I purchased a new house in the spring and began an extensive remodel. I went to Lowe's and received a $17,000.00 project loan at 6.99% for 84 months. I still needed additional materials for the job, so I went to Home Depot and applied for a project loan while in the store.
I was given the phone and spoke with the credit department, who approved the loan, and I was told the interest would be 16.99%. I felt that was outrageous (Lowe's was 6.99%), but I needed to continue the work on my home. When I received a statement from HD, I noticed in fine print that the interest rate was 23.99%, not the 16.99%.
I called the number on my statement and talked with a condescending "associate" and asked for his supervisor, who was equally arrogant (they probably deal with this all day long). The supervisor told me my credit profile determined the interest rate, that I had signed a contract, and that I would have to go to the store to look at it. I truly feel like I've been had, and of course I cannot speak to anyone higher up who is capable of helping, only the kids at the customer service call desk. Great way to treat a problem.
I will be filing a complaint with the Ky. Attorney General's office and the BBB, and I will warn others on the web about the unsavory practices of HD. My advice to everyone is to avoid this company and shop with Lowe's. They value and appreciate their customers.
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