Home Depot Project Loan Review-- and a MAJOR PRIVACY ISSUE

As you may know already, we did the Home Depot Project Loan to remodel our newly purchased condo. While it was a great start to be able to accomplish out remodel needs- since we were unable to combine it right into our mortgage, the end was not so great.

Pros:

*ability to remodel on our own

*price match guarantee-they were great at matching and even beating competitors most of the time

*flexible 6 months no payment or interest and can be paid in full before that date free of charge

*monthly statements in the mail during the 6 month period so we didn’t just forget we had the loan

*service was really great- we had to have our children with us most of the time we were shopping- the LOCAL workers were so kind and understanding

*did not qualify for as much as we hoped- we were disappointed but it helped us stick to a tight budge t

Cons:

*did not qualify for as much as we hoped

*If not paid off in the 6 month time period, there was an interest rate of 13.99% YIKES! No thanks!

*Can’t pay it in store

*Can’t pay it by debit or credit card- no perks earned - unless you cash advance it out to another bank then pay it by phone or online-which we needed to do because of the amount we had to pay. J BE SURE NOT TO WAIT UNTIL THE LAST DAY TO PAY… just in case you run into problems with the transaction, like we did. Luckily we were way ahead of schedule… NO WAY would we pay that interest.

*if you can’t pay it in full, you start accruing the interest and start making monthly payments…. Not fun. I guess some may consider this a pro… not us

*AND ANOTHER REAL KICKER... when we paid the loan in full by phone... our receipt for payment came via mail ON A POST CARD!

Now let me just restate that, ON A POSTCARD!!!

It read something to the affect of,  "Thank you for your payment of $5000 from your bank account provided for your Home Depot loan on this date(a specific date)."  All our personal info RIGHT THERE for ANYONE TO READ! 

Not that I don't trust my mail man(whom I really don't know) but he's not the only one that had access to this little POSTCARD that gave out so much personal information. And not only that, my bank statements come by mail too! Hello...I can just see some stranger saying, "Hi.. these people just paid $5000 on a revolving credit loan(which I ASSURE you is CLOSED now) maybe we should remodel our kitchen on their tab! And while we are at it, lets empty their savings because they must have some since they can easily pay off that $5000"   They would have been wrong about that last part but still!!! And you'd think that since we just paid them $5000 that they could afford a freakin envelope and a stamp for a receipt since they won't let us pay in stores!

I made sure to call and tell them what I thought about that!! Guess what, the person on the phone, their customer service, was surprised that they did it that way too.


So overall, I would dare say we will NEVER EVER use Home Depot Project Loan again!!!

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