How to Get a Pool Loan: Private and Home Equity Options

If your standard of living is rising faster than your funds, you may want to look into joining a financing pool. Because pools are such desirable (if costly) additions to homes, a loan specifically for the purpose of purchasing one may help you realise your goal more quickly.

The good news is there is a broad range of options open to you when it comes to securing financial backing. Unfortunately, they all have their own costs, and you’ll have to familiarise yourself with each one’s inner workings before deciding which is best for you.

How Can I Determine the Type of Pool Loan I Need?

Unlike mortgages or car loans, the meaning of “pool loan” is not commonly agreed upon. The money to buy a pool might come from a variety of sources, including a personal loan, a family loan, or even just a personal guarantee from your in-laws.

Should We Borrow Money to Build a Pool?

The decision to purchase a home with a swimming pool is very personal. Aside from the principal amount of the loan, there are other costs to think about, just as there would be with any other luxury item or activity (a boat, a muscle car, a trip, etc.).

A swimming pool in the rear, for instance, might increase the value of a home depending on the surrounding area. It’s probable that a swimming pool won’t increase your home’s worth as much in Portland, Maine, or Oregon as it would in Tampa. Many potential purchasers may be put off by the addition of a pool because they don’t want to be responsible for the upkeep or the cost.

This means it’s important to think about how much time you’ll really be spending at home. Considerations like these are moot if you have no plans to sell the property soon. To plan how long you want to be paying off a loan, it is helpful to have some idea of when you expect to sell the property, for example within the next five years. Taking up a 15-year pool loan may not be the best idea if you know you’ll be moving within the next 10 years, for example.

Variety of Pool Loans

There are a wide variety of payment methods from which to choose when purchasing a pool. Some of the most common are as follows:

Getting a Loan for Yourself

A personal loan might be a good alternative for pool financing the purchase of a pool if you’re searching for a no-hassle loan that doesn’t require you to put up your home as collateral. These loans are often unsecured, meaning the lender cannot take any of your possessions as collateral in the case of default.


Getting approved for a personal loan is often faster than applying for other types of loans. Some lenders may even be able to transfer funds the very same business day. With a stellar credit history, you may be able to qualify for a personal loan with a lower interest rate than is available with other loan products. However, being approved for a personal loan may be more challenging if you have low credit, and even if you are approved, you may be subject to considerably higher interest rates. This is because your eligibility will depend on both your income and credit history.


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