All Home Depot Project Home Loans are designed to last 84 months and are based on a project to improve customer’s primary residence. They must be applied for with the assistance of a home depot representative, so borrowers must go to the Home Depot to apply for the loan. There are several requirements that go with the loan, like spending it through a Home Depot line of credit process. Monthly payments are initially not represented in terms of interest rates or APRs, rather they are flat monthly payments based on the amount borrowed. The amounts of the loans range from $2,500.00 – $55,000.00.
Conditions for Achieving a Project Home Loan
Aside from a credit check and a project description, the loan only covers “qualifying purchases” made on The Home Depot or Expo Design Center Consumer Credit Card, The card carries an 17.99%-26.99% APR. Minimum service charge: $2. There is a 6 month window created for the purchase of products or installation services. There is no explanation of what constitutes a qualifying purchase. Home Depot makes money at all ends of the deal, for the sale of the products and services you buy, the interest rate you will pay if you don’t use the money to pay off the credit card purchase, the fees and service charges associated with applying for the loan and 7.99% APR on the total amount of the loan.
Other Options to Consider for Homeowners with Equity
If you are a homeowner and already have a mortgage, it might be much more viable to seek a home equity loan from your existing financial institution. They very well may offer you a more reasonable rate as well as the freedom to choose your own materials, your own material providers and service providers for any home project you are attempting to complete.