GreenSky Credit is becoming more widely known by the day for its towering success in the retail lending business. The name comes from the company’s mission to help homeowners make environmentally friendly renovations to their homes. Yet, the company has been able to branch out into many different sectors. Today, GreenSky Credit has more than 17,000 retailers located across the country that are pitching its loans to millions of customers each year. And this has sent the value of the company soaring to an estimated $5 billion, making it one of the most important players in the fintech space.
Creating something from nothing
Although GreenSky isn’t revolutionizing any industry, the company has created a transformative product. GreenSky Credit’s lending platform uses highly innovative and effective proprietary technology to connect customers who need instant loans at the point of sale to some of the biggest and most trusted lenders in the country.
Through doing this, the firm is able to grease the wheels of each industry in which it operates, creating billions of dollars in additional business that simply never would have materialized without the help of the company.
This can be most readily seen in the home improvement industry where the company has been able to create as much as $4 billion in additional sales each year for the nation’s home improvement retailers and on-site contractors. When customers experience sticker shock for the estimate on a home renovation or they simply don’t have enough money to complete their desired projects, the company steps in with truly instantly approved loans of up to six-figure amounts.
These loans often have among the most favorable terms possible, with most requiring no payments or interest for the first year of the loan. This is made possible because the average GreenSky borrower has a FICO score of 760, making the vast majority of the company’s customers prime borrowers. And these prime borrowers are extremely attractive customers for the top lenders in the nation. Because of this, the company has been able to easily forge partnerships with the country’s most trusted banks. At the end of the day, every party to GreenSky transactions walks away a winner.