The finance company is known for its passion to adopt technology in the delivery of services to its clients. GreenSky Credit was established in 2006 and operates from Atlanta, Georgia. The organization links service providers and the consumers to facilitate the provision of loans. The main use of the loans is home improvement and healthcare. The lending is by financial institutions that are chartered and fully insured by renowned insurance carriers in the country. The clients of the company have benefited from loans worth over $5 billion over the years. Other fintech firms that have been in the industry for some time include Social Finance Inc. and the Lending Club Corporation. The loans are not from GreenSky Credit’s operating capital. For that reason, the organization has created long-term partnerships with financial institutions.
According to an official report issued in 2014, the company works with about 14 banks. Some of the largest banking partners include Regions Financial Corporation and SunTrust. The customers can get the loans online or by downloading a GreenSky Credit mobile application. Over the years, the number of merchants on the platform has increased to over 12,000. Some of the merchants are retailers while others are individual contractors. The companies are mainly involved in the provision of goods such as furniture, windows, and roofing materials. To diversify its services, it started offering elective medical procedures to their clients. The debtors are expected to repay the loans after a fixed period and interest rates.
Some of the closest competitors for GreenSky Credit include Debtbench, Avant Inc., and Spruce Finance Inc. David Zalik heads the company as its Chief Executive Officer. While addressing the media, he disclosed that his organization was not trying to compete with the banks and does not have any plans to become a lending institution. The CEO believes that the use of technology has the potential to transform any growing firm and attributes the success of the company to the adoption of innovative solutions. David Zalik is a visionary business leader and that has earned him the Entrepreneur of the Year Award in 2016. He looks forward to diversifying the business platforms offered by the firm in the future.