GreenSky LLC is an Atlanta based company that provides technology support for merchants and banks that provide consumers with loans. These loans can be for an assortment of reasons that include healthcare, home improvement, and solar.
The financial technology company began its operations in 2006 and the loans it facilitates are from federally insured financial institutions. The popular GreenSky Credit Progam provided almost $5 billion in issued credit from the years 2012 to 2016.
GreenSky is not as well-known to the public as other fintech companies because it does not make use of its own capital to issue loans. Banks that partner with GreenSky provide the money for GreenSky credit programs and this credit can be accessed online or through the company’s mobile app. This credit can be used to make purchases or pay for services from more than 12,000 merchants and contractors that are part of the GreenSky network.
Advantage To Consumers
GreenSky Credit offers the consumer an alternative to using credit cards to fund large purchases and projects. GreenSky offers a variety of programs to consumers and some of these programs offer low, or no interest on credit for a fixed amount of time.
A major advantage that GreenSky enjoys is that it does not have to compete in any way with banks or other financial institutions. GreenSky is a technology company that partners with banks and provides them with another way to find loans to service through the use of technology.
Credit programs by GreenSky primarily provide credit to consumers interested in the healthcare industries, retail, or home improvement. The need for GreenSky Credit programs is obvious when it is considered that well over half the homeowners in the country will provide some type of improvement to their home over the next year. Home improvement loans from GreenSky are preferred over other borrowing options because credit from GreenSky can be attained quickly at more favorable rates.
Chief Executive Officer David Zalik was recognized in 2016 with an award from EY Entrepreneur honoring him as the year’s top entrepreneur in financial services.