GreenSky is a popular lender that is based in Atlanta, Georgia. Created 12 years ago by David Zalik, the company is known for lending thousands of dollars to contractors, manufacturers, construction crews, and homeowners through its GreenSky Credit lending program.
Who uses GreenSky’s lending program, GreenSky Credit?
To date – as of late August 2018 – approximately 1.9 million Americans have solicited the services of GreenSky Credit since the program was made available to consumers in 2006, the year GreenSky was founded.
Throughout its 12-year history, most of GreenSky’s customers have been contractors – construction crews – that didn’t have enough money to purchase materials to start on or finish projects themselves.
Most construction, remodeling, building, and home improvement crews are paid for their jobs in increments. Once certain landmarks of completion are hit, customers release agreed-upon chunks of money that builders can use to purchase materials and pay their crews. However, this funding process often takes several days for builders to ultimately get their hands on money that’s necessary to complete their jobs.
GreenSky Program Loan is a popular choice of contracting customers
It’s important to note that not only professional builders are awarded loans through the GreenSky Credit lending program – homeowners, landlords, and even renters are, too.
The GreenSky Program Loan is a line of credit that’s open for up to six consecutive months and is geared towards both professional and personal builders that aren’t completely sure of what expenses they’ll incur throughout the building period. This often happens in construction and remodeling, making it geared directly towards the likes of people who work on houses and industrial facilities for a living.
Part of GreenSky Credit, the GreenSky Program Loan provides customers with Home Improvement Payment Cards that can be used at home improvement stores across the United States. The main reason why builders opt for this financing structure is that they ‘re able to spend exactly what he needs, unlike loans that run in increments of thousands of dollars and can leave hundreds of leftover funds debtors are forced to pay back.