The fields of consumer technology and finance have merged together in recent years to yield companies like Lending Club Corporation and Social Finance Inc., lending companies that provide loans to consumers primarily in the United States, though such competitors in the “fintech” industry are active throughout most countries on planet Earth.
GreenSky LLC and its subsidiary organization GreenSky Credit are partnered with fourteen banks throughout the United States among the likes of SunTrust Bank and Regions Financial Corporation. Rather than taking on debt itself in the name of raising capital to send directly to its clients, GreenSky Credit hooks up clients around the contiguous 48 states, Hawaii, and Alaska by sending them directly to financiers’ doorsteps.
Those banks then direct the responsibility of customers to pay to roughly 12,000 merchants across the nation. Loans have been made to a total of 1.8 million customers since GreenSky Credit was created 12 years ago that together total to a whopping $12 billion in financing.
Rather than using its website, physical locations, or phone calls to direct financing to clients who largely need such money to fund entrepreneurial causes like doctors’ offices and add-ons or remodelings of homes, GreenSky LLC uses its mobile app to link clients with financiers. While applicants first have to be approved to receive such loans based on information from credit reports, past lenders, and reviews found across the World Wide Web, they can simply use the mobile app to seek financing for their wants and needs after the initial approval process is complete.
The company was founded by Mr. David Zalik in 2006; Zalik still works for GreenSky Credit as its chief executive officer today. CEO and founder Zalik became a billionaire after just a few years were spent with the company. Once Greensky released its initial public offering to the world, just a few months went by before Zalik was upgraded from the ranks of a not-so-measly millionaire to those of a billionaire.
GreenSky LLC makes roughly 12 percent of each loan’s value upon the completion of financing arrangements – the revenue is practically the firm’s only means of earnings.