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GreenSky Review 2022

GreenSky provides technology to banks and merchants to provide loans to consumers for home improvement, solar energy, healthcare and other purposes. This online application is not as famous as other companies in the so-called fintech market, such as SoFi or LendingClub due to the fact that it does not issue loans using its own capital.


The company issues loans online or through the GreenSky mobile app. The list of merchants that this platform cooperates with counts more than 12,000: from retailers such as The Home Depot, Inc. to individual contractors. In recent years, the company has expanded and added wellness and medical services to its range of services and contractors.

In this review of GreenSky, we explored all the pitfalls of the company, figured out the application procedure and found out whether a credit score is important or not. You can read all the detailed information in this review below.

Pros and Cons of GreenSky

GreenSky is a platform that helps people out when they need to make repairs. She certainly has competitors with their benefits. But today, we will focus on the advantages and disadvantages of GreenSky. We have highlighted them in the list below. We invite you to familiarize yourself with them:



What is GreenSky?

GreenSky is a technology company that provides its customers with the opportunity to take out home renovation loans up to $65,000. The annual interest rate varies from 6.99% to 23.99% for a loan term of 36, 60 or 84 months. The company’s loans are financed by banks and offered to consumers through home improvement contractors and retailers through a dedicated financing platform from GreenSky.

Unlike other traditional loan platforms that top up your bank account with a certain amount of money, your loan balance will be loaded onto your GreenSky Direct payment card. Spending is limited to home improvement sellers, including contractors, large home improvement stores, and local hardware stores. For borrowers who take out a deferred interest loan and repay it during the promotional period, GreenSky is a quick and inexpensive alternative to other financing options.

How does GreenSky Work?

If you’re thinking about, say, renovating your kitchen and the contractor is offering direct deposit services, or your budget doesn’t fit, then you can use GreenSky’s financing services. First, you apply through the mobile app, then the seller or contractor sends a scanned photo of your driver’s license barcode to GreenSky, who, in the end, automatically completes the loan application. After that, you add information like your first and last name, social security number, and monthly income.

Once an application is submitted, GreenSky performs a rigorous credit check. The response to rejection or approval of your loan, as well as detailed information about the loan offer, come in short terms. If you accept the offer, GreenSky will send you loan documents via email and regular mail. The documents include a 16-digit “purchase voucher” that you use to pay your contractor through a terminal at the point of sale. You will also get a credit limit up to which they can spend. A list of possible home improvement spending options includes kitchen and bathroom renovations, HVAC installations, home automation, as well as window and pool installations.

Because of the deferred interest period, GreenSky can be very attractive to borrowers who can repay the money quickly. However, if you do not repay the loan within the zero-interest period, you will be responsible for all interest accrued on loan.

Features & Services of GreenSky

One of the distinguishing features of the GreenSky loan is its deferred interest rate option. Qualified borrowers can pay 0% per annum for 12 months. A rate of 6.99% to 23.99% per annum is then applied to their account when the loan funds are used to hire pre-verified professionals in your area for home improvement projects. This makes GreenSky a good option for those who want to limit their search for a contractor for products and services. For automatic comparison with the list of GreenSky Pro contractors, the user only needs to register and fill out a questionnaire.

If the client chooses another way of disposing of his future account, the annual rate will be from 6.99% to 23.99%. GreenSky Direct payment card funds are available for six months or until you reach your credit limit. But only strictly for purchases related to home improvement. However, GreenSky’s loan terms are not ideal if a client needs to finance home renovations urgently. This is due to the fact that it may take up to 10 days for a GreenSky Direct debit card to be delivered by mail. Borrowers also need at least 650 credit scores or higher for approval.

It is best not to apply if you do not meet these criteria. Since GreenSky will carefully investigate your application, your credit history will be reviewed. If you have applied and been approved, you can create a GreenSky account and use the company’s online portal to manage your account and make payments. In addition to the GreenSky online payment feature, you can also pay by check or phone.

The company also provides assistance with medical services. The GreenSky Patient Solutions Customized Program allows practitioners to receive reduced service fees, often while offering their patients lower interest rates and more affordable monthly payments. When a client chooses this service, the GreenSky team develops a bespoke financing solution to support the types of procedures the doctor provides, their fees, fixed costs, and other business requirements. The platform also develops an individual program that includes an installment loan, a revolving loan, or both, depending on the needs of the user. Patients may be approved for loans up to $25,000.

