Pole Barn Financing

Best personal loan lenders for pole barn financing

OneMain Financial

OneMain Financial

✔ Funding: Borrow $2,000 - $36,500
✔ Minimum Credit Score: no minimum requirement
✔ APR: 18.00 - 35.99%
✔ Loan term: 2 - 5 years
✔ Funding turnaround: 24 - 48 hours

With OneMain Financial, borrowers can obtain a personal loan of up to $20K without a minimum required credit score. Origination fees do apply and the lender offers bonus financial education tools and calculators.

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OneMain Financial offers personal loans to people who don't have perfect credit but are willing to pay a higher interest rate in exchange for a lower monthly payment.

• Financing can appear as soon as one business day
• Most loans amounts are under $20,000 - making it most suitable for smaller projects
• No minimum credit score
• Interest rates range from 18% to 35.99%

Prosper

Prosper

✔ Funding: Borrow $2,000 - $40,000
✔ Minimum Credit Score: 600
✔ APR: 7.95 - 35.99%
✔ Loan term: 3 - 5 years
✔ Funding turnaround: within 1 and 3 business days

With Prosper personal loans, borrowers can get funding within 1-3 business days. Best for individuals with credit scores between 630-719. No early prepayment penalties. Home equity loans available.

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Prosper offers some of the lowest minimum personal loan rates in the industry, making it an excellent choice for debt consolidation or home improvement projects.

• Can receive funds in as little as one business day
• Most loans are below $40,000
• Minimum credit score is 640
• Interest rates between 6.95% and 35.99%

LightStream

LightStream

✔ Funding: Borrow $5,000 - $100,000
✔ Minimum Credit Score: 660
✔ APR: 2.49% - 19.99%
✔ Loan term: 2 - 7 years
✔ Funding turnaround: as soon as same business day

LightStream offers up to $100k personal loans as soon as same business day without origination fees and easy to use mobile app.

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LightStream provides loans up to $100,000, which is higher than other personal loan providers - plus they offer lower interest rates!

• Same business day funding
• Interest rates ranging from 2.49% to 19.99%
• Minimum credit score is 660
• Loan amounts average between $5,000 to $100,000

What are pole barns?

Essentially, a pole barn is a building created with post-frame construction. Poles are fastened above ground or pushed into the ground. Unlike standard stud-wall dwellings, where the walls support the roof, the poles support the roofing.

What are pole barns used for?

Pole barns are post-frame structures that can be built in various ways. Some individuals and companies have a rustic country image, while others resemble more complex or traditional structures. Typical residential uses for pole barns include garages, guest homes, or simply additional spaces to your current residence. They've been converted into schools, churches, gymnasiums, and hockey rinks, among other things - so the possibilities are truly endless.

How much does a pole barn cost?

The average cost of constructing a pole barn is $25,000, with costs ranging from $15,000 to $30,000. The most important factors in determining prices are size and quality. Larger, more sophisticated systems can cost upwards of $100,000, while smaller kits start at $4,000. The overall price per square foot varies between $20 and $35.

What is pole barn financing?

Most of those who choose to build a pole barn will require some form of financing, but what does that mean? Just like you would finance a car or a house, you can also take out a loan to cover the upfront costs of building a pole barn. In the most simple terms, pole barn financing is just a method of spreading the cost of constructing a pole barn so that you can create a larger barn than you have the funds to construct.

How does pole barn financing work?

Pole barn financing, fortunately, operates in the same way as any other loan; all you have to do is select the best lender for your circumstances. Ask the building company you plan to work with to draw out the expenses, drawings, or quote for the build before you seek financing. This way, you'll be able to demonstrate to your lender how much the project will cost and how much money you'll need to borrow. Although all pole barn financing alternatives don't require it, it is a valuable document to have on hand, especially if you're building for commercial purposes.

Pole barn financing options

There are many different ways to finance your pole barn project. While each of them will help you cover the costs of building one of these structures, they each have their own properties. Take a look below to learn more about each one.

Personal Loans: A personal loan may be the ideal alternative if you have a good or excellent credit score. These loans are usually unsecured, meaning they lend to you based on your creditworthiness and can't take your home or other valuables if you don't pay them back.

You can also get a secured personal loan by pledging your assets as collateral. However, it is essential to note that your lender can seize and sell your property to recuperate its losses.

Paying Cash: Although paying in full for something is always the most cost-effective option, it does not always make sense. Some don’t have enough financial cushion to drop a large sum of money on constructing a pole barn. However, if possible, those paying in cash won’t have to worry about interest rates.

Credit Card: Using credit cards can be a good idea, but you must be cautious. You can divide the expense across several credit cards if you currently have a lot of credit available on them - this is especially beneficial with 0% interest cards. However, it is essential to point out that high-interest rates and shorter repayment terms can lead to unmanageable debt.

HELOC: You can use a home equity line of credit (HELOC) to fund your pole barn construction for flexible financing with lower interest rates. While this is a favorable option, one of the main drawbacks is that your home is used for collateral.