Personal Loans

GreenSky Home Improvement Loans Review 2023

GreenSky offers home improvement loans to eligible borrowers. Learn how these loans work, and compare rates with other top lenders.
Two home improvement contractors are shown building a deck outdoors
Written by:
Rebecca Lake
Edited by:
Kristin Marino verified
Editor's Rating

If you’re considering home renovations or repairs, figuring out your budget is the first step. The next is deciding how you’ll pay for it.

Getting a home improvement loan is one possibility. GreenSky helps to facilitate loans of up to $65,000 for home improvement projects at low interest rates.

Our GreenSky home improvement loan review can help you to decide if it’s a good fit for your borrowing needs.

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GreenSky Top Features

GreenSky is unique in how it helps borrowers to qualify for home improvement loans.

Rather than offering loans directly, GreenSky helps borrowers connect with approved lenders to secure the financing they need to complete home improvement projects.

Here are some of the top features of GreenSky home improvement loans:

  • Competitive interest rates with the option for an introductory deferred rate period
  • Generous borrowing limits
  • Flexible repayment terms of up to 140 months
  • Loans can be used for a variety of home improvement projects
  • Quick approval and fast funding
  • Couples can take out joint loans
  • Easy online application process
  • No collateral required

What Is GreenSky?

GreenSky is a technology company that helps to facilitate home improvement loans for qualified borrowers. The company was acquired by Goldman Sachs in 2022.

GreenSky does not make loans directly. Instead, GreenSky acts as a link between contractors, homeowners, and banks.

When you get a loan through the GreenSky program, that loan is granted by a participating bank. GreenSky services the loan at the direction of your lender.

GreenSky Fast Facts

  • Founded in 2006
  • Acquired by Goldman Sachs in 2022
  • Loan servicer for one of the nation’s largest bank lending programs
  • More than one million home improvement projects financed

GreenSky loans are personal loans, not home equity loans. That means that your home does not secure the loan, and the amount of equity you have doesn’t influence what you can borrow.

Who Is GreenSky For?

It’s important to shop around when looking for home improvement loans. You might consider the GreenSky program if you:

  • Want to borrow money for home improvements without tapping into equity or using your home as collateral
  • Are working or plan to work with a GreenSky-approved contractor
  • Would like to defer interest charges on home improvement financing
  • Are comfortable applying for a home improvement loan online
  • Need fast funding

If you’re approved for a GreenSky home improvement loan, you have flexibility in how the money can be used. For example, you might use loan proceeds to replace your HVAC system, install new windows or update your roof.

Note: While interest for home equity loans or lines of credit may be tax-deductible when used for home improvement projects, that benefit does not extend to personal loans.

Compare GreenSky to Other Lenders

GreenSky is not the only open when looking for home improvement financing. There are a number of other loans you might consider if you need money to complete renovations or repairs.

Here are three other lenders you might consider.

Marcus by Goldman Sachs

Marcus is the online division of Goldman Sachs that offers banking products and personal loans.

Marcus loans can be used for home improvements and you can borrow up to $40,000 at competitive rates.

Loan terms extend up to 72 months.


Upstart is an online lender that offers personal loans of up to $50,000.

Loan terms are shorter, maxing out at 60 months, but it’s possible to qualify for a low rate if you have a good credit score.


SoFi offers personal loans that can be used for home improvement or renovation projects.

It’s possible to borrow up to $100,000 and rates are fairly competitive, compared to other lenders.

Compare GreenSky to other lenders and find the best interest rate you qualify for.

How Does GreenSky Work?

As mentioned, GreenSky does not make loans. Instead, the company helps contractors to extend financing to their customers through a network of approved banks.

You can apply for a home improvement loan through the GreenSky portal. GreenSky reviews your application and performs a hard check of your credit. You’ll then be approved or denied.

If approved, GreenSky will provide you with the details of the loan, which you can accept or refuse. If you decide to accept the loan, you’ll take the next steps to finalize your application and get access to the loan proceeds.

The loan itself is made through a partner bank in the GreenSky program. Banks work with contractors to offer financing to homeowners through GreenSky. That means if you want to get a GreenSky home improvement loan, you’ll need to work with a contractor who belongs to the program.

