MoneyGeek’s Take

GreenSky Credit Personal Loan Review

It’s important to note that GreenSky was acquired by Goldman Sachs in March 2022, so product details presented here may change. GreenSky is also no longer accepting applications on its website directly from consumers; you’ll have to apply for a GreenSky personal loan through one of its partners.

GreenSky Credit is an online financing platform that allows borrowers with good credit to obtain home improvement loans from various banks in the United States. Borrowers sign loan agreements directly with the banks and not with GreenSky.

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Last Updated: 10/25/2022
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GreenSky Credit creates an opportunity for borrowers to get personal loans from lenders through home improvement contractors and retailers. GreenSky is not a lender but a service provider for banks that offer consumer loans under the GreenSky Programs. Borrowers can apply for a deferred-interest or reduced-rate loan.

At a Glance: GreenSky Credit Personal Loans


  • GreenSky Credit

    • 4.99% to 23.99%APR Range
    • NoneMinimum Credit Score
    • $0 to $65,000Loan Amount Range
    • 6 to 84 monthsRepayment Terms
    • Next DayTime to Receive Funds

GreenSky Credit Personal Loan Details and Requirements

  • APR

    4.99% to 23.99%

  • Credit Score Requirements

    No minimum credit score is required to qualify for a personal loan, but most applicants that are approved have credit scores exceeding 700.

  • Income Requirements

    There are no specific income requirements associated with a GreenSky Credit personal loan.

  • Loan Amounts

    With GreenSky Credit, borrowers can get up to $65,000.

  • Loan Terms

    6 to 84 months

  • Permitted Uses

    GreenSky Credit offers personal loans for home improvement purposes.

  • Prohibited Uses

    While there are no specific restrictions on how borrowers can use the loans, the funds are offered through home improvement contractors and retailers, so you may not be able to divert the cash into other expenses.

  • Time to Receive Funds

    It can take up to ten days to receive funds.

  • Origination Fees

    GreenSky Credit charges no origination fees on personal loans.

  • Late Fees

    You won’t get charged any fees for making late payments to your GreenSky Credit personal loan.

  • Prepayment Penalty Fees

    There is no prepayment penalty fee.

  • Co-signers and Co-applicants

    You can have co-signers and joint loans with other borrowers with GreenSky Credit.

  • Perks

    GreenSky tries to resolve all the borrower’s concerns on behalf of the lenders in a professional and transparent manner. Borrowers can log into their account to activate paperless billing, and manage auto payment options.

  • Mobile Application

    GreenSky Credit has a mobile app that Contractors and borrowers can use to manage the loan process.

Is GreenSky Credit Right for You?
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Personal loan rates and requirements vary across different lenders. MoneyGeek’s GreenSky Credit personal loan review provides further information that will help you determine if the lender is suitable for your needs.

Who GreenSky Credit Is Perfect For

GreenSky Credit home improvement loans are excellent for individuals with good credit. If you wish to compare loan terms across various lending institutions, GreenSky Credit may be the best financing platform for you. You won’t need to pay origination, prepayment or late fees, but it should be noted that GreenSky charges a $39 activation fee.

Who Should Not Choose GreenSky Credit

If you’re a borrower that needs a loan to cover expenses in excess of $65,000, you will need to consider other lenders.

GreenSky Credit personal loans may not be ideal for you if you have a poor credit score, as most approved applicants have a good to excellent credit rating and the lender conducts a hard credit check inquiry.

Additionally, you may also need to note that the lender works through home improvement contractors and retailers.

How to Apply for a GreenSky Credit Personal Loan

To ensure you have all the information you need to make an informed decision, MoneyGeek conducted a GreenSky Credit personal loan review that includes steps involved in the application process. Besides checking whether you qualify for a loan, you will need to fill out an online form and sign the necessary loan agreement from the lender.

1

Prequalify

You can check if you are eligible for a loan using the GreenSky mobile app. Borrowers will need to select the ‘Prequalify for a Loan’ option in the app, choose a loan plan and specify the loan amount they wish to borrow. The pre qualified offer will be available for 30 days.

2

Fill Out Application Form

You can visit GreenSky Credit’s website and log into your account to submit your application. You will need to provide personal details, including your Social Security number

3

Wait for Approval

It may take some time for your loan to get approved. Once you complete the application process, you will receive an email notification of approval with a link to where you can access your loan agreement.

4

Review Loan Agreement

Going through the loan agreement will help you determine if the loan terms fit your needs. Take a closer look at all the small details and reach out to GreenSky with any questions or concerns.

5

Sign Loan Agreement

Once you go through the documents and are happy with the offer, you will need to sign the loan agreement plus any other documents shared with you and return a copy to the lender.

6

Receive or Direct Funds

It will take at most ten days to get the funds deposited into your account.

7

Make Payments

You can make payments online through the GreenSky Credit dashboard once you sign in to your account. If you wish to make early payments, the lender doesn’t charge any prepayment fee.

What to Do if You Are Rejected From GreenSky Credit

If your GreenSky Credit personal loan application isn’t approved, there could be various reasons behind it. Most lenders will reject your loan application if you do not meet the credit score or income requirements or if you submit incomplete information.

Once this happens, the best step is to reach out to the lender directly and find out why your application was declined. MoneyGeek recommends improving your borrower profile and making any recommendation changes prior to applying for another loan, as multiple credit checks can hurt your credit score.

Frequently Asked Questions About Personal Loans

Although MoneyGeek’s GreenSky Credit personal loan review outlines the lender’s pros and cons, you should determine whether it’s the best option for you depending on your needs and responsibilities.

MoneyGeek answered some frequently asked questions about GreenSky Credit to help you through your personal loan journey.

Read More on Personal Loans

The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity.