Our take on Greensky
GreenSky offers instant point-of-sale personal loans through home improvement contractors and healthcare providers, with options that include fixed-rate installment loans and deferred-interest payment plans. Financing through GreenSky can be convenient, but it does include drawbacks. Deferred-interest plans can be costly if you don't repay the entire loan during the introductory period. Also, GreenSky's run-ins with regulators, inconsistent record on customer service, and class-action litigation are red flags.
Greensky personal loan features
| |
| |
Warning
Be cautious with GreenSky's deferred interest offers, as interest will accrue and become due if the loan balance is not paid in full before the promotional period ends.
Who (or what) is GreenSky best for?
- Convenient point-of-sale financing: Using an option like GreenSky can provide a "one-stop" experience that lets you pay for services or purchases and secure the financing during the same transaction. The downsides include not having control of the loan funds yourself and possibly having to pay merchant or contractor fees that increase your borrowing costs.
- Extended repayment terms: GreenSky offers repayment terms of up to 10 years through some of its home improvement business partners. Most personal loan lenders only have repayment terms up to 7 years, although LightStream offers terms of up to 20 years for home improvement loans.
- Homeowners with low equity: You typically need 15% to 20% equity in your home to qualify for a home equity loan or home equity line of credit (HELOC). Homeowners who haven't built up sufficient equity could use GreenSky financing for a home renovation project without the need to use their home as collateral and potentially risk foreclosure. However, if you can qualify for a large enough personal loan through a lender like LightStream or LendingClub, you could get a lower rate and better terms.
Special note on deferred interest: Deferred interest financing may be available via GreenSky, which could potentially save you hundreds or thousands of dollars — with a few caveats. First, you have to be able to qualify, which is based on your credit. Second, interest is charged on the loan during the deferred interest period — it’s only waived if you pay off the entire principal balance before the deferred interest period ends. Third, deferred interest periods may be too short to pay off larger projects in full (which means you’d owe all accrued interest). And finally, you could be charged a very high interest rate once the deferred-interest period ends and owe back interest if you haven’t paid the entire loan amount.
What is GreenSky not best for?
- Flexible funding: If you need to use some of the funds for other purposes, like buying new kitchen appliances or consolidating credit card debt, GreenSky won’t be the right choice for you. All loan funds go directly to the merchant.
- Transparency and customer service: GreenSky provides little information for consumers about its loans online, has a poor Trustpilot rating, and isn’t BBB-accredited. In 2021, the Consumer Financial Protection Bureau took action against the company for allowing contractors to take out unauthorized loans on its customers' behalf. A class-action lawsuit filed in 2020 alleges that GreenSky illegally collected loan fees. The case is still pending as of April 2026.
Pros and cons
Pros
- Large loan amounts may be available
- Deferred-interest plans (but use with caution)
- Extended repayment terms
- Fast application decisions
Cons
- Mixed record on customer service
- Regulatory penalties and litigation
- Lack of transparency
- No option to make extra principal payments
- Payments bypass the borrower
Details on the pros
- Large loan amounts may be available: Some contractor partners may offer home improvement loans up to $100,000 through GreenSky.
- Deferred-interest plans (but use with caution): GreenSky offers deferred-interest plans in partnership with some contractors — for example, one contractor offers a promotion through GreenSky that waives interest if you pay the full balance within 15 months and doesn’t require minimum payments during that period. Just be aware that if you don't fully repay the loan before the deferred-interest period expires, you will be charged interest retroactively on the full amount you borrowed, dating back to the date of purchase.
- Extended repayment terms: Depending on your contractor and funding bank, you may be approved for a repayment term of up to 10 years. A longer repayment term helps keep monthly payments manageable for larger loan amounts, although the tradeoff is paying more interest over the life of the loan.
- Fast application decisions: You may be able to apply when you sign your contractor agreement and receive a credit decision within seconds.
Details on the cons
- Mixed record on customer service: GreenSky has a “Poor” Trustpilot score of 1.4 out of 5 stars, with reviewer complaints that include shoddy workmanship by contractors and funds being released without checking whether the work was completed. One counterpoint is GreenSky's 4.9 /5 rating on Google Reviews, although some of those reviews praise the contractors rather than GreenSky itself.
