GreenSky Home Improvement Loans Review, May 2025

Financial technology company GreenSky matches homeowners with home improvement merchants and works with lenders to provide point-of-sale personal loans. Upon approval, you can quickly get a loan from a GreenSky lending partner and use it to pay your contractor — you may even qualify for a 0% deferred interest offer. But are GreenSky loans better than traditional home improvement loans? 

Learn more about how GreenSky works, its pros and cons, and decide if it may be a good fit for you.

Who are GreenSky personal loans best for?

Best for people hiring contractors with GreenSky programs

GreenSky's installment loans may be a good fit if you hire a contractor who offers a competitive GreenSky loan program. Plus, unlike other companies that offer personal loans, GreenSky's loans often incorporate promotional periods with deferred interest, which can help you save if you pay off your loan before the promotional period ends.

Great for borrowers with low home 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 turn to GreenSky instead to fund a home renovation project. As an added benefit, you wouldn't have to use your home as collateral and potentially risk foreclosure.

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Pros and cons

GreenSky can streamline home improvement financing, but it won't always be the right fit. Here are the main pros and cons to consider.

Pros

• Streamlined financing: The programs are offered through contractors at the point of sale, which can streamline financing for a home improvement project.
• Competitive offerings: GreenSky may offer you a better deal than you can find elsewhere, with perks like an interest-free introductory period.
• Multiple plans: The financing programs often allow you to choose from multiple plan options, which can help you find a good fit for your budget.
• Low- or no-interest financing: Deferred financing offers from GreenSky can provide a period of no interest, such as 6 months, allowing you to complete home improvement projects and save money if the loan is paid off before the promotional period ends.
• Prequalification may be available: Some GreenSky partners allow you to prequalify with no credit impact to see whether you're likely to qualify for a GreenSky loan and at what rate. Note that most lenders conduct a hard credit pull upon application, which could ding your score by up to 10 points.

Cons

• No direct loans: You can only access GreenSky loan programs through certain merchants. They aren't a stand-alone offering.
• Deferred interest: Programs may offer promotional interest-free periods, but the interest comes due if you don't pay off the balance before the end of the promotion.
• Fees: Merchant fees or contractor fees and activation fees may apply to payment plans, increasing your borrowing costs.

How to qualify for a GreenSky personal loan

If you're interested in qualifying for a GreenSky installment loan, you'll first need to find a home improvement merchant (often a contractor) with a GreenSky program in place. Unfortunately, doing so can be difficult because GreenSky doesn't share a list of its merchant partners.

From there, the merchant will show you how to apply. The eligibility requirements and application process can vary between programs, but GreenSky generally requires you to share basic personal information, such as your name, monthly income, and Social Security number. You'll also need to prove your identity with a government-issued photo ID.

GreenSky personal loan fees and penalties

GreenSky doesn't have set loan fees for every program it offers. The costs will vary between the programs of different contractors. However, they can include interest, a contractor fee and/or a merchant fee and an activation fee. Once approved, you can review the proposed GreenSky loan contract to see all the fees and penalties that will apply to you.

How GreenSky compares to other lenders

GreenSky is not a lender and doesn't offer loan programs directly. Instead, it connects the customers of home improvement merchants with loans from banks. In contrast, lenders provide home improvement loans directly to customers — you can apply on a lender's website, get approved, and use the funds to pay the contractor(s) of your choice.

If you're working with a contractor that offers a GreenSky program, you can check out their plans. But you'll also want to shop around to make sure you get a competitive deal. For example, here's how GreenSky compares to two top home improvement loan lenders, LightStream and Best Egg:

How GreenSky compares to more lenders: The best personal loans

How to contact GreenSky

If you need to get in touch with GreenSky, you can contact the company through the following channels:

• Phone: Call 866-936-0602 Monday through Friday from 8 a.m. to 12 p.m. ET, or on weekends from 8 a.m. to 11 p.m. ET.
• Email: Email your questions or concerns to [email protected].
• Online form: Request to be contacted by a GreenSky representative through an online form.
• Live chat: Live chat is available to registered, logged-in members.

About GreenSky personal loans

Founded in 2006, GreenSky acts as a connection point between service providers, consumers, and banks. It partners with contractors to develop home improvement financing plans, then partners with federally insured, federal- and state-chartered banks to fund the loans. GreenSky also offers medical loans for medical, dental, optometric or other healthcare related goods or services.

While GreenSky doesn't handle the actual lending, it services the loans and administers the financing programs. The company has financed over a million home improvement projects across the U.S.

GreenSky has a 4.9-star rating on Google Reviews. However, its reviews on Trustpilot (1.6) and the Better Business Bureau (1.0) are much less favorable.

Rating GreenSky personal loans for home improvement

Credible evaluates personal loan lenders based on factors such as customer experience, minimum fixed rate, maximum loan amount, funding time, loan terms, and fees. Credible's team of experts gathered information from each lender's website, customer service department, in-house resources, and via email support. Each data point was verified to make sure it was accurate at the time of publication.

Learn more about how Credible rates lenders by exploring our personal loans lender rating methodology.