GreenSky Loans is a Goldman Sachs company that works exclusively with its GreenSky Pro contractors, meaning in order to get a home improvement loan you must be working with a contractor who uses GreenSky financing services.
GreenSky Loans itself is not a lender, but instead works as a go-between connecting you, the homeowner, and federally insured banks to find the best financing option for your project.
It is a different way to get a home improvement loan than you may be used to. This article will explain the differences, plus pros and cons, to let you know if this lender is right for you.
What Is GreenSky Loans?
GreenSky is a service provider for contractors and other vendors that allows them to offer their customers home improvement loans to finance their home improvement projects. Located in all 50 states, GreenSky has funded over 22 billion in consumer loans, funding everything from kitchen remodels and deck rebuilds to HVAC installations.
Unlike other personal loans, you can’t simply apply for a GreenSky loan online. Instead, everything must go through a “GreenSky Pro” (a contractor or merchant who uses GreenSky’s financial services).
The contractor will help you fill out a form, apply for the loan, and then, once the loan funds, has direct access to the GreenSky direct payment card called a Shopping Pass. This streamlines the process, helping your contractor have quick access to funds so that your project can continue without a hitch.
One small downside we’ve found with GreenSky
