GreenSky Credit, a popular lending program supported by GreenSky of Atlanta, Georgia, has been in operation for the past 12 years. Over that span – beginning in 2006 and continuing to the present day – GreenSky Credit was responsible for facilitating upwards of two million transactions with a total dollar value exceeding $13 billion.
This lending program is different than most traditional means of financing for several reasons – here are a few of the most important.
GreenSky Credit operates through the Internet
That’s not to say that GreenSky and its GreenSky Credit program are the only businesses in all of financial services to utilize the Internet; GreenSky Credit is, in fact, one of the few companies in the industry to conduct all of its business through mobile applications and web browsers.
However, customers can apply by taking snapshots of their identifying documents and fill out a handful of forms – both of them – through its mobile app or the World Wide Web.
GreenSky doesn’t take on any substantial financing – at least not directly for lending
It’s true that most businesses – especially those that are traded openly on public stock exchanges, which includes GreenSky – take out financing for various purposes. In short, all such financing is dedicated to beefing up operations and not having to go without cash in the short-term or sell a company’s long-term assets in the name of paying important bills and obligations in the interim.
It’s also true that GreenSky has debt on its balance sheet; however, none of the money it took out loans for was used to lend money to customers. A vast majority of companies that compete in the lending arena simply take on major, colossal loans in the hundreds of millions of dollars range just to break them down in smaller amounts and charge higher interest rates on such smaller loans.
The company employs a boatload of workers
How many financial institutions that lend relatively small amounts to consumers employ more than 1,000 individuals? Not very many, especially not local financial institutions. This mass of employees encourages potential loan recipients to shop with GreenSky Credit due to GreenSky having enough employees on duty at all times to deal with any problem thrown at them.