How GreenSky Credit Has Streamlined the Loan Process
If you haven’t heard of GreenSky Credit, allow this article to provide you with a brief overview of the company. Founded in 2006, the consumer finance company has been ranked number 17 amongst CNBC’s disruptor 50 lists, which is a list of companies whose innovations have revolutionized not only their respective industries but also the way we live. Currently, GreenSky Credit has a valuation in excess of $3 billion dollars and over 17,000 merchant retailers. And if that wasn’t impressive enough, they are also backed by a leading financial institution, 5/3rd Bank.
Founder and CEO, David Zalik has made it his mission to make GreenSky Credit a mobile-first company; he believes that with today’s modern technology consumers should be able to initiate the loan process from the convenience of their smartphones. Needless to say, Zalik can appreciate the fact that the landscape has changed when it comes to the loan process; just a few short years ago, the thought of using a smartphone to apply for a loan was unfathomable. However, today, it’s becoming the standard.
As far as David Zalik’s background is concerned, he attended Auburn University while simultaneously running his first business, MicroTech Information Systems. As the business became more successful, Zalik left college to devote more time to the company’s day to day operations. After selling MicroTech in 1996, Zalik launched not one but two equally successful companies, Phoneix and Outweb.
Now that we have taken a look at Zalik’s background let’s examine the unique business model that has made GreenSky credit what it is today. The company prides themselves on their use of technology to streamline the lending process; they have partnered with a variety of banks and have created an app that allows consumers to start the loan process by simply scanning their driver’s license with their smartphones.
Once the information has been scanned, consumers will then enter in additional data along with their social security number. From there, GreenSky Credit will initiate a loan evaluation and will advise whether or not the loan has been approved. And if the loan has been approved, customers will be provided with the loan details, including the APR and other pertinent data.