It has not been long since GreenSky Credit launched their online platform for loan application that has transformed the way customers can access credit from the financial institutions. The process has been made super-easy compared to the traditional process which involved some tedious steps that were very frustrating for the customer. Nowadays, the credit consumers can happily access funds borrowed from the financial institutions using an online platform that has been invented by GreenSky Credit. To ensure that the platform benefits the majority of the credit consumers in the market, GreenSky has entered into contracts with the smaller lenders, contractors and the merchants who sell home improvement products and other products that the consumers may be likely to require but lack adequate funding.
For instance, a contractor may be having clients who require construction services and may be construction materials. Since the contractors may be incapable of offering the products and the services to the customers on credit, the client is left with the option to seek a loan from the financial institutions. This becomes so discouraging to the customers after considering the amount of time and effort that they are likely to use before they access the funds. They prefer to remain in the status quo than the hassles that they are likely to experience with the creditors. To save the customers all this agony, GreenSky Credit comes into the picture and signs an agreement with the contractors. These contractors are mandated to provide the customers with the materials that they require on credit.
After the services are delivered to the customers, they are supposed to repay the amount owing to the contractor within pre-agreed installments and period. The contractors then have the assurance of GreenSky Credit that after the provision of the services they would get reimbursed for their stock. After the client pays back the debt, it goes to the Greensky, and also the lenders pay some small commission for the financial security they get from GreenSky. To make the process easier and less tedious, GreenSky Credit has come up with a digital platform that allows these transactions to be carried out easily and without a lot of movements by the customers.