It has taken decades before the dawn of technology shone on the financial credit industry. However, with the formation of GreenSky Credit in 2006, things started taking a new dimension. The founders of this organization had realized that the financial lenders were exploiting their borrowers and hence felt the urge to curtail the unnecessary culture. The process of loan application had also been quite tedious for the borrower since a lot of scrutinies and filling in details were involved. Sometimes, the borrowers could even leave the institutions without getting enough funding as they had anticipated or they would have wished. Due to all these challenges, GreenSky Credit was formed with the aim of liberating the borrowers from all the plights to which they were subjected. The introduction of GreenSky Credit also came as a rescue to the small financial creditors since the company lends these firms money that they, in turn, lend to their customers.
In return, GreenSky gets a commission from the funds lent to the borrowers, hence making the relationship mutual. With this kind of mutual business relationship, it becomes easier for the financial creditors to maintain their clients since they can suffice the needs of the customers. On the other hand, GreenSky Credit can also transfer its credit risk to these small institutions and therefore boost its profitability. Recently, David Zalik, the CEO and the President of GreenSky Credit announced the launch of an online portal that will enable the borrowers and the creditors to interact in real-time communication. This platform will be under the management of GreenSky, but it will be accessed by the lenders and the borrowers. It will enable the borrowers to initiate the loan application process without having to move to the creditor’ premises.
Once the borrower has filled in the application details, they will be submitted to the financial creditors for approval. Following the approval will be the authorization of GreenSky Credit by these institutions to credit the accounts of the borrowers with the appropriate amounts on their behalf. Then from there, the customer can wait comfortably for the funds to reflect on their bank accounts within less than 48 hours.