GreenSky is one of the reasons that the economy is now booming. The financial tech company’s business plan is devilishly simple and connects merchants with homeowners. This provides abundant work opportunities for a variety of different tradespeople.
The App Connects Contractors To Homeowners
GreenSky continually updates an app that is used by homeowners to secure home improvement loans. The app is so reliable that contractors all over the country promote its use to the homeowners themselves. In exchange, the contractors share some of the profits with GreenSky .
Getting To Work
Let’s say that you are a roofer. A local home needs roofing work badly, but the homeowners are short on cash. You could approach the homeowners with the app in hand to explain to them how it works. Then you allow them to review all of the available financial products.
The app works incredibly fast. In fact, the majority of the application is filled out with a scan of a driver’s license. The homeowner can simply show the approval to the roofer in order for the work to get started.
Benefits To The Homeowner
The GreenSky app allows the homeowner to get the best local loan possible. This means leftover cash for even more home upgrades. This allows homeowners to accelerate the construction of their dream homes all while putting tradespeople to work. It’s a beneficial cycle that should see the company stick around for quite a long time.
Local banks do all the heavy lifting for GreenSky . The financial tech company takes the loan applications to brick-and-mortar banks. They’ve developed quite a relationship with the banking industry. After all, the app only approves those with incredibly high credit scores. The volume of business is enticing for the banks, so each bank shares some of the profits from the loans with the financial tech services company at the end of the year.
This leaves the financial tech company with no exposure. The local banks take all the risks while GreenSky simply sits there making money. Read more about this innovative company in Forbes, Bloomberg and the Wall Street Journal.