GreenSky Credit’s Source of Financing

Background of GreenSky

2006 was the year when a financial technology firm known as GreenSky LLC was founded and its location being Atlanta Georgia. Its main objectives were to offer technology to banks and businesses for them to make a loan to their clients for healthcare, solar, and improvement. GreenSky credit programs have their primary source of financing from federal-insured, state-charted and federal financial institutions. Also, it is approximated that around $5 billion had been borrowed via GreenSky credit programs from 2012 until 2016.

Businesses Involved in GreenSky

In the fintech market, GreenSky is not that well known compared to the other companies, and the reason behind this is that it does not use its capital to make loans. In 2016, it had already partnered with fourteen banks including Sun Trust Banks as well as Regions Financial Corp. They made investments via GreenSky credit mobile app and online to 12, 000 merchants’ customer that varied from retailer to their contractors. It also accepts merchants who sell furniture and any home improvement commodity that is roofing, window replacement, and aluminum siding. To deal with electoral medical process, they had to expand. Also, in expounding more about its business, CEO David Zalik reveals that they are in no competition with any bank or trying to be lenders because they stand to be a technology company.

2015 was the year when it considered expanding its business presence regarding the call center which was supposed to be located in Kentucky. In the same year, they publicized a multimillion-dollar project that would result to more than 350 jobs. In 2016, Its CEO perspective was that the company was making a profit and also in the same period, CEO David Zalik received an award of National EY Entrepreneur of the year in the Financial Services.

Employment and Management Structure

GreenSky has accommodated a capacity of employees who exceed 1000 with David Zalik serves as the GreenSky credit Company Chief Executive Officer, a post he has served since 2006 and also he is its co-founder. Gerry Benjamin serves as the company’s Vice Chairman while Tim Kaliban was its President and Chief Risk Officer.

Sources:

Wikipedia

https://en.wikipedia.org/wiki/GreenSky

Why You Should Consider GreenSky Credit for Small Loans

  • GreenSky LLC

GreenSky credit is a financial organization that is focused on providing a platform where individuals can acquire loans without many difficulties, and little bureaucratic process as compared to that one gets while seeking to get loans in the bank. The company has been operating since 2006 when it was founded by David Zalik, and it has expanded its operations from Atlanta, Georgia to other parts of the country where consumers can acquire loans through a mobile application.

  • Why GreenSky Credit?

Various reasons suggest why one should consider getting loans from this company as compared to getting loans from other organizations working in the money-lending industry. Some of these benefits include:

The fintech has partnered with a large number of partners to ensure that consumers get loans, products, and the services they need within a short period. The first group that the company has partnered with is fourteen banks that are federal-insured. These banks provide loans to the consumers on behalf of the company. They are also responsible for coordinating loans and ensuring that they are paid within a short period.

The second group of partners that are working with GreenSky Credit include merchants and business organizations that are offering goods and services across the United States. For example, large retail outlets such as Home Depot have partnered with the company such that consumers can acquire products on credit basis. Other vital organizations have partnered with this organization such as hospitals where one can receive treatment services ranging from cosmetic surgery and vision repair.

For a more extended period, mainstream banks have not been offering small loans to consumers who have forced them to access small loans from the credit cards which charge exorbitant interest rates. However, these organization has a credit program that helps consumers to obtain even the smallest loans such as those used in improving your home among others.

  • Leveraging on Technology

GreenSky credit is a fintech company which means that it offers its services through technology. The company has a mobile application that customers use to acquire loans rather than using the traditional process of filing papers which is cumbersome and time-consuming.

Source:

Wikipedia

https://www.crunchbase.com/organization/greensky