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GreenSky Direct home improvement loans review

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Work with your contractor or merchant to finance your next project.

  • Best for homeowners who have already found a merchant that works with GreenSky.
  • Pick something else if you want general financing for projects.

$50,000

Max. Loan Amount

3.99% to 26.99%

APR

640

Min. Credit Score

Details

Product NameGreenSky home improvement loans
Min. Loan Amount$3,500
Max. Loan Amount$50,000
APR3.99% to 26.99%
Interest Rate TypeFixed
Min. Credit Score640
Loan Term3 to 7 years

Expert review

Kellye Guinan

Review by


Kellye Guinan is a writer and editor with Finder and has years of experience in academic writing and research. Between her passion for books and her love of language, she works on creating stories and volunteering her time on worthy causes. She lives in the woods and likes to find new bug friends in between reading just a little too much nonfiction.

Expert review

GreenSky is best for anyone who already has a merchant picked out that offers financing through GreenSky’s program. It has a relatively low starting APR, and you may even qualify for 0% interest — provided you pay off your entire loan within 18 months.

However, the exact details are unclear. GreenSky’s website is geared toward businesses that want to use it. Specific information about loan terms, amounts and APR aren’t available, and the financing process depends almost entirely on the merchant you’re working with. Because there is no set process, you won’t know what you can and can’t borrow until you apply.

For more flexible options that let you fund any home improvement project, compare more personal loan providers using our table.

How much will this loan cost me?

Your loan’s total cost will depend on your merchant’s terms. Because each loan GreenSky services is unique, we were unable to pinpoint a specific APR range or loan amount available to borrowers. However, a customer service representative told use that rates can be as high as 26.99%, but may be as low as 3.99% to 5.99%. The amount you can finance ranges from $3,500 to $40,000 or $50,000 — it all depends on your needs.

You can use our monthly repayment calculator to estimate how much your home improvement loan through GreenSky might cost.

Monthly repayments calculator

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How it works

Like all lenders, your APR and loan amount are based on your finances and credit. The better your income and credit score, the more likely you are to qualify for GreenSky’s lowest rates. Likewise, borrowers with fair credit may only qualify for higher rates and could be limited to the projects they can finance.

What do I need to qualify?

GreenSky doesn’t list any set requirements its borrowers must meet. However, you will likely need to have fair credit — typically 580 or higher — and be a US citizen or permanent resident to qualify. And because GreenSky accepts coapplicants, you may be able to improve your chances of qualifying by adding someone with a higher income or credit score to your application.

What information do I need to apply?

You will need to provide the following information about yourself and your coapplicant when you apply:

  • Date of birth
  • Social Security number
  • Gross annual income

GreenSky may also require you to submit other information, such as proof of income or residence, if you choose to finalize your application.

Pros

  • Potentially defer interest for 18 months
  • Coapplicants welcome
  • Low starting rates between 3.99% to 5.99%

Cons

  • Must finance through specific merchants
  • Repayments start immediately
  • Limited information available online

See other personal loan options

Data indicated here is updated regularly
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
Upstart personal loans
7.35% to 35.99%
580 or 620 depending on state of residence
$50,000
This service looks beyond your credit score to get you a competitive-rate personal loan.
Credible Personal Loans
4.99% to 35.99%
Fair to excellent credit
$100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
LendingTree Personal Loans
Starting from 3.99%
Good to excellent credit
$50,000
Receive up to five loan offers in just minutes through LendingTree's simple online form.
SoFi personal loans
5.99% to 16.19%
680
$100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.
LightStream
Varies
Good to excellent credit
$100,000
Borrow up to $100,000 with low rates and no fees.
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Compare up to 4 providers

Is GreenSky legit?

Yes, GreenSky is a legit loan servicer that works with FDIC-insured banks to fund home improvement projects. Its privacy policy covers how it collects and uses information, and its website is secure so your personal and financial information is kept safe when you enter it.

Does GreenSky get good customer reviews?

BBB accreditedYes
BBB ratingA+
BBB customer reviews4 out of 5 stars, based on 216 customer reviews
Customer reviews verified as of09 June 2020

While GreenSky receives a high rating on its BBB page, many of the recent reviews — from both customers and merchants — are negative. Customers report problems with how their payments are processed and GreenSky’s customer service. There are also complaints about incorrect reporting to credit bureaus, and quite a few potential customers are upset they were denied after submitting an application.

How do I apply?

GreenSky doesn’t accept applications directly from borrowers, but your merchant or contractor will be able to walk you through the financing process. When you’re ready to submit an application, work with your merchant to ensure you have the right paperwork and information ready to submit to GreenSky.

What happens after I apply?

GreenSky will process your application and notify you of its approval decision. If approved, you may need to submit additional information to finalize your loan. You will be given an account number with your loan agreement that you can use to pay for services from your merchant.

How do repayments work with GreenSky?

The repayment process will depend on the plan you chose through your merchant. In some cases, you may be eligible for 18 months of deferred interest. While interest will still continue to accrue on your loan, if you’re able to pay back your loan in full within the 18-month window, GreenSky will refund it to you.

To make a payment, you’ll need to visit GreenSky’s website and sign in to your account. GreenSky allows you to sign up for automatic payments, but doesn’t offer an APR discount. And if you’d like, you can also call in or mail a payment.

There are no late or nonsufficient funds fees listed on its website, so review your contract and reach out to GreenSky’s customer service team if you know you may not be able to make your monthly repayment.

GreenSky may be a convenient option offered through your merchant, but there are
other home improvement loan options you should consider first. And if you need more flexibility, consider a multipurpose personal loan instead.

Frequently asked questions

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2 Comments

  1. Default Gravatar
    Myrian
    November 26, 2018

    Can I apply for a loan if I am in bankruptcy?

    • Default Gravatar
      joelmarcelo
      November 27, 2018

      Hi Myrian,

      Thanks for leaving a question on finder.

      You need to have credit score of at least 640 to be eligible for GreenSky Direct home improvement loan. You can not get a loan from them while bankrupt. During your bankruptcy or after you’re discharged, you may find yourself in need of a loan, and there are lenders who might consider you for a second chance. We have a guide in getting a loan while bankrupt if you click here.

      Please send me a message if you need anything else. :)

      Cheers,
      Joel

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