- Defer your interest: You can defer your loan interest for a promotional period, such as six, 12, or 18 months. This could be a good idea if you have the cash to pay off your loan quickly, as your interest charges will be waived if you repay the loan in full before the promo period ends. Keep in mind that if you don’t pay off the loan before this period ends, you could be responsible for all of the accrued interest.
- No- or low-interest loans: If you need more time to repay and meet GreenSky’s credit requirements, you might qualify for a no-interest loan. Other options include a fixed-rate plan that keeps payments predictable and an 18-month interest-only loan.
GreenSky customers have access to a self-service portal where they can manage their accounts. You can use the portal to schedule payments or manage autopay, but you also have the option to pay by mail or phone.
How GreenSky compares to other lenders
You can apply for a loan by calling GreenSky or visiting their website. But before you do, it’s a good idea to consider as many lenders as possible to find a loan that fits your needs.
Credible makes this easy – although GreenSky is not one of our partners, you can compare your rates from other personal loan lenders in two minutes.
GreenSky isn’t a partner lender. But you can use Credible to compare rates from other lenders who offer personal loans in just 2 minutes.
How GreenSky can improve
GreenSky has made some important changes over the last few years. For example, it beefed up its contractor vetting and oversight processes to better protect consumers against predatory practices.
- Offering a mobile app to its customers: GreenSky has a mobile app for contractors, but none for consumers. Mobile account management should be a given for a fintech lender company.
- Lowering the activation fee: The company’s payday loans in Lakeland $39 account activation fee could be steep for first-time borrowers.
- Providing a contractor network: It would be helpful if GreenSky’s website had a list of participating contractors. As it is, consumers must fill out a request to have a contractor contact them.
Daria Uhlig is a contributor to Credible who covers mortgage and real estate. Her work has appeared in publications like The Motley Fool, USA Today, MSN Money, CNBC, and Yahoo! Finance.
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