It is a different way to get a home improvement loan than you may be used to.
What Is GreenSky Loans?
Unlike other personal loans, you cant simply apply for a GreenSky loan online.
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All the information is directed at contractors, making some consumer information difficult to find.
How Does the GreenSky Loan Work?
This 16-digit pass works like a credit card with the contractor submitting expenses for approval.
Keep in mind that GreenSky will decline any purchases that are not directly related to the home improvement project.
While this means you might be able to avoid paying interest, that doesnt mean the interest doesnt exist.
This allows you to keep track of the interest even if youre not responsible for it yet.
GreenSkys website doesnt specify actual interest ranges, but we found several published rate sheets for GreenSky merchants.
The rates are competitive but on the higher side.
With this loan, most people plan on paying off the deferred interest portion during the promotional period.
We love the possibility of a zero-interest loan and even the reduced rate loans have competitive rates.
GreenSky does not have a disclosed minimum credit score, but typically a fair score or above is required.
If you have a bad credit score, GreenSky does have an Instant Counteroffer service that might be helpful.
If youre looking to improve your score, check outthese ways to improve your score this year.
Goldman Sachs acquired GreenSky, LLC in 2021.
The short answer is yes.
The long answer is more complicated.
Now, GreenSky training materials remind merchants repeatedly that they cant request a loan without a customers consent.
Its obvious that GreenSky is doing its best to prevent any future problems.
Contributor Whitney Hansen covers banking and investing for The Penny Hoarder.
She also writes on other personal finance topics.
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