GreenSky Credit may have only existed since 2006, but it is certainly no underdog. In fact, it is currently listed as number three among the top fintech companies in the United States. This success is due to the unrelenting work of David Zalik, the CEO and the founder of GreenSky. This company works because it targets a previously underutilized customer. GreenSky mainly works with home renovation contractors who are then able to present homeowners in need of remodeling with the option to finance a loan for the project. The entire loan application and approval process generally only takes 5 to 10 minutes, and most customers are presented with an answer on the spot. This allows renovations to happen quickly, contractors to get paid quickly and GreenSky to succeed.
The other amazing part of GreenSky Credit is that it does not do all of the loan servicing itself. While it does have some loan officers in its office, it outsources the funding for all loans to other banks, such as Fifth Third. GreenSky is simply the middleman and makes money off the consumer’s need for a loan and the bank’s desire to stay out of the loan negotiation process. GreenSky can still present great terms and loan amounts and mainly provides loans to individuals with good to excellent credit. While renovation contractors are the main group of people targeted by GreenSky Credit financing, other businesses, such as health care organizations and retail stores, can also take part in this opportunity.
David Zalik was primed to create a thriving fintech company since the time he was a teenager. The son of immigrants, he was able to go to college by the age of 13 after passing the ACT. Instead of graduating from college, he took his profit-making skills and knowledge from his time there to start his first profitable real estate company. Although he has not always been met with success, GreenSky Credit is a monument to his hard work and his ability to see exactly what sort of financial services underutilized consumers need.