The Home Depot Project Loan Card is a virtual shopping card you can use to shop at any Home Depot location, online at homedepot.ca or with select Home Depot Home Services. To shop in-store, use the Project Loan Card barcode on your smartphone to pay for your purchase at checkout
What is a project loan at Home Depot?
Home Depot’s project loan is a credit line geared toward people who shop at Home Depot and want to finance home services and improvement projects. With the project loan offering a fixed interest rate and a credit line between $1,000 and $55,000, it may be a good alternative to the Home Depot® Consumer Credit Card.
What credit cards does Home Depot accept?
So, here is a list of all the Payment Methods Home Depot accepts:
- Credit cards powered by MasterCard, Visa, American Express, and Discover Cards.
- Debit cards powered by MasterCard, Visa, American Express, and Discover Cards.
- Banking Gift Card powered by MasterCard, Visa, American Express, and Discover Cards.
- Home Depot Consumer Credit Card Accounts.
- Home Depot Commercial Credit Card Accounts.
- Cash
- Cheque
How hard is it to get a Home Depot credit card?
To qualify for Home Depot’s credit cards, you’ll want to have at least a fair credit score that’s in the upper 600s. Note that this is not a hard and fast rule; your full credit history will be considered, so you may qualify with a lower-than-average score or you may be rejected with a higher score.
Does Home Depot offer financing?
Whether you’re shopping for a home renovation or just to spruce up your garden, you have a variety of options for financing your Home Depot purchase. The store itself offers its branded Home Depot Consumer Credit Card and Project Loan. But you can tap traditional payment options, like a zero-interest credit and personal loan.
Can you use Home Depot project loan card online?
A Project Loan can be used for any Home Depot in-store or online purchases and for Home Services.
What is a Home Depot project card?
The Home Depot Project Loan Card is for people planning an expensive project who want to finance some of the costs. It's a home improvement line of credit that comes with a fixed rate for a predetermined amount of time. Home Depot says it's perfect for large projects, like remodeling a room or replacing the roof.
What credit score is needed for a Home Depot project card?
640 or higherA credit score of 640 or higher is needed for a Home Depot® Credit Card; this means that you need to have a fair credit score to get it.
Can you pay off a Home Depot project loan early?
“With The Home Depot Project Loan we offer NO annual fee and you have the ability to pay off the loan at any time with no prepayment penalty.”
How do project loans work?
Project financing is a loan structure that relies primarily on the project's cash flow for repayment, with the project's assets, rights, and interests held as secondary collateral. Project finance is especially attractive to the private sector because companies can fund major projects off-balance sheet (OBS).
Can I use my Wells Fargo Home projects card at Home Depot?
If you have the Wells Fargo Home Projects Visa card, you will also be able to use anywhere Visa is accepted in addition to the eligible home improvement businesses.
What can Home Depot project loan be used for?
Home Depot Project Loan It functions like a line of credit, with a limit of up to $55,000, and it comes with a branded card that can only be used at Home Depot. If you are approved for a Project Loan, you'll have a six-month window to buy tools and materials at Home Depot, in store or online.
What is the highest credit limit on a Home Depot card?
$55,000Why Is This Card So Popular? What Does It Give Me? The Home Depot Project Loan gives cardholders an extremely large line of credit (up to $55,000), 6 months to make purchases, and up to 9.5 years to pay it all off.
Does Home Depot do a hard or soft credit check?
As with most store cards and most credit cards a hard credit inquiry is run in order to approve applicants for Home Depot credit services.
Can you extend Home Depot project loan?
Downsides of the Home Depot Loan While there are no penalties for making early payments, you aren't able to extend the repayment term beyond the 84 months.
Can paying something off early hurt credit?
In short, yes—paying off a personal loan early could temporarily have a negative impact on your credit scores. You might be thinking, “Isn't paying off debt a good thing?” And generally, it is. But credit reporting agencies look at several factors when determining your scores.
Is LoanDepot a good bank?
LoanDepot is accredited by the Better Business Bureau with an A+ rating. Based on more than 3,800 customer reviews on Trustpilot, the lender scores a 3.7 out of five stars.
What is The Home Depot project loan?
