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- What is an unsecured, swimming pool loan?
Unlike an unsecured, personal loan that can be used for any purpose (like our LightStream loan), swimming pool loans are designed specifically for financing in-ground swimming pools. These loans do not require property as loan collateral. Instead, the lenders look at a borrower’s ability to pay (income and debt) and creditworthiness (credit scores).
- Do I have to pay any fees for my loan?
The fee structure for a swimming pool loan varies depending on the loan that is selected. Some of the available swimming pool loans are free; others have a small consulting fee. Your Viking Capital representative can give you the fee amount for your selected loan. You are encouraged to ask for and consider all fees in addition to loan terms, rates and payoff penalties when evaluating your loan options.
- Is an unsecured, swimming pool loan right for me?
In the industry today, unsecured swimming pool loans typically provide the best option for borrowers who are seeking low monthly payments and may not have sufficient equity to borrower against their home. Viking Capital’s lending partners offer an array of unsecured loans nationwide. Viking Capital also offers secured loans in Texas. You are advised to research and consider all options before choosing the loan that’s best for you.
- Am I restricted on how much I can borrower?
Just like loan rates and terms, loan amounts will vary and are typically dependent on a borrower’s financial profile and creditworthiness. Most loans have a maximum loan amount. Your Viking Capital representative will advise you on your options.
- I’m not sure how much my pool will cost, should I still apply?
Yes. We can start the loan process even if you are unsure of your project cost. You can estimate the cost or provide us the amount you have budgeted for the pool and we will inform you of your loan options.
- I haven’t chosen a pool builder yet, should I still apply?
In some cases, yes. We can start the loan process even if you haven’t selected a pool builder for the shorter term loans and also the 10 year loan. For the 5-7 year loans, no contractor approval is ever required. For the 10 year option the loan cannot be funded until you have a signed contract with an approved contractor (one who has been screened and approved by our lending partners). For the 12 year loan we cannot get you an approval unless we run the application through an already approved builder. We work with many contractors nationwide who have been approved.
- How long does it take to get approved?
Typically, applications submitted online are reviewed in one business day – usually the same day! A Viking Capital representative will contact you to discuss your options and notify you of the approval decision.
- How are the funds dispersed?
Viking Capital offers an array of loans from different lenders. Each loan program has different terms. However, most loans are funded either as disbursements directly to the pool builder with borrower authorization as pre-determined milestones agreed to in the pool contract.
- Are there prepayment penalties?
Loan terms may vary. The current portfolio of loans we offer do not charge a fee if a loan is paid off early. All over-payments are applied directly to the principal of the loan. You can call the lender at any time for a full payoff amount.
- Is Viking Capital a Lender?
Not with regards to unsecured loan programs. With these loans, we act in the capacity of a consultant. We help you find the best loan available for your needs and qualifications and guide you and your pool builder through the loan process.
In Texas, we are a licensed mortgage broker.