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.
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 anywhere?
The Home Depot Project Loan is more restrictive than a personal loan issued through a bank. It operates, in a sense, like a preloaded credit card, which can then be used to make purchases at Home Depot stores and their website. You cannot use the card at any other locations.
Can I pay off my 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.”
Can you pay contractors with Home Depot project loan?
The loan can be used for purchases at Home Depot stores or online at HomeDepot.com, and it offers competitive rates and terms. However, there are a few things to keep in mind before you apply. First, the loan can only be used for Home Depot purchases, so you cannot use it to pay contractors.
What company handles Home Depot credit cards?
CitiThe Home Depot Consumer Credit Card, issued by Citi, charges no interest for the first six months on purchases of $299 or more.
Does applying for Home Depot card affect credit score?
It's a quick, “soft” credit check that won't impact your credit score.
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.
What finance company does Home Depot use?
CitibankThe Home Depot Consumer Credit Card can only be used on purchases at Home Depot. The card is issued by Citibank and offers different financing options. If you plan on making a large purchase, this card provides financing options based on the price of the purchase.
Does Home Depot do financing on lawn mowers?
Simple Equipment Financing Financing a new commercial DEWALT lawn mower is easy and affordable with the Home Depot Project Loan.
Can you use green sky at Home Depot?
Home Depot offers financing through its flagship consumer and project credit cards with varying loan terms. Home Depot offers its financing services through GreenSky. Customers can apply for GreenSky home improvement loans separately as well.
What credit score do you need for a Lowes card?
640 or betterThe Lowe's Store Card credit score requirement is 640 or better. That means people with at least fair credit have a shot at getting approved for this card.
Can I pay my Home Depot credit card with another credit card?
The short answer is no. You can't pay a credit card with another credit card, except in the case of doing a balance transfer. Balance transfers are not eligible to earn rewards as you'll find listed in the fine print on any rewards credit card that allows balance transfers.
What bank does Lowes use for their credit card?
Synchrony BankCard Type. The Lowe's Advantage Card is a store credit card issued by Synchrony Bank. You can only use the card at Lowe's stores or online.
How can I pay my Home Depot bill early?
You need the cash now. But what if Home Depot comes back to you and says “Look little guy – we value you and we're happy to pay you earlier. Just find your invoice in our online portal and click the button that says 'pay earlier. ' It's as simple as that.” And it really is that simple.
What finance company does Home Depot use?
CitibankThe Home Depot Consumer Credit Card can only be used on purchases at Home Depot. The card is issued by Citibank and offers different financing options. If you plan on making a large purchase, this card provides financing options based on the price of the purchase.
Does Home Depot have after pay?
Home Depot does offer Afterpay as a payment option. This allows customers to make purchases now and pay for them later, making it easier to afford the items they need.
How do I pay Home Depot?
The easiest way you can make a Home Depot® Credit Card payment is either online, or over the phone at (866) 875-5488. Alternatively, you can pay your Home Depot® Credit Card bill through the mobile app, by mail, or at a branch. The issuer does allow cardholders to set up automatic payments, too.
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.
What is a Home Depot project loan?
The Home Depot Project Loan is for homeowners needing a bit of extra cash to cover the full scope of home renovations. Contractors can’t apply; it’s only for folks who are undertaking the project on their own homes.
How long does it take to pay off a Home Depot project loan?
But if you expect to take the full 84 months to pay it off, it may not make the best choice for your specific financial situation.
How long can you use Home Depot money?
Finally, you are only allowed to access the money within the first six months. After which, you’ll have to use your own funds to make any project purchases. You’ll have to ensure to plan accordingly to cover all project needs in this short timeframe. And don’t forget all these purchases can only be made at Home Depot.
Is Home Depot a good loan?
If you’ve already attempted to secure a loan through another avenue, the Home Depot Loan might make a good alternative, provided the terms and interest rate make sense for your situation. The credit is helpful for those who expect to have the financing to pay off the loan much faster than the full 84-month term.
Can you extend your mortgage payment?
While there are no penalties for making early payments, you aren’t able to extend the repayment term beyond the 84 months. If you aren’t able to wrap it up, there are penalties for going outside the original terms.
Is Home Depot loan more expensive?
When compared to other personal loans offered by banks, lenders and credit unions, which can also help cover the costs associated with renovations, the Home Depot loan is quite restrictive and comparatively more expensive .
How to contact Home Depot Project Loan?
The Home Depot Project loan is an excellent tool to allow customers: To allow the customers to make the purchase over a 6 month purchasing window To enjoy fixed monthly payments with the flexibility to pay off anytime To not pay a prepayment penalty, and To have access to a credit line up to $40,000 The Home Depot Project Loan is serviced by Home Depot Loan Services and can be reached directly by calling either: #963 or 877-476-3860 (associate and customer use)
What is a project loan at Home Depot?
The Home Depot Project Loan is a great way to put customers’ FIRST by offering the customer with another financing option to help them build their dreams and for The Home Depot to close sales and quotes. It is also an excellent way to help SOLVE customer’s financing needs. Customers will be able to turn their dream projects into reality through affordable, fixed monthly payments. As with everything we do, when selling Project Loan, put customers FIRST.
How to qualify customers for THD?
The best way to “Qualify Customers” is to understand what their financing needs are and how you can provide them with the best THD Financing Solution possible. Determine if the customer can pay the purchase off in the promotional period. If they can, then offer them THD credit. If they need longer time to pay off the purchase, offer the customer The Home Depot Project Loan.
How long is the project loan window?
Project Loan offers a 6 month purchasing window to make purchases while only making interest-only payments. The purchasing window begins once the loan has been approved. The credit limit is only available during the first 6 months of the loan. After 6 months, the purchasing window becomes inactive. If the customer spends less than their credit limit assigned at loan approval, the customer will only be responsible for the amount they spent during the 6 month purchasing window.
Where is the Project Loan available?
The Project Loan is only available to residents of the 50 continental U.S. stores. Stores in Puerto Rico, Guam, U.S.V.I., Canada, China and Mexico are excluded from Project Loan.
How much does a customer pay for every $1,000 spent on a project?
Rule of Thumb: For every $1,000 spent on their project, the customer will pay less than. $20/month
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.
