(MONEY Magazine) – In addition to tools, hardware and raw materials, Home Depot is stocking its shelves with another convenience: an instant loan. But the best way to use this product is a bit tricky.

Home Depot's new home improvement loan is essentially an unsecured store loan of up to $30,000. But the fixed interest rate of 10.99% to 14.99% (depending on your credit) is higher than the 10.05% you'd pay for the average home-equity loan. Plus, the interest isn't tax deductible. Now for the trick: If you find the convenience of this loan appealing, take advantage of the option to flip it into a deductible home-equity loan for free.

Alternatively, consider another new quick-closing home loan: Countrywide's Stated Value Home Equity Line of Credit (800-262-4209). You can open a $30,000 tax-deductible credit line in a few days instead of a few weeks. But the variable rate, now 12% to 13%, is higher than the 10.35% average home-equity-line rate.

--JUDY FELDMAN