GreenSky Credit is a financial technology (FinTech) company that provides consumer financing for home improvement, healthcare, and retail purchases. The GreenSky website says purchases may be made with any home improvement contractor or retailer. For home improvement, purchases through GreenSky are commonly made for heating and air conditioning, roofing, remodeling, and pools and spas. For healthcare, it is hospital care, dental, vision, and even weight loss. For retail, financing is offered for in-store purchases, online purchases, and purchases at shows.
GreenSky Credit provides borrowers with a Direct Payment Card, which is much like a credit card. The card remains active for six months, during which the card holder can make purchases up to the credit limit on the card. The card actually links to an installment loan, with regular monthly payments to be made after purchase.
Wikipedia says that GreenSky Credit provides technology to allow merchants to offer financing to consumers for home improvement, solar, healthcare and other purposes. Wikipedia goes on to say that funding for GreenSky financing programs comes from federally-insured and chartered financial institutions. From 2012 to 2016, GreenSky programs led to over $5 billion in loans.
GreenSky Credit has more than 1,000 employees. Located in Atlanta, Georgia, the company has a current market value of $3.6 billion. GreenSky Credit stock is offered on the Nasdaq exchange, with a current value of $19.06 per share. The company’s initial public stock offering was completed in May, 2018.
The company reports that nearly 1.9 million consumers have borrowed money through GreenSky Credit for the various purposes offered.
- Remodel your home
- Add new air conditioning or heating
- Build a pool
- Pay for elective surgery
- Get needed dental work
- Make a new retail purchase
GreenSky is not a lender, per se, but more a facilitator of loans, enabling consumers to arrange financing to complete home repairs, get needed medical or dental work, or make an important retail purchase. GreenSky says that more than 13,000 companies offer their customers financing through GreenSky. GreenSky is without a doubt a growing force in FinTech, and it meets the needs of consumers and merchants.