Greensky Review 2022

Greensky Review

GreenSky is a small American fintech that became extremely popular one day. This company issues online loans for repairs and home goods in partnership with licensed banks. In this app review, we will try to understand the reasons for such a boost. Greensky is not an independent online application. 

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Unlike its alternatives, this financial service provider works in close cooperation with traditional banks. Greensky has an interesting lending scheme and sophisticated features. If you take a loan from this company, it will be funded by other lenders. In such a way, Greensky serves as a mediator between a borrower and a bank. 

The review of Greensky will give you insight into its rates and fees, principles of work, available services, peculiarities, advantages and disadvantages, etc. Since there are a lot of financial apps to choose from, Greensky review will help you decide whether this option is good for you. So, here we go!

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Table of Content


Pros and Cons of Greensky

Greensky offers numerous advantages to its clients. It can boast of appealing loan terms and conditions and high-quality customer services. To understand why this app is so popular, let’s consider its greatest benefits.

Among the advantages of Greensky:

  • Loans without interest: Greensky users can make use of almost no-interest loan options. It works so if a person repays the debt in full within the promotion period. If you are sure you can do it, don’t miss this opportunity.
  • Joint funds: borrowers can apply for a loan jointly. It means that a lender will consider the income of two parties. It will increase the chances of getting money.
  • Instant loans: it is a great benefit offered by Greensky. It allows you to get a loan almost immediately. You won’t be required to wait for a few business days.

Among the disadvantages of Greensky:

  • Suspicious reviews: our team always pays attention to the rating of an app and the customer feedback. Greensky has had at least 200 complaints for the last 2 years in the Consumer Financial Protection Bureau complaint database. People write about hidden fees and unexpected interest rates.

How Does Greensky Works?

The first thing you should know is that unlike the majority of analogical apps, Greensky mostly gives home improvement loans and healthcare issues. For example, if you want to remodel your kitchen, you can apply for funds to Greensky and pay with this money to the contractor. 

To make it  possible you have to download the app, open a checking account there, and specify a linked bank account (make sure you opted for an existing bank account). Then a contractor has to send the scan of your driver’s license barcode to the financial service provider.  

You will be surprised but Greensky automatically finds your bank account and fills in the loan application. You will be required to write down your name, monthly income, ID, debit card data, and the like.

After the loan application is sent, wait for a few minutes. During this period you will get an answer from Greensky. If the company has approved your application, you will receive loan documents in your email. There will be a 16-digit “shopping pass”. You can pay a contractor using it and a point-of-sale terminal.

After the loan approval, a client will get a credit limit that cannot be overdone. Greensky offers direct deposits up to $65,000. A minimum deposit is not defined. Many people opt for Greensky to avoid costly overdraft fees and interest charges. All in all, it is a fast and inexpensive alternative to other options for financing home improvements.

Greensky Features

To make use of Greensky products and services you don’t have to meet income requirements. However, to get budgeting you must respond to the following criteria: 

  • A borrower must be a citizen or a permanent resident of the USA;
  • Your credit score should be higher than 650;
  • Age must be above 18.

Of course, sometimes to receive funds you may need to meet some other requirements. Such issues are solved individually and depend on the situation. 

Greensky presents various appealing financial solutions to its clients. Among the most popular features, you can find a deferred-interest option. It is a pleasant bonus that new Greensky customers get. In the context of this option, a person can get zero interest funds for a loan term of 12 months. 

The APR for such options ranges between 6.99% and 23.99%. If you apply for this option the funds will be available for six months or till you reach a credit limit. 

The reduced-rate loan is another beneficial feature presented by Greensky. If a borrower needs a longer loan term, he or she might be offered a loan with a lower APR and repayments up to 25 years. The APR in such cases varies from 0.99% to 24.99%.

You should know that the terms and conditions of loans offered by Greensky can differ considerably. It is explained by the fact that this company cooperates with traditional banks for issuing loans.

What’s more, Greensky loans are not the best option for you if you need instant cash, since you will need to wait up to 10 days before getting money on your account. You can benefit from Greensky’s advance feature and use the company’s online portal to manage the account, track your balance, and make payments. Among other things, Greensky allows customers to pay by check or phone.

As we have mentioned, a client must have a credit score above 650 to get a loan. However, there are still some requirements for the clients that the company doesn’t disclose. That is why it is difficult to predict whether your application will be approved. Greensky services are available in all 50 US states. 

Greensky Fees & Rates

Greensky set high requirements for its clients. If your credit history is poor, you are unlikely to get money from Greensky. Since this company works with dozens of banks the loan interest, annual percentage rates, and overdraft fees differ from one option to another. As we have mentioned, this company works as a mediator between borrowers and financial establishments. 

