Gym equipment can be expensive, but it can also be a worthwhile investment if you plan to use it regularly to help improve your health. For those who can’t afford to purchase equipment outright, there are several financing options available, such as a personal loan, credit card, or “buy now, pay later” services.
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Financing options for gym equipment
If you’re financing your own personal home gym or just want to run on the treadmill, you have several options available.
Personal loans
Personal loans can be used for almost any purpose, including fitness equipment. You can get them from banks, credit unions, or an online lender. Most lenders offer amounts from $600 to over $100,000 and repayment terms between one and seven years. Personal loans tend to have lower interest rates than credit cards, with the average rate for a 24-month loan at 12.49% as of February 2024, according to the Federal Reserve.
If you have bad credit, you can still get a personal loan with a bad-credit lender, but you’ll most likely get a higher annual percentage rate (APR), which means more interest paid over the life of the loan, as the APR accounts for the interest rate plus any upfront fees.
Tip
Consider enlisting a cosigner with better credit to help land you a lower APR, but know that they will be responsible for making payments if you don’t. Not all lenders accept cosigners, so keep that in mind as you compare options.
Advertiser DisclosureOverview
Lightstream is one of three Credible partner lenders to offer loan amounts up to $100,000, which makes it ideal for financing large expenses like home improvements or weddings. Funds are available as soon as the same day you apply, and you'll have up to 12 years to repay certain types of loans, including home improvement loans, RV loans, and boat loans. There are no origination fees, and rates are low — Lightstream's lowest APR beats SoFi's advertised lowest APR by 1 percentage point. But you'll need good credit to qualify.
Unlike most lenders, Lightstream does not let you prequalify on its site. Nor does it provide a contact phone number next to its customer service hours on its website.
Repayment terms
2 - 12 years, depending on loan purpose
Eligibility
Available in all states except RI and VT
Time to get funds
As soon as the next business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
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Upstart has one of the lowest available APRs of Credible partner lenders and of all non-partners we reviewed, making it a good choice for well-qualified applicants. However, it's also is one of few lenders that doesn't have a minimum credit score requirement (if you apply on the lender's website), which makes it an option if you have bad credit or no credit history. Upstart may charge an origination fee as high as 12%, but good-credit borrowers may not be charged one at all.
Trustpilot gives Upstart 4.9 stars, which is the highest of all lenders we reviewed.
Time to get funds
As soon as 1 to 3 business days
Loan uses
Pay off credit cards, consolidate debt, relocate, make a large purchase, and other purposes
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Discover Personal Loans offers low APRs, repayment terms up to seven years, no origination fees, nationwide availability, and doesn't require your Social Security number to prequalify on its site. You'll need to have an annual income of at least $40,000, and a FICO score 660 or higher, to be eligible. If your credit score is fair or poor, you'll need to go elsewhere, as Discover doesn't allow cosigners.
Funds are available as soon as the next business day after loan approval.
Eligibility
Available in all 50 states
Time to get funds
Funds can be sent as soon as the next business day after acceptance
Loan uses
Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding
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Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers, and you don't need to input your Social Security number to prequalify on the website. Upgrade even offers secured personal loans, which is not common among lenders.
However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
Loan amount
$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)
Loan uses
Credit card refinancing, debt consolidation, home improvement, major purchase, other
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LendingClub is a solid lender for good credit borrowers and some fair credit borrowers that apply directly on its website. It's easy to prequalify with LendingClub, especially if you're uncomfortable providing your Social Security number, as the company doesn't require it at the prequalification stage. (You will need to provide it if you move forward with a full application.)
While prequalification is not a guarantee that you'll be approved for a loan, LendingClub does a better job than most other Credible partner lenders at approving applicants that have successfully prequalified. In other words, you're less likely to have your application declined once you apply (if you've already prequalified). LendingClub may charge an origination fee between 3% and 8%.
Eligibility
Available in all 50 states
Loan uses
Debt consolidation, paying off credit cards
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SoFi stands out for offering no-fee personal loans with competitive rates, high loan amounts, long loan terms, discounts for autopay and direct pay, and funding as soon as the same day. Plus, SoFi prioritizes convenience for existing and potential customers with features like live chat and an easy prequalification process that doesn't require your Social Security number.