GreenSky Fees & Rates

You can borrow up to a maximum of $65,000 through GreenSky. This is good insurance when you are planning a major renovation, such as a new kitchen or basement or attic renovation. Sellers who partner with the company may offer a deferred interest rate, “no interest on full payment” or a reduced rate option.

There are two types of loans in GreenSky: with deferred interest rate and with reduced interest rate. In the first case, interest is accrued during a promotional period of three, six, 12, 18 or 24 months. If you pay off the entire balance before the end of the promotion period, you will not pay any interest. If you do not repay it, you will need to pay the interest accrued during the promotional period, plus the interest that accrues on balance thereafter, for 84 months. A loan with a reduced interest rate will suit you better if you need more time to repay the loan. In this case, you will be offered a loan with a lower annual interest rate and repayment of up to 25 years. Interest rates range from 0.99% to 24.99%.

In most cases, GreenSky personal loans are unsecured. This is less risky for borrowers than home equity loans and lines of credit, which can put your home at risk if you default. In particular, another feature that stands out among all products and services is split credit. It divides your credit limit into two completely separate loans. This can be a good option if you own multiple properties and are working on your main home and other properties at the same time. 

Safety and Security of GreenSky

The resiliency, security and performance of GreenSky data are unmatched in the industry. All security exists thanks to the patented technological platform for issuing and servicing loans at points of sale. It is completely in a new digital environment based on multi-cloud infrastructure. GreenSky’s advanced cloud analytics platform provides partners and data scientists valuable insights. In addition, it provides a rich API that allows merchants and suppliers to integrate GreenSky point-of-sale capabilities into their business processes seamlessly.

All customer data is encrypted. Earnin uses the latest technology to keep your information secure. The company never sells your information or violates your privacy. GreenSky sends all documents and forms to you by e-mail and regular mail. You can solve all your questions 24/7. You just have to contact support.

Is GreenSky Legit?

GreenSky is not a Credible lender partner, but it no less has an average rating of 3.6 out of 5 stars from over 240 reviews on the Better Business Bureau (BBB) website. The Better Business Bureau rating is based on the information the platform receives about the business as well as customer feedback. All performance indicators, annual percentages and fees are analyzed. The platform rating from BBB and accreditation is A+. This means that GreenSky is reliable and of high quality. And also the fact that users over the years of existence have highly appreciated its functions.

GreenSky Platform Supported 

For the convenience of taking a loan for a kitchen or bathroom renovation, GreenSky has created its application. You can apply through it. Associate it with the seller or contractor, who will then scan a photo of your driver’s license barcode and send it to the application to obtain a loan for you. It also includes your name, social security number, and monthly income. The GreenSky mobile app will also help you evaluate and compare your monthly payments for projects of different sizes.

The app is available for Android and iPhone smartphones and tablets. You can also use the site on desktop. All options are free and available. So, this is a convenient alternative to filling out paperwork and bureaucracy, as it was twenty years ago. 

Customer Service at GreenSky 

Being helpful to your customers is very important to GreenSky. If you have problems with the application, registration or connection, you can contact support. Write to the 24/7 in-app support chat or contact the company via Facebook or Twitter DM. Unfortunately, GreenSky does not have a chatbot or regular chat on the site. But you can call the support number and get advice on all issues. Opening hours: Monday-Friday: 7am-10pm ET, Saturday: 8am-10pm ET, Sunday: 9am-10pm ET.

On the site, you can find answers to frequently asked questions. If there is no exciting question in the list, you can write to the mail indicated on the site. The same is possible in the mobile application. The electronic support service works from Monday to Friday, around the clock. In extreme cases, you can send a letter by mail. The address can be found on the company’s website. Customer support is at a high level.

For which Needs GreenSky Fits the Best?

With the help of GreenSky, you can take out not only a loan for home repairs, but also pay for expensive cosmetic or medical services. So if you’re in financial trouble or have an emergency that can’t wait until your next paycheck, this is the app for you. In a short time, you will receive approval of your application and will be able to start implementing your desires by transferring the amount directly to the contractor. You won’t have to deal with a lot of invoices because GreenSky is very transparent and simple.

But the less you need to have a high credit score. After all, the platform carefully studies the applications of potential customers. And it can simply refuse to give you a loan. Therefore, if you know that you have problems with your credit score, save yourself some time and apply to another company that offers easier loan conditions.

What are Apps Like GreenSky?

