GreenSky Credit soars to more than $4 billion valuation

Back in 2006, serial entrepreneur David Zalik bet everything he had on the future of his new startup. Called GreenSky Credit, the company represented a completely untested model that Zalik hoped would revolutionize the way that point-of-sale lending happened for big-ticket items. In fact, the business was so unproven that Zalik had difficulty finding outside financing to help him launch his business. It was for this reason that he was forced to effectively reverse mortgage his entire $12 million commercial real estate fortune, which represented the fruits of his entire life’s work to that point.

But Zalik believed strongly in the business that he was creating. Today, that $12 million bet that would have put Zalik into the poor house had he lost it has fueled what is now a company valued at more than $4 billion. This incredible rise from a tiny startup that no one had heard of to the darling of the fintech industry has made Zalik a star. But more importantly, 12 years after its founding, GreenSky Credit has introduced a completely new lending model that has proven to be eminently viable. This is especially impressive given the dismal results that so many other fintech companies have experienced. GreenSky Credit is likely to become the model upon which fintech is based well into the future.

GreenSky Credit is more evolutionary than revolutionary

One of the things that someone might notice about Zalik and his company is that both are completely devoid of the pretention and pomp that often comes with technology startups. Nowhere throughout the GreenSky Credit headquarters will one find beer dispensers, foosball tables or any of the other excesses that have become an accepted part of tech culture. At the same time, Zalik himself has never sought to violently uproot the existing banking system, unlike many of his fintech competitors. Instead, Zalik’s vision has always been to compliment the existing infrastructure through efficiency-gaining technology, connecting borrowers with lenders and adding tremendous value in the process by pushing deals through that otherwise would never have materialized.

GreenSky Credit has proved that often the biggest successes result from building on a system rather than tearing it down.

https://www.indeed.com/q-Greensky-Credit-jobs.html

The Three Steps Involved in the Application of GreenSky Credit

  • Introduction

Apparently, every industry is very competitive, which means that owners of the business have to ensure that their organizations are competent enough to operate in the sector efficiently irrespective of the prevailing competition. The level of competition has forced companies to use innovative methods to attract and retain customers and help their businesses to move to the next level. Contractors and builders have been accessing various mobile solutions with the aim of making their markets more efficient and customer oriented.

  • GreenSky Credit Program

One of the innovative method that builders and contractors are using is GreenSky Credit program, a technological solution that is geared towards offering quality financial services to the members of the public. However, the strategy ensures that borrowers and lenders are brought together through a credit platform that helps borrowers to access money with ease. Builders are using this platform to help their customers to get immediate funding for their projects.

How GreenSky Credit Works

The mobile-based credit platform ensures that any business, irrespective of its size, gets a maximum of $55,000 which will be used in offering credit services and goods to the consumers. The money is acquired through a faster speed that does not involve the traditional filing of papers and other bureaucratic procedures. The following are three steps that one requires to undertake in order to acquire credit from GreenSky LLC.

  1. Application

This is the first step where the borrower is required to apply for the loan through the company website or through the mobile app. An individual is needed to fill critical personal details for identification and loan retrieval process. Additionally, any person applying for this loan is necessary to highlight that purpose of the loan, i.e., construction.

  1. Application Review

The lending institutions will review the application process upon which they will determine whether a person has qualified for the loan applied or not. If lenders have approved the loan application, the customer will get an account number.

  1. 3. Loan Processing

The processing stage takes less than forty-eight hours upon which an individual will get the requested amount of money. Note that the funds will be deposited in the GreenSky Credit Account.

Source

The Balance Small Business- https://www.thebalancesmb.com/greensky-credit-mobile-solution-844894

https://www.wsj.com/articles/whos-the-most-valuable-online-lender-after-this-deal-its-greensky-1514911495