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Home Depot Loan/GreenSky

Established Member

Home Depot Loan/GreenSky

Hello All: 

 

As you may know I want to remodel my kitchen and bathroom and flooring in the beautiful home I brought about 3 months ago. I want to share my success with home depot. I recently applied for the store consumer card from citibank and recieved a $7,500.00 credit line.

 

I went to my local home depot and was aware that they give loans for projects with are though GreenSky Credit 

Project Loan Lines from 5,000 to 40,000

Quoted monthly payments assume an 84-month term at a 13.99% annual percentage rate. See store associate for details.

I sat down and he ran the credit for a 30,000 loan for 84 months with payments totaling $562.03 and to my knowlege I WAS APPROVED!!!!!!! 

Do you guys have the home depot loan ??? Now I am excited because now I can proably take a home equity out and put a inground pool 

 

 

 

9 REPLIES
Valued Contributor

Re: Home Depot Loan/GreenSky

Congratulations.     Also, check rates on the store card and any other credit cards you may have.  13.99% isn't bad, but you might have a lower rate somewhere else.

With the loan,  you pay $47,210 back (which, again, is not bad for a 7 year loan).  But if you have a lower-rate card, you can save some money putting some of the $30K on that.

Established Member

Re: Home Depot Loan/GreenSky

Thanks!!! and the only reason is that the loan is directly with HD and It was easy to recieve and im getting all applicanes, grantie, vanities, toilets and everything right in the store this week and It was approved within 10 minutes and i had to speak to them over the phone in the store 


bs6054 wrote:

Congratulations.     Also, check rates on the store card and any other credit cards you may have.  13.99% isn't bad, but you might have a lower rate somewhere else.

With the loan,  you pay $47,210 back (which, again, is not bad for a 7 year loan).  But if you have a lower-rate card, you can save some money putting some of the $30K on that.


 

Established Member

Re: Home Depot Loan/GreenSky

The loan is a 84 month term and 13.99 %

Frequent Contributor

Re: Home Depot Loan/GreenSky

OP, can share your FICO stats and tell us what CR they pulled.  Im looking to get a pool done in the future, and would like to get as much inside info on this kind of loan. I just became aware of HD loan program a couple of weeks ago, and haven't been able to find too much info on it.

 

 

Thanks

5/2009 EQ-504(FICO), TU98-567(FICO), EX- 503 (FAKO)
10/17/11 EQ-633, TU04-652, EX-681 All lender Pulls
10/17/11 TU98-678
12/21/2012 TU98-677 (39% Util)
01/21/2012 EQ - 661 (37% Util) SW Alert
Highlighted
Established Member

Re: Home Depot Loan/GreenSky

you can get the loan at home depot only can be used at home depot and i took a 30,000 loan for 560 for about 84 months and im trying to do my kitchen and 2 bathrooms with it. Try to apply in store loans are from 5,000 to 40,000 also they pulled equifax and 743 and my income is 125,000 


bigman023 wrote:

OP, can share your FICO stats and tell us what CR they pulled.  Im looking to get a pool done in the future, and would like to get as much inside info on this kind of loan. I just became aware of HD loan program a couple of weeks ago, and haven't been able to find too much info on it.

 

 

Thanks


 

New Visitor

Re: Home Depot Loan/GreenSky

743 is a good score and you have good income, did you try a bank for a home equity loan?  My bank's home equity loans are 4.25%.

 

Calculate the true cost of a loan

 

http://www.bankrate.com/calculators/managing-debt/annual-percentage-rate-calculator.aspx

 

At 13.99% for $30,000, 7 years (84 months) will cost you $17,210.91 in interest over 7 years, you'll pay $47,210.91 total!  Monthly payment of $562.03.

 

A 4.25% loan for $30,000 for the same time would cost you $4,736.14 in interest, or $34,736.14 total.  Monthly payment of $413.53

 

Moderator

Re: Home Depot Loan/GreenSky


bobkratchet wrote:

743 is a good score and you have good income, did you try a bank for a home equity loan?  My bank's home equity loans are 4.25%.

 

Calculate the true cost of a loan

 

http://www.bankrate.com/calculators/managing-debt/annual-percentage-rate-calculator.aspx

 

At 13.99% for $30,000, 7 years (84 months) will cost you $17,210.91 in interest over 7 years, you'll pay $47,210.91 total!  Monthly payment of $562.03.

 

A 4.25% loan for $30,000 for the same time would cost you $4,736.14 in interest, or $34,736.14 total.  Monthly payment of $413.53

 


Wowza, very nice information!

Contributor

Re: Home Depot Loan/GreenSky


MRomano442 wrote:

Hello All: 

 

As you may know I want to remodel my kitchen and bathroom and flooring in the beautiful home I brought about 3 months ago. I want to share my success with home depot. I recently applied for the store consumer card from citibank and recieved a $7,500.00 credit line.

 

I went to my local home depot and was aware that they give loans for projects with are though GreenSky Credit 

Project Loan Lines from 5,000 to 40,000

Quoted monthly payments assume an 84-month term at a 13.99% annual percentage rate. See store associate for details.

I sat down and he ran the credit for a 30,000 loan for 84 months with payments totaling $562.03 and to my knowlege I WAS APPROVED!!!!!!! 

Do you guys have the home depot loan ??? Now I am excited because now I can proably take a home equity out and put a inground pool 

 

 

 


I had the same loan just finished paying it. I took the max 40k and got everything for my home, it was a great deal. It is so funny i did the same exact thing and still took my equity out and did my whole yard with an inground pool 

Epic Contributor

Re: Home Depot Loan/GreenSky

Online it says "Fixed 7.99% APR*

with a 740 you got 13.99? that's not that great a deal.