A customer can receive up to $55,000 from Greensky. Unlike many other analytical platforms, this company doesn’t set a minimum loan amount. The customers need to pay back the debt from 36 to 140 months. It makes Greensky an appealing option for those who can’t afford short-term loans. 

We have already mentioned a deferred-interest option. You should know that the promotional period can last 3, 6, 12, 18 or even 24 months. If you have just joined the Greensky club, don’t miss such an appealing offer. 

It is difficult to predict the APR beforehand. It is defined individually. The annual percentage rate usually ranges from 6.99% to 24.99%. This app doesn’t require a membership fee. 

You can just download the app and make use of its services when you need it. It will allow you to avoid additional monthly expenses. However, you will need to pay a $39 fee for account activation.  

Greensky Safety and Security

Greensky team pays great attention to the security and safety of its customers. That is why it is believed to be a reputable company. The fact that a dozen of American banks cooperate with Greensky just proves this notion. 

Access to the customers’ personal information is strictly restricted. Only a few Greensky workers can get it (those who are busy issuing a loan for you). All these specialists are well-trained and accredited. They know for sure how to keep pivotal data in secret. Among preventive measures applied by Greensky there are computer safeguards, secured files, and specially equipped places. 

All security steps the company takes to comply with federal law. Greensky doesn’t share the information about the sum of money you have borrowed, your account balance, loan terms, etc with third parties. What’s more, to ensure a 100% safety for its clients this company conducts regular security tests to detect possible vulnerabilities.

Trustworthiness & BBB Rating of Greensky

Trustworthiness is the main criteria for many people when choosing a financial service provider.  This app can boast of an average rating of 3.6 out of 5 stars. It also has nearly 200 reviews from borrowers. However, we want to be sincere with you. Not all of them are positive. But still, the vast majority of clients are satisfied with the quality of Greensky services.

Credit rating is a well-known criterion for defining a reliable company. If the rating is below BBB, it is considered to be a risky investment. The marks themselves vary from A to D. The higher the letter in the alphabet, the better it is for you. As to the Greensky, it has an A+ rating. It is an excellent mark that many companies can only dream of!

Greensky Mobile Support and Accessibility

Many people are afraid of using online banking services. Some of them think that it is dangerous to trust your money to bank managers. Others assume that it is difficult to take a loan from such a lender. In fact, you don’t have to be an IT specialist to get a loan from apps like Greensky.

To benefit from its services you need a smartphone, desktop, or tablet. Any device will be enough if it has a reliable Internet connection. You can also use Greensky for both iOS and Android. The user interface is easy to understand. The quality of services will also surprise you.

What about accessibility? Can you imagine something more convenient than taking a loan just using your iPhone? It means that you don’t need to queue or search for the nearest office. Greensky is a time and energy-efficient solution for many borrowers.

Customer Service at Greensky

Greensky takes care of its clients and offers competitive customer service. If you have a question, you can easily solve it without having face-to-face communication. Firstly, you should visit a Greensky website or investigate the application. It may turn out that the answer to your issue is available on open sources.

If it doesn’t work, you can mail your issue or request at [email protected] You can send your email anytime you want. You don’t need to wait till Monday as it is with banks. The managers will write you back within one business day. 

Is Greensky a Good Choice for You?

Unlike many analogical apps, Greensky gives funds for a limited list of loan purposes. It is a great option for people who need money for home improvement or solving healthcare issues. However, it doesn’t mean that this app will give you money to repay your bills like rent and utility expenses.

Greensky sets high requirements for its customers and analyzes the source of income, credit history, and credit score. If it is not okay (credit score is lower than 650), you are unlikely to get a loan from this lender. 

On the other hand, this app can be a powerful solution for married couples. Since Greensky allows joint loans, people can apply for a paycheck together and bear equal responsibility for it. 

Greensky provides both long and short-term financial solutions. If you need, you can take up to 12 years to refinance your loan.

Apps Like Greensky

There are a lot of apps that present the same features as Greensky. Online financial solutions have already become a real trend. To choose the best option for you among numerous alternatives you need to get a closer look at products that offer similar features. Below you can find some of them.

  Greensky Dave Earnin Brigit
Amount of a loan From $0- up to $65,000 Up to $250 From $100 to $500 per pay From $50 to $250
Rates APR ranges from 0.99 to 24.99% APR varies around 16% Tipping No interest
How quickly can you receive money? Within 48 hours the payment is processed 1-3 days or 8 hours for additional pay With Lightning Speed: a few minutes; Without it: 1-3 business days No more than 3 days
Membership $39 fee for account activation $1 per month Tipping $9.99 per month

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How We Review

The review process was done in several steps. In the beginning, we searched for information available on the Internet. We searched for blogs with customer feedback and overall ratings. We collected all data and made tables. 

