If you’re considering buying your supplies or having work done by Home Depot, you may be thinking about taking out a Home Depot Project Loan. During these days when we are spending more time at home, you may be thinking about taking on new home improvement projects. These types of projects can include everything from a kitchen remodel to maybe installing a new deck. Maybe you just want to repaint the interior of your home. The types of home improvement projects can run the gamut. 

Home Depot Project Loans Details

APR7.99%
Min. Credit Score600
Maximum Loan Term84 Months
Min. Loan Amount$2,500
Max. Loan Amount$55,000

With these projects comes great expense. If you don’t have the money to pay for it all, there are many types of loans out there to help. But, if you’re considering buying your supplies or having work done by Home Depot, you may be thinking about taking out a Home Depot Project Loan. If you are, there are several things you should know before you make your decision.

You may be asking:

  • What is a Home Depot Project Loan?
  • How Do I Apply for a Project Loan?
  • What Can I Use a Project Loan for?
  • What are the Benefits of a Home Depot Project Loan?
  • What are the Disadvantages of a Home Depot Project Loan?
  • How can I Access my Home Depot Project Loan Login?
  • What is the Home Depot Project Loan Phone Number?

What is a Home Depot Project Loan?

A Home Depot Project Loan is specific to items purchased or money spent at Home Depot. It’s a type of loan that is more like in-store financing at Home Depot. It’s similar to a line of credit and a term loan. Once you are approved, you get a credit card that can have a limit between $2,500 and $55,000.

You have six months to use the loan to buy whatever you need at Home Depot. Once the six months are over, you start to repay the loan in fixed installments over a seven-year period. You can choose to pay the entire amount at once or pay more than the required monthly payment. There are no prepayment penalties. 

Unlike other loans, the Home Depot Project Loan must be used within six months after you are approved. It also must be used at Home Depot only.

How Do I Apply for a Project Loan?

Applying for a Home Depot Project Loan is easy. You can do it online or at your local Home Depot store. To be eligible, you must meet the following requirements:

  • Have a credit score of at least 600
  • Be over 18 years old, or over 19 in Alabama or Nebraska
  • Be a US citizen or permanent resident
  • Not live in Guam, Puerto Rico or the US Virgin Islands

It’s also important to know that Home Depot will also look at your debt-to-income ratio and personal finances. If you have a debt-to-income ratio over 43% you may have difficulty qualifying for a Home Depot Project Loan.

What Can I Use a Project Loan for?

You can use the Home Depot Project Loan for anything at Home Depot stores or online at homedepot.com. There are no category restrictions. If Home Depot sells it or provides the service, you can use the loan to pay for it.

When applying for a Home Depot Project Loan, you are allowed to have one co-applicant. Your credit scores and credit reports will be accessed when you apply. So, if you think you have a better chance of being approved with a co-applicant, you may want to try that route.

home depot project

What are the Benefits of a Home Depot Project Loan?

Some people like the Home Depot Project Loan because it comes with a fixed 7.99% APR for those who qualify. This can be significantly less than using a regular credit card to make home improvement purchases. The rate for the Project Loan is also usually much less than the lowest rate offered by Home Depot’s credit card.

With a Project Loan from Home Depot, no collateral is required as may be with certain bank loans or other types of loans. There is also no annual fee. 

Also, you don’t have to start making full repayments until six months after you’ve taken out the loan. The only payments you have to make while you spend are interest-only repayments.

Another thing to consider with the Project Loan is that you only need a personal credit score of at least 600 to be eligible. Many other lenders that offer loans for those with lower credit scores come with interest rates that are much higher than 7.99%.

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What are the Disadvantages of a Home Depot Project Loan?

While the Home Depot Project Loan may look appealing on paper, there are some disadvantages to consider. 

For starters, you are limited to Home Depot purchases. If you’re a frequent Home Depot shopper and don’t mind getting all of your supplies from here, then this will work for you. But, if you like to shop around, you’re going to have to pay for those other purchases with another form of credit.

Also, you only get six months to spend the amount of your loan. Although a home improvement project may be slated to last less than that amount of time, there are times when projects run behind schedule. If it goes beyond six months, you would have had to purchase all of your equipment before the six months is up.

Although you don’t have to start making payments until the six months are over, you could end up paying a lot of money in interest if you take the entire seven years to repay the loan. For example, if you receive the maximum loan amount of $55,000 and take seven years to repay it, it will end up costing you an additional $17,000 in interest. Ideally, you should be able to repay it before the seven years is up so that you avoid paying too much interest.

ProsCons
7.99% APR fixed rateLimited to Home Depot purchases
No collateral is requiredAmount borrowed must be used within six months
No annual feeAmount of interest paid over 7 year term may be a lot
Interest-only repayments for six months

How can I Access my Home Depot Project Loan Login?

You can log into your project loan account by going to www.thdloanonline.com

What is the Home Depot Project Loan Phone Number?

Contact the Home Depot Loan Program by calling 1-877-476-3860 from Monday – Saturday: 6 am – 1 am (ET) or Sunday: 8 am – 1 am (ET) or emailing service@thdloan.com

The Bottom Line on Home Depot Project Loans

If you’re a dedicated Home Depot shopper and plan to have your project completed within six months, this type of loan may be for you. Also, if you can repay it before the seven years are over, you can save a lot of money in interest, which may benefit you.

But, if you’re unsure how long your project will take and like to shop around, then this type of loan may not be best suited for you. If you know it will take you the full seven years to repay the loan or close to it, you may want to look for something else.  

The key is to find the loan that works best for your financial situation and your home improvement needs. If a personal loan is what you need you can compare the rates of some of the Top Personal Loan Lenders to find a loan that meets your needs.

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