GreenSky Personal Loans Review: Low-Interest Loans for Home Improvement

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greensky personal loans

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As an online loan servicer, GreenSky works with borrowers and merchants to provide low-cost personal loans for home improvement, specialty retail, and health care expenses. It’s funded more than $10 billion in loans to over 1.3 million customers, according to the lender.

If you’re considering GreenSky personal loans, read on for a full review of this online lender.

GreenSky personal loans overview

GreenSky offers unsecured personal loans, which require you to pass a credit check to qualify. With your loan funds, you can cover home improvement, specialty retail, and health care costs. The loans are provided by federally insured financial institutions.

There are two ways you can borrow a GreenSky loan. First, you can apply as an individual for a home improvement loan. Currently, loans for home improvement are the only personal loans GreenSky offers to consumers directly.

The other way to borrow is through one of GreenSky’s partner merchants. Some merchants offer GreenSky point-of-sale loans during checkout. These loans might be for a home improvement project, but they could also fall into the fields of specialty retail or health care. According to GreenSky, it’s partnered with over 18,000 merchants.

GreenSky personal loans have a range of APRs and terms

GreenSky personal loan interest rates vary depending on the loan type.

Individual borrowers can apply for home improvement loans, which can be used for flooring, windows, landscaping, or other projects. Home improvement loans come with fixed APRs between 3.99% and 23.99%, as of April 18, 2018. You can choose terms of 42, 66, or 90 months. For the most up-to-date rates, check GreenSky’s website.

If you’re borrowing through a partner merchant, your terms and conditions will vary. The Home Depot, for instance, currently offers a GreenSky financing option with a fixed interest rate of 7.99% and a repayment term of 84 months. If you’re working through a partner merchant, ask about its loan terms.

This personal loan works differently than other loans. After getting approved, you’ll receive a GreenSky Home Improvement Payment Card. You can use this card with home improvement contractors and retailers nationwide. After your six-month purchase window, your balance will be converted into an installment loan, which you’ll pay off with fixed monthly payments.

Merchants might also offer a 0% interest promotional period. If you pay your loan off in full before this period is up, you won’t have to pay any interest.

As you can tell, GreenSky personal loans come in different shapes and sizes. Make sure to review all terms and conditions before taking out a GreenSky loan so you understand exactly what repayment will look like.

And before you sign on the dotted line, crunch the numbers with our personal loan calculator. This tool will estimate your monthly payments and reveal how much interest you’ll pay over the life of your loan.

You can apply for GreenSky personal loans online

The GreenSky loan application process is paperless. You can apply online or with a GreenSky customer service representative over the phone. You can also apply through GreenSky’s mobile app if you’re borrowing through a partner merchant.

When you apply, you’ll need to provide basic personal information, such as your name, address, monthly income, and Social Security number. You’ll also need to have a government-issued ID, such as a driver’s license or passport, handy.

If you apply online, the first page of the application will look like this:

greensky personal loans

Image credit: GreenSky

Those who apply via mobile app will need to download the GreenSky app and register. The registration page will ask you to enter a merchant or provider number as well as a passcode to get started.

greensky personal loans

Image credit: GreenSky

After you fill out the required fields, GreenSky will run a credit check. Based on your credit report, it’ll show you your loan offer. If you accept, you can go on to finalize the deal.

GreenSky has a few basic eligibility requirements for taking out a loan. For one, you’ll need a valid Social Security number and government-issued ID.

You’ll also have to meet credit requirements. Although there’s no advertised credit score cutoff, you’ll likely need a strong enough score to qualify for an unsecured personal loan.

Contact GreenSky customer service for more info

For more information on GreenSky personal loans, you can contact customer service by calling 866-936-0602 or emailing You can also follow company developments on Twitter or Facebook.

Finally, take a look at customer reviews on sites such as Credit Karma. Unfortunately, the reviews are mostly negative, with customers citing unfair late fees and unhelpful customer service from GreenSky.

On Yelp, for example, one customer wrote, “Stay away from these people. They work for the contractors not for you.” Another wrote, “Horrible online experience. If you intend to make online payments and generally manage your account, this company is broken.”

If you’re considering a GreenSky personal loan, make sure you understand all the terms and conditions before finalizing the deal. And to answer any other questions, speak with customer service to ensure you have a clear picture of how to take out a personal loan and repay it.

Note: Student Loan Hero has independently collected the above information related to GreenSky personal loans. GreenSky has neither provided nor reviewed the information shared in this article.