GreenSky services was formed in 2006 and is based in Atlanta, Georgia. While it is not a lender, it does help people secure financing for roughly 12,000 different retailers. When a person wants a loan, they go to the GreenSky website to fill out an application. From there, a partner bank reviews the loan and makes a credit decision.
GreenSky Is a Publicly Traded Company
GreenSky has been trading publicly since May 2018 according to the company’s Wikipedia page. It has been valued at $3.6 billion according to a Wall Street Journal article and started trading at around $21 per share. The company’s CEO said that its mission is not to compete with lenders or banks. Instead, it is a technology company that helps make extending credit easier for borrowers and retailers.
What Types of Companies Does GreenSky Work With?
You can get GreenSky to help make a number of different purchases. For instance, you could use it to go to the dentist, get your roof repaired or buy a couch for your living room. The loans are unsecured, which means that you don’t have to put up collateral to get them. Therefore, there is no risk of losing your home, car or other valuables if you cannot repay the loan for any reason. The amount that you can borrow depends on your credit score and how much money that you make each month.
What’s a Fintech Company?
GreenSky is said to be a fintech company. Fintech is a combination of the words financial and technology, and Greensky leverages technology to help people get loans in a timely and convenient manner. Over the next several years and decades, it is likely that these types of businesses will change how lending is done as well as the relationship that people have with money.