Then we defined the main Greensky competitors and read about the services they provide. Among crucial aspects for the comparison of financial apps were interest rates, APR, loan terms/purposes, overdraft fees, the minimum and maximum amount of a deposit, etc.

We also checked the availability of these products in the Play Market and App Store. To make this review objective we have also analyzed the user interface, customer support, and available loan options. We made use of special analytical tools to get the statistics. All in all, we managed to write a comprehensive app review and hope that it will help you define whether Greensky is a good option exactly for you.

In Conclusion

Greensky is a financial app that differs from its analogs. It cooperates with a range of banks to sponsor the customers’ loans. It presents appealing loan terms, but sets high requirements for the borrowers. If you need money for house or health improvement, this option should be considered. 


Does Greensky work with Chime?

No, Greensky doesn’t work with Chime. For those who don’t know, it is an American financial technology company that provides cost-free mobile banking services like The Bancorp Bank or Stride Bank, N.A. However, Greensky works with other powerful banks.

Who Founded Greensky?

Greensky is an Atlanta-based fintech company that provides loans for home renovation projects and prides itself on being different from other tech startups. Its co-founder and CEO, billionaire David Zalik (net worth $2.5 billion), rarely talks to the press and regularly turns down invitations to all sorts of conferences.

Greensky was founded in 2006 in Atlanta, Georgia. From 2012 to 2016 nearly $5 billion had been lent through the GreenSky credit program. In September 2021, Goldman Sachs announced that it is buying GreenSky for about $2.24 billion. The acquisition will have been completed by March 2022. Now it is one of the most expensive fintech companies.

What banks does Greensky work with?

The company transfers most of the risk to banks. Large partner banks like SunTrust, Synovus Bank, Regions, or Fifth Third hold loans on their balance sheets. It means that GreenSky is protected from the default (of course, the commission that companies pay to banks directly depends on the quality of loans). Nowadays it is up to 20 banks that work with Greensky.

When you pay Greensky back can you borrow again?

Yes, you can. The number of loans is unlimited. However, you should remember that to get a loan approval you need to have a good credit history and a relatively high credit score. If after the previous loan you have a negative notice or reputation, it will be difficult to get funds from this company again.

How fast does Greensky deposit money?

The platform allows customers (usually those who have one of the highest credit scores), to “apply and get money” in less than 60 seconds using an intuitive mobile interface and paperless point-of-sale lending.

How long does it take Greensky to verify?

To register a personal account at Greensky you need to visit a customer portal. However, you can also make use of its services without registration. You can make a payment online by sending a check to the address on your billing statement. You can do it within a few minutes. 

Does the Greensky app give you money instantly?

Greensky doesn’t give you money within a few seconds. A customer gets money within 48 hours after the payment is processed. When compared with offers from other lenders, it is a good option for many borrowers.

How Much Will Greensky let you borrow?

GreenSky offers home improvement loans of up to $55,000. The APR in this case will start at 6.99% and end up at 23.99%. To repay this sum a person can have 36, 60, or 84 months. It is a beneficial loan term option for many clients nowadays.

What happens if you don’t pay Greensky?

If you don’t pay it off, you pay the interest charged during the promotional period, plus interest that accrues on the balance thereafter. What’s more, a late payment fee is charged in any billing period. Even if you don’t pay the Minimum Payment Due by the Payment Due Date indicated on your billing statement.

Does Greensky report to the credit bureau?

Yes. You should remember that Greensky serves as a mediator between banks and borrowers. That is why it takes action as a financial institution says to do it.

How many loans can you get with Greensky?

GreenSky offers home improvement loans up to $65,000. The number of funds applications is not restricted. You can take another one after you repay the previous loan. In some cases, a person can get several loans simultaneously. The decision as to the loan approval is taken individually. 

Does Greensky run your credit?

Yes, Greensky will run your credit. This company has no income requirements for borrowers, but you must meet the following criteria: Be a U.S. citizen or permanent resident. Be at least 18 years old. Have a credit score of 650 or higher.

Does Greensky affect your credit?

GreenSky does a hard credit inquiry (it analyzes all your financial activity) when it receives your loan application. It will be reflected in your credit history and can lower your credit scores by a few points. However, it won’t last long.

When are Greensky’s working hours?

Home improvement

Monday-Friday: 8 am – 12 am; Saturday-Sunday 8:00 am – 11:00 am.

Patient solutions:

Monday-Friday: 8 am – 10 pm; Saturday: 8:00 am – 8 pm; Sunday: 9:00 am – 8 pm

Home depot loan services

Monday-Friday: 8 am – 12 am; Saturday-Sunday: 8:00 am – 11:00 am

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