Before you start your next home improvement project, you should read this article in order to find out whether you should apply for a Home Depot loan.
The Main Things to Know
Home Depot offers project loans with a credit line of up to $55,000 at a set APR. The expenses made through Home Depot’s project loan must be done within six months after approval.
Basically, Home Depot’s project loan may be a credit line geared toward people that sponsor Home Depot and wish to finance home services and improvement projects.
With the project loan offering a hard and fast rate and a credit line between $1,000 and $55,000.
There are a lot of points to get acquainted with if you’re curious about applying for a Home Depot project loan:
- Co-applicant allowed. You should include one co-applicant if you wish to have someone else on your list.
- Four choices for a loan term. For the repayment term, you have four options: 66, 78, 90 or 114 monthly fees.
- No annual charge. An annual fee does not come with the project loan.
- No prequalification method. You can’t qualify for prequalification for a Home Depot project loan if you want to review the maximum cost before applying. And at the time of your filing, Home Depot direct lenders will take your credit records (even if it is in poor conditions) and credit ratings.
- Because of some similarities, you can compare Home Depot loan with other installment loans. For example, you can apply for money and get the desirable amount without credit check.
On the other hand, there is a fact, which claims that many lenders, who ho do pay attention to your credit score. Sometimes it’s really tough to obtain any sum with bad credit.
Usually, the preferable scores are above 650. Plus, there are some weighty disadvantages to be checked:
- Encouraging impulsive and wasteful wished sales.
- Strong interest rates if they are not completely charged by the due date.
- Annual expenses will become costly over the years on certain personal loans.
What are the Benefits?
A Home Depot project loan could be worth pursuing for a substantial sum at a reasonable fixed rate if you need to fund a home improvement project. If you are still preparing to buy all of your supplies and installation services from Home Depot, it may be an especially good choice.
But within the six-month window that Home Depot requires, you’ll need to make sure you can complete all your payments. Such detail illustrates its likeness to most of payday loans. Anyway, it’s easy to use quick payroll deductions).
How to apply for the Loan?
By entering the credit sum you would like, you will get started online. After that, if you have one, you will have some simple details for yourself and your co-applicant.
Using this app in the USA, you may also be required to provide additional identifying documents, such as a driver’s license, that supports the details you include in your request.