Home Depot's project loan is a credit line geared toward people who shop at Home Depot and want to finance home services and improvement projects. With the project loan offering a fixed interest rate and a credit line between $1,000 and $55,000, it may be a good alternative to the Home Depot® Consumer Credit Card.
How long do you have to be at Home Depot to get the success share?
90 daysThe plan is extremely broad based: All associates not in the company's Management Incentive Plan—and who have been employed at Home Depot for at least 90 days within a Success Sharing period and employed at the time the award is distributed—are eligible for the plan.
Can anyone get a Home Depot card?
In order to get the Home Depot® Credit Card, you will have to meet the credit score requirement, have a steady income, and be at least 18 years old. You'll also need to have a Social Security Number.
What are the benefits of being a Home Depot Pro member?
Get exclusive savings on the tools and products Pros use most, plus free shipping on Pro Special Buys. Receive new product updates, video demonstrations and exclusive discounts with The Home Depot Pro Alerts. When it's time to pay, choose the credit card and financing option that works best for you and your business.
Who is a Home Depot project loan good for?
It could be a particularly good option if you were already planning to purchase all of your materials and installation services from Home Depot.
How long can you buy a Home Depot project loan?
There’s a six-month purchase period. A downside of the Home Depot project loan is that you can only make purchases with it during the first six months. The first day begins on your approval date. With a credit card, you can continue to make purchases as long as you haven’t exceeded your credit limit.
How long do you have to buy at Home Depot?
But unlike a credit card where you can continuously make purchases, you only have six months from the time you’re approved for a project loan to make purchases — and only at Home Depot, either in a store or online.
Does Home Depot have an annual fee?
No annual fee — The project loan doesn’t come with an annual fee. No prequalification option — If you want to check your potential rate before applying, you can’t apply for prequalification for a Home Depot project loan. And Home Depot will pull your credit reports and credit scores at the time of your application.
Does Home Depot have a fixed interest rate?
If you’re approved, a Home Depot project loan may come with a fixed interest rate that’s significantly lower than the lowest rate offered by the Home Depot® Consumer Credit Card. And unlike a home equity loan or home equity line of credit, you won’t have to put up any collateral when you apply.
Is Lightstream a good loan?
LightStream personal loan: A LightStream personal loan could be a good fit if you’d like longer to repay your loan. Wells Fargo: If you bank with Wells Fargo, this lender may be a good option for large amounts since it has a secured personal loan that you can back with a savings account or CD.
Does Home Depot have a credit line?
Home Depot offers project loans with a credit line of up to $55,000 at a fixed APR. Customers will find that a Home Depot project loan is somewhat like a Home Depot credit card because this is a credit line. But there’s a big difference: Unlike a credit card, where a user has a continuous line of credit, purchases made through Home Depot’s project loan must be made within six months after approval.
Who does Home Depot loan?
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 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.
How many loan terms does Home Depot have?
Home Depot has four set loan terms and APR tiers for its borrowers:
Does Home Depot have a low APR?
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.
Does Home Depot ask for information?
Home Depot may ask for a few basic pieces of information when you apply:
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.
How long do you have to pay down a Home Depot project loan?
If you are approved for a Project Loan, you’ll have six months to buy tools and materials at Home Depot in store or online. Afterward, you’ll pay down your balance in fixed installments over 66 to 114 months. Different monthly payment schedules come with different terms.
How long is Home Depot return policy?
1 Year Hassle Free Returns† credited back to your Home Depot card. That's 4X longer for returns, just for being a cardmember. †Refer to The Home Depot Returns Policy for details.
How long does 0% APR last on credit cards?
Credit card companies commonly offer new cardholders an introductory 0% APR for a select period, usually 15 months or longer. During this time, you won’t be charged or pay interest on purchases you make. Once the introductory period ends, your outstanding balance will accrue interest based on the regular APR as normal. The typical APR across all new card offers ranges from 15.68% to 22.89%, according to LendingTree data.
What is the APR on a project loan?
The APR, which can be as low as 7.42%, can make this financing option cheaper than the Consumer Credit Card if you can’t benefit from the card’s six-month special financing offer.
What is home equity loan?
