Home Depot Project Loan review
In-store financing with low monthly payments but potentially high rates.The information about Home Depot Consumer Credit Card has been collected independently by Finder and and has not been reviewed or provided by the issuer.
- Best for small- to midsize home improvement projects.
- Pick something else if you want to shop outside of Home Depot.
Max. Loan Amount
7.24% to 19.96%
Min. Credit Score
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 950 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
Home Depot Project Loans are best for customers who are loyal to Home Depot and want relatively competitive fixed rates on their next home improvement loan. You’ll have six months to spend what you need to get your project rolling and have between 66 and 114 months to repay what you borrow.
But there isn’t much information available online, and you’ll need to work with someone at Home Depot — or call customer service — to start your application. If you want to buy outside of Home Depot, you’re also out of luck: Financing can only be used for products and services purchased through the retailer.
To get the most out of your financing or just buy from another company, compare more personal loans before signing up.
Are Home Depot Project Loans legit?
How much will this loan cost me?
Home Depot has four set loan terms and APR tiers for its borrowers:
You can borrow up to $55,000. But while your monthly repayment may only be $20 per $1,000 borrowed, a loan term of 9.5 years means you’ll wind up paying quite a bit in interest, especially if you borrow a large loan.
If you know how much you’ll need to borrow, use the calculator below to estimate your monthly payment.
Monthly repayments calculatorCalculate how much you could expect to pay each month
|Loan terms (in years)|
How pricing works
Home Depot doesn’t have any set guidelines when it comes to who will be offered its low APR and shortest loan term — or how it comes to a decision about your maximum loan amount. However, good credit and a solid repayment history are key for most lenders. The better your credit score, the more likely you are to qualify for the tier with the lowest monthly cost.
Factors like your debt-to-income (DTI) ratio and overall personal financial situation may also affect your rates. With most lenders, you may have a hard time qualifying if you have a DTI ratio over 43%.
What do I need to qualify?
Home Depot doesn’t list any eligibility requirements for its personal loans. To apply, you will need to have fair credit or a coapplicant with good to excellent credit.
What information do I need to apply?
Home Depot may ask for a few basic pieces of information when you apply:
- Social Security number
- Date of birth
- Gross annual income
You may also need to submit other details, like your employment history and how to contact you, to complete the Home Depot Project Loan application.
Pros and cons
Consider all of the benefits and drawbacks before signing up for a Home Depot Project Loan.
- Relatively competitive rates of 7.42% to 19.96%
- Fair credit OK
- Coapplicants accepted
- Must be used at Home Depot
- Set tiers offer less flexibility
- Six-month spending period
See other personal loan options
To finance purchases from other home improvement stores or contractors outside of Home Depot, compare even more lenders.
Home Depot customer reviews and complaints
|BBB customer reviews||4 out of 5 stars, based on 216 customer reviews|
|Customer reviews verified as of||09 June 2020|
The Home Depot Project Loan is serviced by GreenSky, which specializes in home improvement financing. GreenSky earns generally good reviews on its BBB page and compliments for its customer service team. But others complain of high rates above 20% — which isn’t a problem for Home Depot Project Loans — and problems with its payment processing system.
How do I apply?
To keep the application process quick, work with your Home Depot representative to get financing set up. You can apply online, but you’ll need to have Home Depot’s vendor number and the type of home improvement you’re planning on doing ready — and you may still need to reach out to customer service if you run into any issues when filling out your information.
What happens after I apply?
If your application is approved, Home Depot issues a Project Loan credit card that you can use for online and in-store purchases. You’ll have six months to buy what you need — up to your credit limit — and you’ll only pay interest on the amount you spend. Once the six-month period is up, your line of credit will convert into a fixed-rate term loan.
How do repayments work with the Home Depot Project Loan?
You can repay your loan online, by phone or by mail. Home Depot offers automatic monthly payments, but because of the long loan term, you may want to consider making extra payments each month to cut back on interest costs.
If you run into any issues or want a copy of your loan documents, reach out to Home Depot’s loan department.
Home Depot Project Loan vs. Home Depot Consumer Credit Card
Not sure if you should go for the Home Depot Project Loan or Home Depot Consumer Credit Card? Here’s how they compare:
|Home Depot Project Loan||Home Depot Consumer Credit Card|
|APR||7.42%, 12.86%, 16.24% or 19.96%||17.99%, 21.99%, 25.99%, or 26.99%|
|Terms||66, 78, 90 or 114 months||Six months on most purchases, up to 24 years during promotions|
|Best for …||Large home improvement projects with flexible budgets||Small or frequent purchases at Home Depot|
Home Depot Project Loan vs. GreenSky home improvement loan
The Home Depot Project Loan is backed by GreenSky, but how you can use your funds — and how much you pay — will vary.
|Home Depot Project Loan||GreenSky home improvement loan|
|APR||7.42%, 12.86%, 16.24% or 19.96%||Up to 26.99%|
|Terms||66, 78, 90 or 114 months||Varies|
|Best for …||Purchasing materials and services through Home Depot||Financing through a seller or contractor|
If you don’t want to stay exclusive to Home Depot, read our guide to home improvement loans find the right fit for your next project.