GreenSky Credit Brings a New Business Model to Unsecured Loans

The Chief Executive Officer of GreenSky Credit, David Zalik, may have started his career as a college dropout, but he is now a billionaire in charge of one of the largest instant lending companies in the United States. The simple building in Atlanta, Georgia doesn’t show much indication of the successful business that lies in its walls, and Zalik prefers it that way. The headquarters of GreenSky Credit is located in the outskirts of the city in an older office building with only a few stories. The simple basement offices of GreenSky Credit are rarely seen by the public, David Zalik jokingly compares it to Willy Wonka’s famed chocolate factory but a lot less glamorous and arguably less exciting.

GreenSky Credit is only led in the industry of fintech companies by SoFi and Stripe despite managing to remain relatively obscure to the majority of the public over the last ten years or so since it was founded. With a current valuation of $3.6 billion as of last September, they managed to raise $50 million for their company. As their Chief Executive Officer and co-founder, Zalik is now safely considered a billionaire.

One of the main customer bases of GreenSky Credit are contractors involved in home remodeling who encourage their customers to use their credit services to finance their home projects. One of the benefits of GreenSky is that is can be accessed through a mobile app that is rather simple to use compared to others. While there is a considerable amount of employee power dedicated to calling their customers who need to catch up on their unsecured loans, they only make loans to customers whose FICO scores are acceptable. While there is a considerable market for people with risky credit, GreenSky leaves that to the many other online lenders who are willing to take the risk involved in that customer base.

One of the interesting aspects about GreenSky Credit is how the risks involved with the loan are dispersed to different parties involved with the transaction. In fact, a lot of the work involved in marketing is completed by others as well such as the contractors who are working with the homeowners.

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