Product Overview of GreenSky
GreenSky is a financing platform designed to simplify and enhance the payment and credit process for home improvement projects, enabling businesses to offer their clients affordable and flexible payment options.
What GreenSky Does
GreenSky provides point-of-purchase loans specifically tailored for home improvement projects. This includes a wide range of services such as kitchen and bathroom remodels, HVAC installations, home automation, window and door replacements, roofing, and water filtration systems. By integrating financing into the sales process, GreenSky helps businesses close more deals, expand project scopes, and get paid quickly.
Key Features
1. Fast and Easy Application Process
- GreenSky offers quick credit decisions, often in seconds, with credit limits up to $65,000. Customers can apply online, through the mobile app, or over the phone.
2. Pre-qualification
- Borrowers can check loan options without affecting their credit score, allowing them to explore financing possibilities before committing to a formal application.
3. Plan Filtering and Payment Estimator
- Businesses can offer selected loan plans based on the project amount and type. The payment estimator tool displays up to three loan amounts and plans, facilitating “good, better, best” sales presentations.
4. Joint Loan Applications
- Borrowers can file joint applications, considering both applicants’ credit and income to improve approval chances.
5. Staged Funding
- This feature allows customers to finance their down payments, eliminating the need for upfront cash and enabling businesses to cover material costs without financial strain.
6. Promotional and Fixed Rate Loans
- GreenSky offers promotional plans with no interest if the balance is paid in full within the promotional period. Additionally, fixed rate installment loans with low payments are available to cater to various customer needs.
7. Flexibility in Project Scope
- Financing is available for projects not attached to a primary residence, such as patios, gazebos, or detached garages. This flexibility allows businesses to offer a broader range of services.
8. Real-time Updates and Financial Transparency
- Tools provide real-time updates on customers’ remaining account balances and purchase windows, enabling businesses to add additional project elements or services. Customers also receive clear financial terms and expectations.
Functionality
- Integration with Sales Cycle: GreenSky can be integrated into the sales cycle through platforms like Houzz Pro, allowing businesses to present financing options seamlessly and receive dedicated support and training.
- Account Management: Once enrolled, businesses are assigned an account manager to help navigate the sales strategy and monitor financing activity through a dedicated portal.
- Customer Benefits: GreenSky enhances customer buying power, enabling them to afford more comprehensive and high-end projects. The platform also simplifies the financing process, reducing the need for equity-based loans and associated paperwork.
By leveraging these features and functionalities, GreenSky empowers businesses in the home improvement sector to grow their customer base, increase sales, and deliver more value to their clients.