The main catch is that you need to qualify for a loan with SoFi, which can be hard to do if you don't have good credit. You also won't be able to apply with a cosigner, since SoFi doesn't accept cosigners; nor does it offer secured personal loans.
Fees
Option to pay an origination fee (up to 6%) in exchange for a lower rate
Time to get funds
Typically within a few days, given approval and bank account verification, but sometimes within the same day
Loan uses
Solely for personal, family, or household uses
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Best Egg is a solid lender for a wide range of borrowers and, notably, scored second for personal loan satisfaction in J.D. Power's Consumer Lending Study. It offers competitive rates, reasonable loan terms and amounts, and personal loans for fair credit. You'll need a FICO score of at least 600 to qualify, but the lower your score, the higher your APR may be. The APR includes the interest rate and origination fees, which range from 0.99% to 8.99% with Best Egg.
Note that if you successfully prequalify with Best Egg, you may be more likely to be approved for the loan relative to other lenders you prequalify with. Based on Credible data, borrowers who chose to apply for a loan with Best Egg were more than twice as likely to be approved (relative to most other Credible partners).
Fees
Origination fee, late fee, unsuccessful payment fee, check processing fee
Eligibility
Available in all states except DC, IA, VT, and WV
Time to get funds
As soon as 1 to 3 business days after successful verification
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
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Avant personal loans are a good choice for borrowers with bad credit looking for small- to moderate-sized personal loans. Loans are available up to $35,000 and you could get the money as soon as the next business day after approval. Plus, Avant is more likely than some lenders to approve the applications of borrowers who've prequalified with Avant. However, the lender charges an origination fee up to 9.99%, and its top-range interest rates are among the highest of the lenders we reviewed.
Fees
Origination fee, late fee, dishonored payment fee
Eligibility
Available in all states except HI, IA, MA, ME, NY, VT, and WV
Time to get funds
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
Loan uses
Debt consolidation, emergency expense, life event, home improvement, and other purposes
Repayment terms
1 to 5 years (2 to 5 years through Credible)
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It’s worth considering a personal loan through Splash if you have good credit (ideally, a FICO score above 700). The platform offers loans from a wide range of lenders, and next-day funding is available. Plus, Splash has a live chat feature so you can get real-time answers without having to wait on hold or for an email. Loans are available up to $100,000 if you apply via Splash’s website.
Rates are competitive, but borrowers with excellent credit may find lower APRs elsewhere. If you need a repayment term longer than five years, you’ll need to look elsewhere as well.
Loan amount
$5,000 - $100,000 (up to $35,000 on Credible)
Eligibility
Available in all states except VT. OH and NM net disbursed amount must be greater than $5,000. MA must be greater than $6,000
Time to get funds
Same day available, typically 1-3 days
Loan uses
Debt consolidation, home improvement, medical expenses, major purchases
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Universal Credit is one of a handful of lenders that offers personal loans for bad credit. If your FICO credit score is at least 560, you may be eligible for a Universal Credit personal loan. It offers loan amounts up to $50,000, repayment terms up to seven years, and discounts for direct pay and autopay. Funds are available as soon as the next business day after loan approval.
Note that rates and fees can be relatively high — you may pay an origination fee from 5.25% to 9.99%, and APRs start at 11.69%. If you get a loan with a high interest rate, consider refinancing your personal loan at a lower rate once you've improved your credit score.
Eligibility
A U.S. citizen or permanent resident; not available in DC, IA, SC, WV
Time to get funds
As soon as 1 business day after acceptance
Loan uses
Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
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Happy Money has been in operation since 2009 (formerly known as Payoff). It's an option for fair-credit borrowers (plus those with better credit), and notably has a relatively low top-end APR. In other words, you could qualify for a lower rate with Happy Money with fair credit, relative to other lenders that offer fair-credit loans. The company does charge an origination fee on some loans, up to 5%, but that's not as high as some other lenders' origination fees.
