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Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

Best for:

  • 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.

In this review:

GreenSky interest rates and loan details

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 primary home and other properties at the same time.

Here’s what you should know about GreenSky personal loans:

Loan amountsUp to $65,000
Loan terms2 to 12 years
Min. credit scoreCheck with lender
Fees$39 activation fee
ResidencyMust have:
  • Government-issued ID
  • Social Security number
  • U.S. address
Loan useHome improvement or repairs
Cosigner allowed?No, but may have a joint applicant
Key benefits
  • Pre-approval doesn't affect credit
  • Automatic second-chance loan search with no additional credit check
  • 0% APR promotional periods and loan options
  • Can get split loans to finance multiple projects at a time
Best for
  • Avoiding credit card charges for repairs
  • Work that needs to begin immediately

GreenSky personal loans for home improvements review

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.

Keep in mind: Unlike some personal loans — like debt consolidation loans or credit card consolidation loans — GreenSky loans can only be used for home improvement.

See: How Personal Loans Work

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.

Learn More: No Credit Check Personal Loans

How to qualify

To qualify for GreenSky financing, you must:

  • Be 18 or older
  • Have a U.S. address
  • Have a Social Security number
  • Have a government-issued ID

You’ll also need to meet GreenSky’s credit score and income requirements.

Check Out: Personal Loans for Good Credit

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.

Learn More: How to Get a $50,000 Personal Loan

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.

There are a couple of ways that you might be able to save on interest with GreenSky:

  • Defer your interest: You can defer your loan interest for a promotional period, such as six, 12, or 18 months. This could be a good idea if you have the cash to pay off your loan quickly, as your interest charges will be waived if you repay the loan in full before the promo period ends. Keep in mind that if you don’t pay off the loan before this period ends, you could be responsible for all of the accrued interest.
  • No- or low-interest loans: If you need more time to repay and meet GreenSky’s credit requirements, you might qualify for a no-interest loan. Other options include a fixed-rate plan that keeps payments predictable and an 18-month interest-only loan.

Check Out: How to Get a $20,000 Personal Loan

Repayment

GreenSky customers have access to a self-service portal where they can manage their accounts. You can use the portal to schedule payments or manage autopay, but you also have the option to pay by mail or phone.

Learn More: Types of Personal Loans

How GreenSky compares to other lenders

Here’s how GreenSky compares to two Credible partner personal loan lenders that offer loans for home improvement:

 GreenSkySoFiUpstart
Fixed ratesCheck with lender5.99% - 18.83% APR8.13% - 35.99% APR4
Loan terms2 to 12 years2 to 7 years3 to 5 years4
Loan amountUp to $65,000$5,000 to $100,000$1,000 to $50,0005
Min. credit scoreCheck with lenderDoes not disclose580 (in most states)
Origination feeNoneNone0% to 2%
Loan usesHome improvement or repairsSolely for personal, family, or household usesPersonal expenses or purchases
Best for
  • Large home projects
  • Work that needs to begin immediately
  • Debt consolidation
  • Home improvement
  • Below average or no credit
  • Home improvement
All APRs reflect autopay and loyalty discounts where available | Read more about Rates and Terms

How to take out a home improvement loan with GreenSky

You can apply for a loan by calling GreenSky or visiting their website. But before you do, it’s a good idea to consider as many lenders as possible to find a loan that fits your needs.

Credible makes this easy — although GreenSky is not one of our partners, you can compare your rates from other personal loan lenders in two minutes.

Credible makes it easy to find the right loan for you.

GreenSky isn’t a partner lender. But you can use Credible to compare rates from other lenders who offer personal loans in just 2 minutes.

Compare Rates Now
Checking rates won’t affect your credit score

How GreenSky can improve

GreenSky has made some important changes over the last few years. For example, it beefed up its contractor vetting and oversight processes to better protect consumers against predatory practices.

But there’s still room for improvement. GreenSky could improve by:

  • Offering a mobile app to its customers: GreenSky has a mobile app for contractors, but none for consumers. Mobile account management should be a given for a fintech lender company.
  • Lowering the activation fee: The company’s $39 account activation fee could be steep for first-time borrowers.
  • Providing a contractor network: It would be helpful if GreenSky’s website had a list of participating contractors. As it is, consumers must fill out a request to have a contractor contact them.

Keep Reading: Personal Loans for Fair Credit

About the author
Daria Uhlig
Daria Uhlig

Daria Uhlig is a contributor to Credible who covers mortgage and real estate. Her work has appeared in publications like The Motley Fool, USA Today, MSN Money, CNBC, and Yahoo! Finance.

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