GreenSky services loans, meaning instead of paying the lender you send your monthly payment to GreenSky. Loans are serviced according to the terms set forth in the loan agreement by the lender. If you have any questions about your loan, you’d need to contact GreenSky, not the lender.

GreenSky loans can show up on your credit reports. Paying on time can help to improve your credit rating while paying late could count against you. Again, though, these are unsecured personal loans so there’s no risk of losing your home to foreclosure the way there might be if you were to default on a home equity loan.

How to Get Started

To get started with GreenSky, you’ll need an application ID. To get the application ID, your contractor must submit a scanned photo of your driver’s license front and back to GreenSky.

Once they do that, a loan application generates automatically. You’ll need to fill out the loan application with your personal information as well as details about how much you’d like to borrow.

GreenSky does perform a hard credit check, though the company doesn’t disclose the minimum credit score requirements for borrowers. Other considerations for a GreenSky loan include your income and what you plan to use the loan for.

If approved, you can use your application ID to create a customer account through the GreenSky consumer portal. In order to create your account, GreenSky needs your:

  • Application ID
  • Social Security number
  • Date of birth

You can manage your loan through the portal, view statements, and schedule monthly payments.

Rating the Features

GreenSky could be a better fit for some borrowers than others. Taking a closer look at the features can help you better understand how this lending option works.

User Experience

Since GreenSky works with contractors and lenders, rather than offering loans, you’ll first need to be sure your contractor is a partner before you can apply.

Your contractor has to share your information with GreenSky in order for you to be able to apply for a loan. That’s an extra step that you typically won’t encounter with other personal loans, which might detract from the user experience for some borrowers.

Fees and Rates

GreenSky helps borrowers get financing at competitive rates. The program also offers the option to take advantage of a deferred interest option.

If you’re able to pay off your loan within the specified time period, you may pay no interest at all.

Overall, GreenSky’s rates are competitive, though the rate you qualify for can hinge largely on your credit score.

The GreenSky website does not mention any origination fees, late fees, or other loan fees. However, it’s worth noting that there have been some consumer complaints filed with the Consumer Financial Protection Bureau citing unanticipated fees and interest charges.


It’s not immediately clear how the GreenSky program works for borrowers. You have to do a little digging into the FAQs section to understand how GreenSky loans work.

GreenSky doesn’t offer any information on qualification requirements either, so it’s difficult to gauge what credit score or income may be needed to get approved for a loan.


GreenSky does not advertise the ability to change your loan payment due date on its website, so there may be limited flexibility there if that’s something you’re looking for.

You’re also required to use a contractor in the GreenSky program in order to get financing for home improvement projects.

Customer Support

GreenSky offers chat support when you’re logged in to your online account. You can also get support through text banking.

There is no customer service phone number listed on the website’s contact page. A mobile app is also available but only for merchants.

Pros and Cons of GreenSky Home Improvement Loans

No lender is perfect and there may be advantages or disadvantages associated with the loan process. Here are some more details on what we like and don’t like about GreenSky loans.

Frequently Asked Questions (FAQs)

Does GreenSky offer loans directly?

No, GreenSky does not offer loans to borrowers directly. Instead, the company facilitates loans between contractors, consumers and banks.

Do GreenSky loans affect your credit?

GreenSky loans can show up on your credit reports and affect your credit rating. Making loan payments on time can help you to avoid negative credit score impacts.

Are GreenSky loans tax-deductible?

GreenSky loans are personal loans, meaning they are not tax-deductible even when used for home improvement purposes. If you’d like to be able to deduct interest on a home improvement loan then you may want to consider a home equity loan or line of credit instead.

Is collateral required for a GreenSky loan?

GreenSky loans are unsecured personal loans, meaning there is no collateral required. That’s different from a home equity loan, which uses your home as collateral.

Bottom Line

GreenSky home improvement loans could be an attractive option if you’re hoping to get a lower interest rate or defer interest charges.

You might consider this borrowing option if you work with a contractor that offers financing through GreenSky.

If you’re ready to get started, you can talk to your contractor about setting up an application ID with GreenSky.