GreenSky offers home improvement loans up to $65,000. Borrowers can compare up to three loans and pay their contractor the same day.
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GreenSky isn’t one of our partner lenders. But you can use Credible to compare rates from other personal loan lenders in 2 minutes.
- Good credit that qualifies for promotional financing rates
- Avoiding the risk and expense of a home equity loan or line of credit
GreenSky is a financial technology company that matches homeowners with personal loans for home improvements and repairs. You can borrow up to $65,000 through GreenSky, and many customers get approved within a few minutes.
Though not one of Credible’s partner lenders, GreenSky has an average rating of 3.6 out of 5 stars from over 240 reviews on the Better Business Bureau (BBB) website. It has earned an A+ rating from the BBB itself.
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GreenSky provides point-of-sale personal loans for home improvement and home repair – meaning you apply and could be approved at the time you’re ready to hire your contractor. The loans are underwritten by GreenSky’s lending partners, which include well-known names like BMO Harris Bank, Fifth Third Bank, Truist Bank, and Synovus Bank.
In most cases, GreenSky personal loans are unsecured, which are less risky for borrowers than home equity loans and lines of credit that could put your home at risk if you default. Keep in mind that financing for solar panel systems might require a secured loan, though.
One product in particular that sets GreenSky apart is its split loan. Like its name suggests, GreenSky’s split loan divides your credit limit into two entirely separate loans. This could be a good option if you own multiple properties and are working on your prie time.
Over 17,000 merchants use GreenSky to provide customers with financing options at the point of sale. The company has facilitated over $22 billion in consumer loans and has processed transactions in all 50 states.
Unlike a typical personal loan, GreenSky doesn’t pay out loan funds directly to consumers. Your contractor withdraws the funds once you authorize the payment.
While GreenSky doesn’t specifically offer bad credit personal loans, the company does claim to approve a high number of applicants. This is due in part to GreenSky’s second-chance program, which looks for alternative funding in case your application is denied.
How to qualify
- Be 18 or older
- Have a U.S. address
- Have a Social Security number
- Have a government-issued ID
Applying for your loan
When you’re ready to apply, you’ll submit your loan application electronically or by phone. There’s no documentation to submit, and you can have a decision in seconds.
If your application is approved, you can compare up to three home improvement loan offers so you can pick the plan that’s best for your budget and the work you need done.
Your loan package will include a Shopping Pass with your account number and a bar code. Give the pass to your contractor when you’re ready to pay. Same-day funding is also available if you’d like to pay your contractor right away.
Loan amounts and interest rates
You can borrow up to $65,000 through GreenSky, so it could be a good option for major remodeling jobs like a new kitchen or finishing a basement or attic.