- 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 personal loans for home improvements review
- How GreenSky compares to other lenders
- How to take out a home improvement loan with GreenSky
- How GreenSky can improve
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 amounts||Up to $65,000|
|Loan terms||2 to 12 years|
|Min. credit score||Check with lender|
|Fees||$39 activation fee|
|Loan use||Home improvement or repairs|
|Cosigner allowed?||No, but may have a joint applicant|
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.
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
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:
|Fixed rates||Check with lender||6.99% - 22.23% APR10||5.4% - 35.99% APR4|
|Loan terms||2 to 12 years||2 to 7 years||3 to 5 years4|
|Loan amount||Up to $65,000||$5,000 to $100,000||$1,000 to $50,0005|
|Min. credit score||Check with lender||Does not disclose||580
(in most states)
|Origination fee||None||None||0% to 2%|
|Loan uses||Home improvement or repairs||Solely for personal, family, or household uses||Personal expenses or purchases|
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.
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