A home equity loan is a secured loan that taps the equity in your home and uses your home as collateral. This type of loan can pay for major expenses like a kitchen remodel. Generally, you can access up to 85% of the value of your home, also known as your loan-to-value ratio (LTV).
What is a personal loan?
Personal loans are fixed-rate installment loans that can be used for just about anything, including home improvement projects. They can be unsecured or secured, and offer borrowing limits as low as $1,000 and as high as $50,000 or more.
How long do you have to pay closing costs on a home equity loan?
After paying closing costs (usually 2% to 5% of the loan amount), you’re then responsible for repaying the principal and interest over a set period of time, usually five to 15 years. Because a home equity loan is backed by your home, you’ll benefit from low, fixed rates and can typically borrow higher amounts.
What happens if you don't pay off your Home Depot credit card?
With The Home Depot Consumer Credit Card, if you fail to completely pay off the balance at the six-month mark, you’ll be responsible for interest accruing from the day you made the purchase. That could end up being an expensive mistake.
How long does Home Depot return card last?
Frequent Home Depot shoppers might benefit from the fact that hassle-free returns are offered for one year with the card, which is four times longer than you'd normally get on Home Depot purchases.
Why should every purchase be on a credit card?
by Virginia C. McGuire, Paul Soucy. Credit cards are convenient and secure, they help build credit, they make budgeting easier, and they earn rewards. And no, you don't have to go into debt, and you don't have to pay interest. Explore Credit Cards.
Does Home Depot have rewards?
That’s because the store-branded card doesn't earn ongoing rewards and offers little in the way of perks. Even the most loyal Home Depot fan would probably be better off with a flat-rate cash-back or rewards card.
How long does a Home Depot credit card last?
If you’re a business owner, the best Home Depot credit card offer is 60 days of no interest on all purchases with the Home Depot Commercial Revolving Charge Card or the Commercial Account, which is basically a 2-month free loan.
Where to mail a check to Home Depot?
Box 9001010 / Louisville, KY 40290-1010. Make sure to send it early enough that it will arrive by the due date. Write your credit card number on the check, too.
Does Home Depot have a credit card?
The last type of Home Depot offer doesn’t come from a credit card. It’s Home Depot’s Project Loan, which offers up to $55,000 with a fixed APR and payoff period that depends on your creditworthiness. The deal gives you 6 months to make purchases for your project.
Does Home Depot have a zero interest credit card?
If you’re a business owner, the best Home Depot credit card offer is 60 days of no interest on all purchases with the Home Depot Commercial Revolving Charge Card or the Commercial Account, which is basically a 2-month free loan. You still have to make minimum monthly payments during the 60-day zero interest period, though. With either Home Depot Commercial card, you’ll also save $100 on your first qualifying purchase of $1,000 or more within 30 days of having the card. On top of that, you get a 1-year return period for your purchases.
How to order a project loan card from Home Depot?
To order a physical Project Loan Card, log in to your Home Depot Project Loan Portal and click Order a physical card. Important: If you order a physical Project Loan Card, you can no longer use the virtual version of your Project Loan Card on your smartphone.
What is a project loan from Home Depot?
A Project Loan from The Home Depot Canada gives you flexible financing solutions so you can start enjoying your dream home today.
How to shop in store with Project Loan Card?
To shop in-store, use the Project Loan Card barcode on your smartphone to pay for your purchase at checkout. To shop online at homedepot.ca and/or select Home Services, use your Project Loan card number, expiry date and CCV code at checkout. You can also order a physical Project Loan Card which is Chip and Pin enabled.
How much interest is charged on Home Depot project loan?
While you shop with your Project Loan Card, you’re charged interest-only monthly payments of 8.99% on your current purchase balance, which will be withdrawn from the associated chequing account. Once the 6-month Shopping Period ends, you must pay off your Project Loan balance in up to 60 equal monthly payments.** There are no other fees or charges associated with your Home Depot Project Loan Card.
How to end a Home Depot shopping period?
To end your shopping period early, call us at 1-866-207-3933. For instructions about how to make early or extra payments, log in to your Home Depot Project Loan dashboard.
Can you order a project loan card?
You can also order a physical Project Loan Card which is Chip and Pin enabled.
