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GreenSky is the best Fintech now

Greensky is one of the best fintechs in existence today. Just recently, the company went public after fronting its Initial Public Offering (IPO). GreenSky offers point-of-sale solutions that connect borrowers to regional banks. Its services delivery is structured in such a way that customers do not experience the challenges associated with traditional banking. It also has a well-structured fee-based model that has eliminated the growth challenges that traditional banking encounters. Based on this model, financial experts project that it will record double digits in many years or decades to come. To prove that it is the game changer in the banking industry, it moved $3.8 billion in loan volume in 2017, recording a 30 percent increase from what was achieved in 2016.

How does GreenSky work?

This fintech is simply a middleman who connects borrowers to banks. They make their revenue from the fees they charge for facilitating the connection between these two parties. The main clients for this company are medical professional and homeowners. They offer no-interest financing to customers who would need home improvements services but lack cash to pay for them.

GreenSky is not a bank or a lender. It does not have its own money to give to borrowers. Its purpose is to provide a link between borrowers and banks.

How can access loan through GreenSky?

If you are a homeowner and you are in need of services from a contractor, you will need cash to pay for the services. What happens when you do not have the cash? You can still get the services through them. They can offer a deal that will see the cost broken up into small payments.

The contractor will scan your ID on a mobile phone, enter the SSN, and yearly income among other details and submit the loan application to GreenSky. The data will be analyzed and the borrower matched to one of their bank partners. If the request was good, then you, as the homeowner, will get a credit limit of equivalent to the application or more approved instantly. After that, you can give the green light to the contractor to go ahead with work. The homeowner will pay for the balance slowly without a balance.


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