driven lending platform called Upstart is described on the company's website as having been "developed to expand access to affordable credit while decreasing the risk and costs of lending for its bank partners." Because it has a lower minimum credit score requirement than its rivals, Upstart is a better alternative for individuals with terrible credit. As a result, we chose it as the best option for those with poor credit. Upstart asserts that its "conventional models" have 27% fewer approvals than their own.
Loans are not offered via Upstart in any direct capacity. Instead, it forms partnerships with various institutions to link borrowers with the most appropriate financing. The company typically provides personal loans with terms of three and five years at interest rates that range anywhere from 5.60% to 35.99%, with the average APR for a three-year loan being 24%. According to the company's website, the disbursement of payments takes place 99% of the time within one business day. In addition, there is no penalty for early payments.
Discover
You can borrow money against the additional equity in your home in the form of a home equity loan and then spend that money on home improvements like installing a new pool. To be eligible, you need to have a loan-to-value ratio of more than 80%, which an official property assessment will establish. One further advantage of home equity loans is that the interest paid on the loan may be deducted from your taxable income, which is impossible with personal loans. Because the loan's home secures them, home equity loans for purchasing a pool sometimes have lower interest rates than unsecured personal loans.