There are many companies in the lending market. All of them have both the same features and differences. We have reviewed GreenSky alternatives and compiled a small comparison table. Brief information about the three companies is presented below: 

Loan app Loan amount Loan terms Fixed rates Origination fee
SoFi $5,000 to $100,000 2 to 7 years 6.99% – 22.23% APR None
Upstart $1,000 to $50,000 3 to 5 years 5.4% – 35.99% APR 0% to 2%
PenFed $7,500 to $300,000 5 to 15 years 5.49%+ APR None

The Review Process

We have singled out this platform among all similar ones because it is easy to use and has good scores from experts and the ability to get an interest-free loan if certain conditions are met. The process of reviewing all the details took us some time. We did extensive professional research before adding this platform to our list. When choosing, we were guided by strict technical instructions, which we usually use when studying lending platforms. We also paid attention to how many years GreenSky has existed, what experience and what additional services it has.

These were the main criteria for our assessment and our conclusions. In addition, you noted which banks the company cooperates with, how quickly it processes applications, and whether there are any fines.

Our team of specialists has many years of lending experience. We cooperate only with the best tools and organizations. Specialists undergo annual advanced training. Our staff is actively working on updating the database of various platforms and applications in order to present them to you. We guarantee the professionalism and objectivity of our reviews. Since we test applications and use all the functions to draw conclusions.

Is GreenSky Worth it?

GreenSky provides personal loans at its points of sale for home improvement and renovation. You can submit an application that will be approved just at the time you are ready to hire your contractor. This is a handy tool that helps you make repairs when you want. You can defer loan interest payments for a promotional period, such as 6, 12 or 18 months. This can be an alternative idea if you have the cash to pay off your loan quickly.

Since interest payments will be charged if you repay the loan in full before the end of the promotion period. But, if you do not repay the loan before the end of this period, you will have to be responsible for all accrued interest. If you need more time to pay off and meet credit requirements, you can qualify for an interest-free loan. Other options include a flat-rate plan that provides automatic payments and an 18-month interest-only loan.


  •       Does GreenSky work with Chime?

Unfortunately, Chime Banking does not currently accept GreenSky financing support. 

  •       Does GreenSky report to the credit bureau?

The loan application process involves a tough loan request to the bank, which can have a negative impact on your credit score. You will need a fairly strong credit score to qualify for a GreenSky loan. The average approved borrower has a FICO credit rating of 768, and GreenSky does not allow guarantors. 

  •       How many loans can you have with GreenSky at once?

GreenSky offers home improvement loans up to $65,000. Borrowers can compare up to three loans and pay their contractors on the same day. 

  •       Does GreenSky run your credit?

GreenSky does a tough credit check. You will then receive a notification that your request has been rejected or approved, as well as details of the loan offer. If you accept the offer, the company will send you loan documents by email and regular mail. 

  •       Does GreenSky affect your credit?

Because the GreenSky application process involves a rigorous request for your credit history, this can negatively impact your credit score. Therefore, it is more logical to apply only if you are sure that you will be approved for a loan. 

  •       Who is the Founder of GreenSky?

David Zalik is a founder of GreenSky. GreenSky is the fourth company of founder David Zalick to be valued at $3.6 billion by investors, including Fifth Third Bancorp. 

  •       What banks does GreenSky work with?

Regional Financial Bank and Sun Trap are some big partners of GreenSky. Loans are issued to lending partners, including big names such as BMO Harris Bank, Fifth Third Bank, Truist Bank and Synovus Bank. 

  •       Can I pay off GreenSky loan early?

There will be no penalty for early loan repayment. Pay online or by phone. Or schedule automatic payments from your bank account. You can choose. 

  •       How fast does GreenSky deposit money?

You can apply within a few minutes and receive a payment card within a few days. 

  •       How long does it take GreenSky to verify my documents?

Authorization may take up to one day. 

  •       Does GreenSky app give you money instantly?

Your payment will be processed within 48 hours. 

  •       What is the max amount of money GreenSky lets you borrow?

You can borrow up to $65,000 with APRs ranging from 6.99% to 23.99% on loan terms of 36, 60 or 84 months. 

  •       What happens if you don’t pay GreenSky?

If you repay the entire balance before the end of the period, you pay no interest. If you do not repay it, you will pay the interest accrued during the promotional period, plus the interest that accrues on balance thereafter, for 84 months. 

  •       What are GreenSky working hours?

Customer service has convenient hours, 7 days a week, in order to help their clients.

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