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

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

greensky personal loans

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 service@greenskycredit.com. 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.

Interested in a personal loan?

Here are the top personal loan lenders of 2018!
LenderRates (APR)Loan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Personal LoansFixed rates from 5.950% APR to 14.490% APR (with AutoPay). Variable rates from 5.825% APR to 14.365% APR (with AutoPay). SoFi rate ranges are current as of May 3, 2018, and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.825% APR assu[mes current 1-month LIBOR rate of 1.90% plus 4.175% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
  2. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

2 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate Disclosure: Fixed interest rates range from 4.99% – 16.24% (4.99% – 16.24% APR) based on applicable terms. Lowest rates shown are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

* Important Disclosures for Upgrade Bank


Upgrade Bank Disclosures


  • Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.
  • Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.

7.73% - 29.99%$1,000 - $50,000
Check rate nowon SLH's secure site
5.83% - 14.74%1$5,000 - $100,000
Check rate nowon SLH's secure site
5.96% - 35.97%*$1,000 - $50,000Visit Upgrade
8.00% - 25.00%$5,000 - $35,000
Check rate nowon SLH's secure site
4.99% - 29.99%$10,000 - $35,000Visit FreedomPlus
4.99% - 16.24%2$5,000 - $50,000Visit Citizens
15.49% - 34.49%$2,000 - $25,000Visit LendingPoint
5.99% - 35.89%$1,000 - $40,000Visit LendingClub
5.49% - 18.24%$5,000 - $75,000Visit Earnest
9.95% - 35.99%$2,000 - $35,000Visit Avant
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.