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Home Depot Project Loan review

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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.

$55,000

Max. Loan Amount

7.24% to 19.96%

APR

600

Min. Credit Score

Details

Product NameHome Depot Project Loans
Min. Loan Amount$2,500
Max. Loan Amount$55,000
APR7.24% to 19.96%
Interest Rate TypeVariable
Min. Credit Score600
Loan Term5.5 to 9.5 years

Expert review

Anna Serio

Review by


Anna Serio is a trusted loans expert 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.

Expert review

Home Depot Project Loans are best for committed customers of Home Depot who 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 5.5 and 9.5 years 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 serviced purchased through the retailer.

To get the most out of your financing, compare more personal loans.

How much will this loan cost me?

Home Depot has four set loan terms and APR tiers for its borrowers:

APRLoan term
7.42%5.5 years
12.86%6.5 years
16.24%7.5 years
19.96%9.5 years

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.

How it 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 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

  • Relatively competitive rates of 7.42% to 19.96%
  • Fair credit OK
  • Coapplicants accepted

Cons

  • Must be used at Home Depot
  • Set tiers offer less flexibility
  • Six-month spending period

See other personal loan options

Data indicated here is updated regularly
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
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7.35% to 35.99%
580 or 620 depending on state of residence
$50,000
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LendingTree Personal Loans
Starting from 3.99%
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Receive up to five loan offers in just minutes through LendingTree's simple online form.
SoFi personal loans
5.99% to 16.19%
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LightStream
Varies
Good to excellent credit
$100,000
Borrow up to $100,000 with low rates and no fees.
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Compare up to 4 providers

Are Home Depot Project Loans legit?

Yes, Home Depot Project Loans are legit and backed by a legit lender, GreenSky. It has a clear-cut privacy policy that outlines how your personal information is collected and used, and both the Home Depot Project Loans website and GreenSky’s website are encrypted to keep your data safe.

Does Home Depot get good customer reviews?

BBB accreditedYes
BBB ratingA+
BBB customer reviews4 out of 5 stars, based on 216 customer reviews
Customer reviews verified as of09 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 LoanHome Depot Consumer Credit Card
Maximum amount$55,000Varies
APR7.42%, 12.86%, 16.24% or 19.96%17.99%, 21.99%, 25.99%, or 26.99%
Terms5.5, 6.5, 7.5 or 9.5 yearsSix months on most purchases, up to two years during promotions
Best forLarge home improvement projects with flexible budgetsSmall or frequent purchases at Home Depot

How the Home Depot Consumer Credit Card works

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 LoanGreenSky home improvement loan
Maximum amount$55,000$50,000
APR7.42%, 12.86%, 16.24% or 19.96%Up to 26.99%
Terms5.5, 6.5, 7.5 or 9.5 yearsVaries
Best forPurchasing materials and services through Home DepotFinancing through a seller or contractor

How financing through GreenSky works

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.

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2 Comments

  1. Default Gravatar
    wanda
    August 14, 2019

    what is the date this card was activated
    what is the balance on this card

    • Avatarfinder Customer Care
      fayemanuel
      August 15, 2019

      Hi Wanda,

      Thanks for leaving a comment.

      You have actually reached Finder. A financial comparison website and general information service. To know the activation date and balance of your card, please contact your provider or login to your online account.

      Kind Regards,
      Faye

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