Home Depot Project Loan Review with Pros and Cons

In order to help regular customers pay for a single major project around the house, The Home Depot provides The Home Depot Project Loan.

This isn’t a card for accumulating points or benefiting from special offers. Instead, it gives you a huge loan ceiling (up to $55,000) and a long repayment period (seven years) for house construction and remodelling projects.

If you’re planning on doing some shopping at The Home Depot but aren’t interested in financing a major project, a simple rewards credit card is a better option.

Explore this card’s benefits and drawbacks to see if it’s a good investment for your next home improvement.

Suggested Read: Green Arrow Loans: Everything You Need to Know!

Where Can I Use This Card?

Use of the Home Depot Project Loan is restricted to purchases made at The Home Depot retail locations and at www.HomeDepot.com (the company’s website).

Home Depot Project Loan Breakdown

This loan comes with more restrictions than a personal one from a bank. When used in Home Depot stores or on the company’s website, it works like a prepaid credit card. The card is only good for one purchase at a time.

The following is the bare minimum of information:

  • A six-month timeframe for purchasing
  • 84-month repayment plan with only interest
  • Amounts lent ranging from $2,501 to $55,000
  • The lowest possible interest rate is 7.99%
  • Purchases Only available at Home Depot
  • There are no recurring charges.

To put it another way: Home Depot’s personal loan is limited and costly when compared to other types of loans available from financial institutions such as banks and credit unions.

You’ll be restricted to buying products and services solely from Home Depot instead of other personal loans that let you spend the money any way you choose. Furthermore, the interest rates offered by other personal loan providers may be lower than those offered by Home Depot.


If you’ve been unsuccessful in obtaining a loan elsewhere, the Home Depot Loan may be a viable option if the conditions and interest rate are acceptable to you. Those who anticipate paying off the loan considerably faster than the 84-month period will benefit from the credit.

If you know, you’ll be doing all of your project shopping at Home Depot, this is a great resource for you. You don’t have to move money between accounts since the loan credit card gives you instant access to the cash you need.


A Home Depot Project Loan has obvious drawbacks. There is a high-interest rate and strict terms on its financial goods. If you borrow $55,000 and pay it back over the course of 84 months, you’ll owe roughly $17,000 in interest.

There are no penalties for paying off the loan early. However, the payback period cannot be extended past 84 months. There are consequences for going beyond the initial terms if you can’t wrap it up.

You may be able to get a better deal with another lender if you have a higher credit score. If you have fair to exceptional credit, you may qualify for reduced interest rates on credit cards and secured loans.

Finally, you may only use the money for the first six months after receiving it. After that, any project purchases will need you to use your own money. In order to complete the job on schedule, you’ll need to make sure you plan ahead of time for everything that could come up. Also, keep in mind that you may only make these purchases at Home Depot.

Considerations Before Getting Home Depot Project Loan

Higher funding alternatives may be available to renovation enthusiasts with better credit. For example, you may use a home equity loan to pay for renovations. While the APR of 7.99 per cent is reasonable, the total amount of interest over the course of a seven-year loan is substantial. Taking out a loan of $2,500 results in interest payments of $776, whereas a loan of $55,000 results in interest payments of $16,988 (not including the cost of interest-only payments for the first six months).

A promotional or introductory deal on a high-limit credit card might decrease or eliminate the interest rate on many projects. This lowers your overall borrowing costs, but you’ll have to pay it back during the promotional term, which is often two years long. In contrast to a credit card, the project loan does not include promotional offers or the ability to earn benefits on your purchase (such as cashback or points).

The six-month purchasing timeframe is another possible drawback. This credit line, in contrast to many others, disables purchases once the specified time period has elapsed. It also implies that if you want to do further house renovations, you would have to apply for more loans.

Support and Assistance With Home Depot Project Loans

Customers may plan payments and set up auto-pay options for Home Depot project loans using a customer portal. The customer care email for the loan programme is [email protected]. On weekdays from 6 a.m. to 1 a.m. Eastern Standard Time (EST), a toll-free customer support line is available at 1-877-476-3860; on weekends, it is open from 8 a.m. to 1 a.m. It’s possible to apply for the loan in person at a Home Depot or online with a Home Depot employee.

Is It Worth It to Take Out a Loan From Home Depot?

If you pay back the loan throughout the seven-year term stipulated by the lender, the Home Depot project loan will be expensive. Your overall interest payments will be reduced because of the lower APR if you pay off your loan early. Because of the low-interest rate, it’s an excellent choice for borrowers with good credit, but those with terrible credit should shop about for a personal loan. It’s possible that a six-month extended line of credit may be more beneficial than a conventional loan during the remodelling process when you have a high income or good credit. When remodelling your kitchen or adding a bedroom, you don’t have to estimate expenditures exactly upfront because you may make changes as you go.

The Verdict

This card might come in handy if you require a lot of credit to pay for a building job.

However, paying off that project over the entire 84 months and accruing the maximum amount of interest would cost you much more.

The sooner you pay down the whole debt, the better this offer will be for you.

If you have the money, paying off your complete project in one go will save you a lot of money.

The Home Depot Project Loan is a home renovation loan provided by The Home Depot to assist you in financing large-scale home improvement projects. It has a large credit limit and offers long-term financing, but if you’re going to spend a lot in interest, you could be better off without it.

Use a general rewards credit card to get a little cashback on your purchases if you prefer that option. While a lower credit line won’t allow you to fund your complete project, you will be able to use it to make certain expenditures. In certain cases, the introductory APR is 0% for an extended period of time.


Exactly how legitimate are Home Depot Project Loans

There is a legitimate lender backing the Home Depot Project Loans, and that is GreenSky. To keep your data safe, the Home Depot Project Loans and GreenSky websites employ encryption to safeguard your personal information.

What goes into setting the price?

As far as Home Depot’s low APR and short loan period are concerned — or how it decides on your maximum loan amount — there are no hard and fast rules in place. Most lenders, on the other hand, prioritise strong credit and a track record of on-time payments. It is more probable that you will qualify for the lowest monthly payment tier if your credit score is higher.

Your interest rates may also be affected by your debt-to-income ratio (DTI) and general financial status. If your debt-to-income ratio (DTI) is greater than 43 per cent, you may have trouble getting a loan from most lenders.

What am I missing to be considered?

Personal loans from Home Depot don’t have any eligibility conditions listed on their website. Applicants must have either acceptable credit or a good-to-excellent co-applicant score to be considered.

If you need a personal loan to get the process started, consider getting Loan Mart’s services here.

What specific details must I provide in order to be considered?

In order to process your application, Home Depot may need the following information from you:

  • Number assigned to each individual by the federal government
  • The year in which you were born
  • Yearly gross revenue
  • To finish the Home Depot Project Loan application, you’ll likely have to provide other information, such as your work history and a way to reach you.
Disclaimer: All the information published here are for informational and educational purposes only. Moreover, all these information are researched from official sources. However, we will not warranty the information to be accurate and completed. Do not share your bank details or personal details in the comment box. For more queries visit the official website.

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