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GreenSky Direct home improvement loans review

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.
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Details

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

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

Calculate how much you could expect to pay each month

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Based on your loan terms…

You can expect to pay back
$
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This breaks down to…

$
in
principaland
$
in
interest
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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

Name Product Filter Values APR Min. Credit Score Loan Amount
BHG personal loans
Varies
Accepts fair credit
$20,000 – $200,000
Best Egg personal loans
5.99% to 29.99%
600
$2,000 – $50,000
A prime online lending platform with multiple repayment methods.
SoFi personal loans
5.99% to 19.63%
680
$5,000 – $100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.
Credible personal loans
2.49% to 35.99%
Fair to excellent credit
$1,000 – $100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Monevo personal loans
3.49% to 35.99%
None
$500 – $100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
Tally+ Express
7.9% to 29.99%
660
$2,000 – $30,000

Only available for Line of Credit and Debt consolidation

Upgrade personal loans
5.94% to 35.97%
600
$1,000 – $50,000
Affordable loans with two simple repayment terms and no prepayment penalties.
LendingClub personal loans
8.05% to 35.89%
640
$1,000 – $40,000
A peer-to-peer lender offering fair rates based on your credit score.
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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.

GreenSky reviews and complaints

BBB accredited Yes
BBB rating A+
BBB customer reviews 4 out of 5 stars, based on 216 customer reviews
Trustpilot Score
Customer reviews verified as of 09 June 2020

GreenSky home improvement loans does not have any Trustpilot reviews.

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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Review by


Kellye Guinan is a seasoned financial writer with over 500 articles under her belt spanning all things loans from auto to personal to business and everything in between. With four years in the field and five years of research experience, she's able to make complex personal finance decisions easier for anyone to tackle. When she's not up to her knees learning about the latest trends in lending, she spends her time improving her own financial literacy and expertise — and maintaining a Duolingo streak of over 1,300 days.

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.

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2 Comments

    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. You can check our guide in getting a loan while bankrupt.

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

      Cheers,
      Joel

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