Credit Centre FAQ | Home Depot Canada

What is the Home Improvement Loan Account?
The Home Improvement Loan Account is a revolutionary home improvement loan offering customers generous unsecured credit lines to make their home improvement dreams a reality.

The first of its kind in the retail industry, the Home Improvement Loan offers customers a total solution for their home improvement projects by providing materials, design services, installation and financing under one roof.

How much credit can I secure with the Home Improvement Loan Account?
The Home Improvement Loan Account offers customers generous unsecured credit lines - it was designed specifically for customers with large home improvement projects.

What is the annual interest rate of the Home Improvement Loan Account?
The Home Improvement Loan Account offers a competitive fixed rate of 9.99% to 18.99%on credit lines and no prepayment penalties.

Is the Home Improvement Loan secured?
No, the Home Improvement Loan is not a secured loan.

How long is the payment period?
The Home Improvement Loan Account features a repayment period of 4 to 10 years.

Is there a prepayment penalty?
No, there are no prepayment penalties with the Home Improvement Loan Account.

Do I have to spend the full amount of the loan all at once?
The Home Improvement Loan was designed with flexibility in mind. Customers may charge purchases to their loan account in Home Depot stores for up to six months after the date of their first purchase. The Home Improvement Loan is only available for products and services at Home Depot stores.

Is there a minimum purchase required?
The minimum initial purchase is $1,000.

How long is the credit available?
Customers may charge purchases to their loan account in Home Depot stores for up to six months from the date of their first purchase.

How can I apply for the Home Depot Home Improvement Loan Account?
To apply, customers complete a brief application at their local Home Depot store and receive a decision within minutes. Once approved, customers can begin shopping immediately for the materials they need. Home Depot Sales Associates will assist customers with all aspects of the simple process and offer expert advice on selecting materials to begin their home improvement project. Once approved, customers will receive their Home Improvement Loan card in the mail within 7 to 10 days.

Home Depot Sales Associates will assist customers with all aspects of the simple process and offer expert advice on selecting materials to begin their home improvement project. Once approved, customers will receive their Home Improvement Loan card in the mail within 7 to 10 days.

How long is the application and approval process?
The application process is quick and convenient. It only takes 10 minutes from start to finish. Once approved, customers can begin shopping immediately for the materials they need.

Can I apply for more than one Home Improvement Loan Account?
Customers may have, if approved, concurrent active Home Improvement Loan Accounts.

How do I track spending?
Easy-to-read monthly statements are mailed directly to participants and a customer service department is available by phone.

What is the difference between the Home Improvement Loan and the Home Depot Consumer Credit Card?
The Home Improvement Loan was designed specifically for customers with large home improvement projects, and the Home Depot Consumer Credit Card is for everyday purchases.

When do my Home Improvement Loan payments begin?
Statements will arrive within the first month of your first purchase. Payments begin after the six month purchase period.

Who should I call for assistance if I have questions about my Home Improvement Loan Account?
Please call HIL Credit Services at 1-866-291-2369.

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