- Regulatory penalties and litigation: The CFPB issued a consent order against GreenSky in 2021, requiring that the financing company refund or cancel $9 million in unauthorized loans, which it serviced without consumers’ consent. The company paid a $2.5 million penalty and was ordered to take corrective action. The CFPB has received hundreds of consumer complaints related to GreenSky over the past 3 years. GreenSky is also the subject of an ongoing class-action lawsuit in California.
- Lack of transparency: GreenSky is not forthcoming about how its loans work for borrowers, including whether you can prequalify for a loan, presumably leaving the contractor to fill in the blanks.
- No option to make extra principal payments: Some contractors advertise no prepayment penalties with their financing offers through GreenSky, which means you make extra payments or repay your loan early without penalty. But while most lenders offer a way to make principal-only extra payments, GreenSky applies extra payments toward outstanding interest first.
- Payments bypass the borrower: Since loan funds are sent directly to your contractor, you might have less control over the project. For instance, you might not be able to fire and replace your contractor if you’re unhappy with their work.
Good to know
Borrowers using the Credible marketplace were approved for $8 million in home improvement loans in March 2026. The average amount for home improvement loans was $19,653.
How to qualify for a GreenSky personal loan
GreenSky doesn’t disclose any specific qualification criteria for the GreenSky Loan Program. Requirements may vary by contractor, location, and funding bank.
GreenSky personal loan purposes
GreenSky only provides financing through merchant partners in the following industries:
GreenSky fees and penalties
GreenSky fees and penalties vary depending on the terms of your loan agreement and the bank funding your loan. Any finance charges will be listed in your loan agreement.
GreenSky vs other lenders
GreenSky company details and history
GreenSky was founded in 2006 and is headquartered in Atlanta, Georgia. The financial company services point-of-sale personal loans for merchant partners in the home improvement and healthcare industries. In 2022, Goldman Sachs Group acquired GreenSky, but it subsequently sold GreenSky in 2024 to a group of institutional investors that includes Sixth Street. GreenSky is no longer associated with Goldman Sachs.
Contact information
If you need to reach a GreenSky customer service representative, you can log in to your online account to access live chat support, which is available weekdays from 8 a.m. to 6 p.m. ET. If you need to reach the GreenSky customer support team by phone, see the numbers below.
- Home Improvement: 866-936-0602
- Patient Solutions: 844-810-7713
Business hours are:
- Weekdays, 8 a.m. to 10 p.m. ET
- Saturday, 8 a.m. to 8 p.m. ET
- Sunday, 10 a.m. to 8 p.m. ET
You can also email GreenSky at [email protected] or fill out an online form.
To send a payment by mail, refer to the table below.
Methodology
Credible evaluated 32 lenders across 1,216 data points to choose the best lender overall plus top picks for different borrowers and use cases. Across lenders, we collected data on customer experience and service options, minimum and maximum fixed interest rates, minimum and maximum loan amounts, funding times, loan terms, fees, discounts, third-party reviews, and more.
We assigned a numerical value to each attribute based on how that feature compared with the same feature for every other lender in the set. Attributes were grouped into categories, scores were compiled, and categories were weighted according to their relative importance — for instance, rates and fees were weighted highest since loan cost is among the most important factors in determining loan value.
- Rates and fees: 18.75%
- Eligibility and options for bad and no credit: 17.5%
- Availability: 12.5%
- Loan amounts and terms: 10%
- Customer satisfaction: 10%
- Customer service: 10%
- Efficiency and fund delivery: 10%
- Discounts: 7.5%
- Credible proprietary data: 3.75%
We also considered each of our partner lenders' statistics over a 12-month period — including average funding times, average credit scores for approved applicants, and average rates. Learn more about how Credible rates lenders by exploring our full personal loans lender rating methodology.
Where we get our data
Why trust Credible
FAQ
Is GreenSky a trustworthy company?
Open
What is the minimum credit score needed for a GreenSky loan?
Open
Is it hard to get a loan through GreenSky?
Open
How long does it take to get a personal loan from GreenSky?
Open
Does a loan from GreenSky hurt your credit?
Open
What documents are needed for a GreenSky loan?
Open
