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.
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%.