The ultimate do-it-yourself home improvement retailer, Home Depot, is offering something new at their stores: money to build your dream kitchen or bathroom or whatever strikes your fancy that costs over $3,000.
Founded in 1978, the Atlanta, Georgia based corporation has been voted America's Most Admired Specialty Retailer by Fortune magazine for six straight years. This convenient on-the-spot home improvement loan is the first of its kind and will be available in all 900+ stores in the fall of this year.
Here's what they offer in the 'plastic card' home improvement loan from Home Depot: a fixed rate APR on unsecured credit lines of up to $30,000, no prepayment penalty, fixed monthly payments for up to 10 years and a 6 month open period in which to spend your home improvement dollars.
The customer with good credit and sufficient income can get an approval in less than 10 minutes at the store and the credit line can be turned in to a home equity loan so that the interest will be tax-deductible. GE Capital in the lender behind the Home Depot loans.
Home Depot reported net sales for fiscal 1999 in the amount of $38.4 billion. The company employs 226,000 people and its stock is publicly traded on the New York Stock Exchange (HD).