You should be prepared to wait a few days to get your money, as funding can take three to five days once approved. And loans aren't available in Massachusetts or Nevada. Happy Money has an A+ rating with the BBB and is ideal for debt consolidation and credit card consolidation loans.
Eligibility
Available in all states except MA, MS, NV, and OH
Time to get funds
As soon as 2 - 5 business days after verification
Loan uses
Debt consolidation and credit card consolidation only
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BHG Money stands out for offering the largest loan amounts — up to $200,000 — of any Credible partner lenders. Simply put, if you need an unsecured personal loan over $100,000, there are very few places to look, but BHG is one. You'll have up to 10 years to repay the loan, but you'll need an annual income of at least $100,000 to qualify and a FICO score that's 660 or higher. However, if you have a cosigner that meets these requirements, BHG will consider your application.
Loan amounts start at $20,000, so look elsewhere for small loans. And BHG charges a modest origination fee between 2% and 4%, depending on your financial profile. Loan funds are available within three to 14 days of loan approval. Note that you can't prequalify with BHG.
Fees
Origination fees, late fees
Eligibility
Available in all states except Maryland and Illinois
Loan uses
Debt consolidation, baby (adoption), engagement ring financing, moving (relocation), business, home improvement, special occasion, cosmetic procedures, major purchase, taxes, credit card refinancing, medical expenses, vacation, wedding, other
Read full reviewFees
Origination Fee, $15 Late Fee, $25 NSF Fee
Eligibility
Available in all states except CO, CT, ME, NV, NH, TN, VT, WV, WY, and all U.S. Territories
Time to get funds
Funds typically deposited into your account in 1 business day13
Loan uses
Debt consolidation, credit card refinancing
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OneMain Financial has multiple options for bad-credit personal loans. There is no minimum credit score required (if you apply directly with OneMain), which means you could get a loan with bad credit (FICO below 580). Plus, cosigners are allowed — a cosigner is someone (ideally, with good credit) who promises to repay the loan if you can't, which can make it easier to qualify or lower your rate. And, secured personal loans are available. You secure a loan with collateral, which may also help you qualify or lower your rate.
Rates are higher than competitors and OneMain charges origination fees as either a flat fee up to $500, or a percentage from 1% to 10% (depending on your state of residence). Note that even if you prequalify for a personal loan with OneMain, getting approved isn't a given.
Fees
Origination fee, unsuccessful payment fee, late fee
Eligibility
Must have photo I.D. issued by U.S. federal, state or local government
Time to get funds
As soon as 1 to 2 days after acceptance
Loan use
All except business, and education
Read full reviewCredit cards
Depending on factors such as your credit limit, you could put your equipment purchase on an existing credit card and pay it off over time. While this can be one of the most convenient options, credit card APRs can be quite high compared to other types of loans. For example, the Federal Reserve data cited earlier puts the average interest rate on a credit card at 21.59%.
If you have very good credit, you may be able to qualify for a 0% introductory APR card — many offer periods that span from 12 to 18 months or longer. For example, Capital One offers a credit card with a 0% APR promotional period of 15 months, with a 19.99% to 29.99% variable rate after that ends. As long as you can pay it off during that time frame, you won’t have to worry about interest charges.
Important
Make sure to read the fine print to see when the promotional period ends, and what may happen if you fail to make on-time payments.
Personal Line of Credit
Similar to a credit card, a personal line of credit is a form of revolving credit that you can draw from as needed. Available from online lenders, some banks, and credit unions, you’ll usually need a credit score of 670 or higher to get the lowest APR. Lines of credit are typically unsecured, which means they don’t require collateral to secure the financing. Interest rates are variable, with loan amounts usually ranging up to $50,000.
When you open a line of credit, you can draw from the line up to your credit limit until the end of the draw period (unless it’s continuous). During the draw period, you’ll typically need to make monthly payments on any interest charges. Lines of credit don’t have grace periods like credit cards, so interest is immediately charged on new purchases.
Once the draw period ends, you can’t access your line of credit. You’ll enter the repayment period and make monthly payments on what you borrowed plus interest until you pay off the line of credit.
