What is GreenSky?
GreenSky has totally transformed the traditional personal lending industry by providing almost immediate financing through an app to borrowers for use on home improvement projects. This company has revolutionized the way that borrowers approach home remodeling and financing by streamlining the process and offering stress-free access to credit options without forcing borrowers to jump through hoops. Its innovative approach to personal lending has paid off for the company and investors because it is now valued by Forbes at more than $4.5 billion.
How Successful is the Company?
Its recent success and demonstrated track record of both lender and borrower satisfaction has earned Greensky a highly coveted spot on Forbes’ Fintech 50 List for 2018. The company has successfully completed transactions totally more than $10 billion by linking eligible borrowers with solvent companies looking to expand into the personal lending industry. Borrowers are able to take advantage of promotional interest rates by paying off their loans early, which is attractive to homeowners who might want to avoid taking out a second mortgage on their house.
How is GreenSky Expanding?
The personal lending model that GreenSky developed is particularly attractive because it can be used for additional types of personal expenses outside of the home renovation field. For example, the company is looking into providing financing options for medical and dental expenses. This could be especially convenient for borrowers looking for ways to finance elective surgeries that would not otherwise be covered under traditional health or dental insurance options. The same could be true for pet owners looking for a way to manage unexpected pet surgery bills.
The principles that this company has relied on to branch into the personal lending space for home renovations so effectively will certainly guide its development into other spheres. Investors remain confident that this company is a solid choice for continued growth for years to come. The leadership and management have bolstered confidence in its growth strategy thanks to a dedication to constant innovation and a focus on providing excellent customer service at all times for all transactions.