Home Depot offers home improvement loans called “Project Loans.” These loans can be anywhere from $2,500 to $55,000. For the first 6 months after taking out a Home Depot Project Loan, borrowers are required to make monthly interest-only payments at a 7.99% fixed APR. For the next 84 months after that, they must pay off both the principal balance and interest, which continues to accrue at a 7.99% APR. This APR is quite low, considering that personal loans from other issuers can charge up to 36%. Borrowers can also avoid some interest charges by paying off the balance early with no penalty.
There is no specific minimum credit score needed to get a Home Depot home improvement loan, according to representatives from Home Depot. They’ll also look at more than just your score, including your debt-to-income ratio, number of open accounts and more.
You can use a Home Depot Project Loan for whatever home improvements you need. Home Depot gives the examples of “kitchen and bath remodels, room additions or roof replacements.” But those certainly aren’t the only projects you can do.
Home Depot also offers a credit card that can only be used at its stores. However, it’s not really the most worthwhile home improvement credit card compared to other options on the market. And depending on the size of your project, credit cards may not offer high enough credit limits to accommodate it.
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