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

GreenSky Credit Gives Loan Applicants a Reason to Smile

For many years in the past, the process of accessing loans from the financial lenders and the creditors have been a nightmare to many individuals. This has been caused by the bureaucracy that has been in with the operators of these financial institutions who never cared about the customers. All that they cared about was getting their profits as high as possible, by extorting their customers. However, since the establishment of GreenSky Credit, the situation in the industry has tremendously changed. The processes involved before the customers access the credit have been reduced into a simple process of picking a gadget and pressing the button to receive the bank accounts.

GreenSky Credit, with the leadership of its CEO, Zalik David, has brought a new revolution to the lending industry. With the introduction of their online platform for the communication between the lenders and the borrowers, the loan application process is never the same again; it’s cheaper and simpler. The beauty of this platform is that it’s not managed by the individual lenders, GreenSky Credit does the management through its well-trained staff who understands the needs and challenges of the customers. What transpires in the process of loan application using the electronic platform is that the customer logs into the platform. They then initiate the process by filling in their basic details that are relevant to the identification and verification of their identity. Then they transmit the details to the GreenSky Credit admins.

The new process:

After the reception by the GreenSky admins, the details are transmitted to the primary lenders who are in contract with GreenSky for the funding purposes. They scrutinize the information and then decide on the amount of loan that the applicants should access. Then the verdict is sent back to GreenSky Credit who then disburse the illustrated funds to the borrowers’ accounts. This process, unlike the traditional process, takes less than 48 hours for the borrowers to receive their funding. As a result of this online platform by GreenSky, the customers have now been relieved the pain of making endless queues at the financial institutions waiting for their loan approvals. They can now initiate and finish the process while still in their homes.

https://www.kununu.com/us/greensky-credit/reviews

GreenSky Credit CEO, David Zalik Skips College to Found Billion Dollar Company

Forbes recently published Lauren Gensler’s article “Handyman’s Helper: How GreenSky’s David Zalik Skipped High School on his Way to Becoming a Billionaire”. The article discusses the CEO and now billionaire’s path to entrepreneurship.

GreenSky Credit’s CEO and co-founder, David Zalik, moved to the U.S. from Israel when he was four years old. Though he performed brilliantly on his standardized tests, receiving incredibly high scores, he decided the conventional path simply wasn’t for him. Zalik decided to skip high school and go right to college. Auburn invited him to take classes when he was only twelve years old. Luckily, his father worked at Auburn University, so Zalik could simply ride his bike to campus. However, he quickly became distracted by his computer assembly company, MicroTech, and decided to drop out of college at a younger age than most high school graduates. At only fourteen, David Zalik was not only a college dropout, but he was also an entrepreneur.

He sold MicroTech for a few million dollars at the ripe age of 22 when he decided to move to Atlanta. After investing in real estate, he began heling companies create web and mobile apps for companies. It was his consulting experience that led him to create GreenSky Credit. GreenSky Credit was founded in 2006 in Atlanta.

Zalik refused to do things in the typically Silicon Valley startup way. Zalik rarely spoke to the press, he never speaks at the conferences he is invited to, and he refused to raise outside capital for nearly ten years. Instead, Zalik decided to borrow heavily himself in order to launch the company. GreenSky Credit’s CEO has led the company to grow to more than 900 employees, opening call centers in Cincinnati and Kentucky. GreenSky Credit has also facilitated more than $5 billion in loans and hopes to reach $20 billion by 2020.

The company has been listed as one of the top three financial technology companies in the country by CB Insights, a machine intelligence platform that analyzes startups, private company financing, and angel investments. CB Insights listed GreenSky Credit as second only to Stripe and SoFI

https://resources.greenskycredit.com/healthcare/case-study-the-cosmetic-dentists-of-austin