Home Depot Project Loan Frequently Asked Questions
No impact to credit score
Application FAQ
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Prequalification is the first step of the Project Loan application process. Prequalification allows you to find out if you are eligible for Project Loan without impacting your credit score, although you will see an inquiry on your credit report.
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The first step of the application process, prequalification, will not affect your credit score. If you choose to complete step two of the application to get fully approved, a full credit check is required and your score may be impacted.
Shopping Period FAQ
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The Home Depot Project Loan Card is a virtual shopping card you can use to shop at any Home Depot location, online at homedepot.ca or with select Home Depot Home Services.
- 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.
Important: For security purposes, the barcode for your Project Loan Card will refresh every 24 hours or after every purchase.
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For Canadian Residents (excluding Quebec):
During the shopping period your APR is 0.00% and you are only required to make minimum payments of 0.4% of the closing balance on the monthly statement, which will be withdrawn from the associated chequing account.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 at 13.99% APR.* There are no other fees or charges associated with your Home Depot Project Loan Card.
For Quebec Residents:
During the shopping period your APR is 0.00% and you are only required to make minimum payments of 0.4% of the closing balance on the monthly statement, which will be withdrawn from the associated chequing account.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 at 13.99% APR.* There are no other fees or charges associated with your Home Depot Project Loan Card.
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You can use your Project Loan Card to purchase any product or service sold by Home Depot Canada in-stores, online at homedepot.ca or for select Home Services.
Note: You cannot purchase gift cards with your Project Loan Card.
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Yes. You can use your Project Loan Card for select Home Services at The Home Depot Canada. Not valid with Local Pros.
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You can start using your Project Loan Card as soon as your loan agreement is signed.
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The Shopping Period is six months long, which begins when your loan agreement is signed. After the Shopping Period ends, your monthly installment payments start, which will be automatically withdrawn from your associated chequing account.
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No. Co-applications are not supported at this time.
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Yes. If you finish shopping before the 6 month Shopping Period ends, you can start making monthly installment payments by calling Home Depot Project Loan at 1-866-207-3933 or accessing the Project Loan Portal.
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No. The Project Loan Card is a dedicated co-branded card exclusively to be used at The Home Depot Canada. You can use the card on any purchases in-stores, online and for select Home Services.
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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.
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If you lose your physical Home Depot Project Loan card, call Home Depot Project Loan at 1-866-207-3933.
Monthly Installments FAQ
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Monthly installment payments start six months from the signing of your loan agreement.
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The Home Depot Project Loan terms are as follows:
For Canadian Residents (excluding Quebec):
APR during 6-month Shopping Period: 0.00%. APR thereafter, 13.99% for 60 months*
Term: 60 months*
Amortization period: 60 months*
Shopping Period: Your APR is 0.00% and you are only required to make minimum payments of 0.4% of the closing balance on the monthly statement.
For Quebec Residents:
APR during 6-month Shopping Period: 0.00%. APR thereafter, 13.99% for 60 months*
Term: 60 months*
Amortization period: 60 months*
Shopping Period: Your APR is 0.00% and you are only required to make minimum payments of 0.4% of the closing balance on the monthly statement.
*Important: If your final purchase balance is less than $1,000, your term and amortization period will be 12 months.
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Yes. You can make early or extra payments, or pay off your balance in full without penalty. You can only make extra or early payments after your shopping period ends.
For instructions about how to make early or extra payments, log in to your Home Depot Project Loan dashboard.
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Any extra payments made will be applied to the principal, which will not impact the monthly withdrawal from your associated chequing account, however, the payment period is reduced accordingly.
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Before making early or extra payments, you must end your 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.
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A credit will be issued to your account in the amount of the return. Your monthly payment requirement will remain unchanged.
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You can apply for a second Project Loan for additional purchases you wish to make after the initial 6 month Shopping Period has ended.
| Loan Amount | Typical Monthly Payment at 13.99% APR† | Interest and Fees Payable Over the Life of the Loan | Total Obligation |
|---|---|---|---|
| $500 | $45 | $40 | $540 |
| $10,000 | $233 | $3,980 | $13,980 |
| $20,000 | $465 | $7,916 | $27,916 |
| $50,000 | $1,163 | $19,789 | $69,789 |
*On approved credit by FinanceIt Canada Inc. as agent for a third-party financial institution. Principal only payments of 0.4% required during the 6-month Shopping Period. The billing account period covered by each account statement will be approximately 28 to 31 days. No grace period applies. After the 6-month Shopping Period, the total amount outstanding by the borrower will convert to a term loan at a fixed credit rate/APR of 13.99% with fixed monthly payments divided over (i) a 60-month term where the minimum spend is over $1,000, or (ii) 12 months with a spend of $999.99 or less. No downpayment required and no credit charges apply. A loan of $50,000 incurs $19,789 in interest and credit charges over 60 months for a total obligation of $69,789. See store associate or homedepot.ca/projectloan for details.
† Project Loan Payment Examples are based on a credit rate/APR of 13.99% divided over a maximum 60-month term. No downpayment. All figures presented are examples provided for illustrative purposes only. Typical Monthly Loan Payment excludes any interest previously due during Shopping Period. Financing provided by FinanceIt Canada Inc. as agent for a third-party financial institution. See homedepot.ca/projectloan for details.
^Not valid in combination with any other offer or Local Pro.