For example, Citizens Pay and Peloton offer a flexible line of credit for its exercise bikes with $0 down and 0% APR for 12 months. Further repayment terms of 24 to 43 months are available with APRs at 4.99%.
See More: Personal Loan vs. Personal Line of Credit: How to Choose
Buy now, pay later services
Buy now, pay later, or BNPL, is a type of finance option that offers you flexibility in paying for purchases over time, including gym equipment. Participating retailers offer this directly on their websites — you can look for them through BNPL websites.
For example, Affirm offers payment plans that range from 3 to 12 months (though shorter or longer terms may be available on certain purchases), with an option for interest-free plans if you pay every two weeks for six weeks. You can set up autopay to help ensure you make your payments, and so you can qualify for further loans from Affirm.
You typically won’t need to go through a hard credit check or pay any additional fees. However, if you want other payment options or miss a payment, then there may be other costs involved.
Pros and cons of financing gym equipment
Here are benefits and drawbacks to consider.
Pros
- Variety of options to choose from
- Quick source of funds when needed
- No or low down payments
- Some options offer less stringent credit requirements and no interest if paid off within a certain time frame.
Cons
- Interest costs can add up over time
- If the equipment is likely to lose value quickly or won’t be used regularly, it may not be worth the cost of borrowing
- Overall cost may be higher than purchasing equipment in full
How to apply for a personal loan for gym equipment
If you decide to finance your gym equipment with a personal loan, here are the steps to take.
- Compare lenders: You’ll want to research different lenders and compare different criteria important to you, such as loan amounts, eligibility requirements, and repayment terms, among other factors.
- Prequalify: With prequalification, the lender can give you an idea of the rate you may qualify for without any impact to your credit score. This can give you an idea of which lender may be best for you. Note that prequalification is not an offer of credit, however, and the final rate you receive may differ.
- Complete and submit the application: You may need to provide additional documentation, such as a W-2, pay stubs, and your Social Security number. The lender will also perform a hard credit inquiry when you formally apply, which will lower your score by a few points temporarily.
- Review and sign the loan agreement: Once you’ve been approved and you’ve reviewed your loan agreement, sign to accept the offer.
- Purchase your equipment: It can take up to the same or next business day to receive your funds. You can then purchase the gym equipment, and you’ll begin making payments toward the debt shortly after. Make sure to set up autopay with your lender, if possible, so there’s less chance you’ll miss a payment.
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Alternative gym equipment financing options
Here are some alternative options for financing gym equipment.
- Use home equity to finance: You can use the equity in your home as a type of financing to purchase your gym equipment. With a home equity loan or HELOC, your home is secured as collateral. But if you default, you could face foreclosure.
- Ask a family member or friend: If you have a family member or friend who is willing to lend you money for your gym equipment, it may be a better alternative to financing. This could especially be the case if your friend or family member will also benefit from the equipment. Make sure to cover expectations on repayment in writing — and stick to it — to preserve the relationship.
Financing gym equipment FAQ
Can you finance gym equipment?
Yes, it’s possible to finance gym equipment. Options include personal loans, lines of credit, credit cards, home-equity based financing, and buy now, pay later services.
What is the minimum credit score to finance gym equipment?
There isn’t a definitive credit score you need to have in order to finance gym equipment, but most lenders prefer a FICO score of 670 or higher. With a higher credit score, you may qualify for a lower APR on a personal loan, or a credit card with a 0% introductory APR. Many buy now, pay later services, on the other hand, don’t charge interest if you pay off the amount within a specified time frame, and tend to have more lenient credit requirements.
Should I take out a loan or lease for gym equipment?
Taking out a loan or leasing gym equipment should be a decision based on factors such as your financial situation and whether you want to own the equipment outright. If you finance, you will own it once the loan is paid off, whereas with a lease that is generally not the case.
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Meet the expert:
Sarah Li-Cain
Sarah Li-Cain is a personal finance journalist with work featured in major outlets such as Bankrate, CNBC Select, and NextAdvisor (in partnership with Time).