Financing · Embedded Point-of-Sale Financing
GreenSky Review
Bank-funded point-of-sale home-improvement loan program for contractors
Heads up
GreenSky has faced federal and state action over loans taken out in consumers' names without their authorization. On July 12, 2021 the CFPB issued a consent order finding GreenSky engaged in origination activity on thousands of loans consumers did not request or authorize; GreenSky paid a $2.5 million civil penalty and was ordered to provide up to $9 million in refunds or loan cancellations. In May 2026 GreenSky settled an investigation by Texas, Georgia, Florida, Alabama, Alaska and the District of Columbia into complaints that businesses offering its loans took them out in consumers' names without consent and into GreenSky's oversight of those businesses; Alaska's attorney general says the settlement sets up restitution of up to $6 million in cash or credit to consumers. In Belyea v. GreenSky (N.D. Cal.), a federal judge on January 2, 2025 certified a class of California borrowers on claims over GreenSky's transaction fees under state credit-services and financing laws; the case was still active in September 2026. Make sure every customer personally authorizes their loan and understands any deferred-interest terms.
Quick verdict
Who GreenSky fits: Home-improvement contractors on larger projects who want a bank-funded point-of-sale loan program and are prepared to price in a transaction fee and explain promotional terms carefully. Trade-offs: Transaction fee is set by GreenSky and not published; 2021 CFPB consent order and 2026 multistate settlement over unauthorized loans; certified California fee class action pending; deferred-interest promotions need careful disclosure.
Fees & terms
Merchants pay GreenSky a transaction fee on each financed sale, calculated as a percentage of the loan amount and set by GreenSky (per federal court records). GreenSky's fee schedule, customer rates and loan limits could not be confirmed from its own site. Loans are funded by GreenSky's bank partners, and its programs include deferred-interest promotional loans.
- Cost to contractor
- Transaction fee on each financed sale, a percentage of the loan amount set by GreenSky; get the rate for each plan in writing before enrolling
- Customer APR
- Varies by plan and bank partner; not confirmed from a GreenSky disclosure
- Loan size
- Not confirmed from GreenSky; the CFPB described its loans as a few thousand to tens of thousands of dollars
Affiliate disclosure: The link to GreenSky on this page goes to its own site and is not an affiliate link.
About GreenSky
GreenSky runs a point-of-sale lending program that lets home-improvement contractors offer financing to homeowners. GreenSky does not fund the loans itself: bank partners do. A 2026 KBRA rating release names Synovus Bank and Comenity Capital Bank as originators of GreenSky loans and says GreenSky was founded in 2006 and is headquartered in Atlanta. GreenSky was owned by Goldman Sachs until March 15, 2024, when a consortium led by Sixth Street, with KKR, Bayview Asset Management and CardWorks, completed its purchase.
The contractor offers GreenSky financing with a quote, the customer applies, and loan proceeds are paid to the contractor rather than the customer, as the CFPB has described. The contractor pays GreenSky a transaction fee on each financed sale, calculated as a percentage of the loan amount and set by GreenSky. GreenSky's programs include deferred-interest promotional loans. Its fee schedule, customer rates and loan limits could not be confirmed from its own site.
GreenSky has a regulatory record contractors should know. In 2021 the CFPB found it had originated thousands of loans consumers did not request or authorize, and in May 2026 it settled a multistate investigation by five states and the District of Columbia into loans that businesses offering GreenSky financing took out in consumers' names without consent. A federal court in California certified a class of borrowers in 2025 in a case over GreenSky's transaction fees, and the case was still active in September 2026.
The trade-off: GreenSky gives contractors a bank-funded financing program for large home-improvement jobs, but the fee is not public, deferred-interest promotions need careful explanation, and every loan must be clearly authorized by the customer.
How it works
You enroll as a GreenSky merchant and offer its financing plans alongside your quote. The customer applies through GreenSky's platform, and one of GreenSky's bank partners decides whether to lend. When the customer's loan is used to pay for the job, the proceeds go to you, minus GreenSky's transaction fee, which is a percentage of the loan amount set by GreenSky and varies by plan. The customer repays the loan over time. Some plans are deferred-interest promotions, so explain the promotional terms and make sure the customer personally authorizes the loan.
Pros & cons
What works
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Bank-funded program
Loans are funded by GreenSky's bank partners; a 2026 KBRA release names Synovus Bank and Comenity Capital Bank as originators.
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Contractor is paid from the loan
The CFPB describes GreenSky loan proceeds as going directly to the merchant, so you are not waiting on the customer's installments.
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Promotional plans available
GreenSky's programs include deferred-interest promotional loans, which can help a customer fit a large project into a budget.
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Large, established program
GreenSky said in March 2024 that it had served nearly 6 million consumers and had over 10,000 merchants in its network.
What doesn't
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Fee not published
The transaction fee is a percentage of each loan set by GreenSky, and no fee schedule could be read on GreenSky's site. Get the rate for every plan in writing.
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Regulatory history
A 2021 CFPB consent order and a May 2026 multistate settlement both involved loans taken out in consumers' names without their authorization.
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Pending fee class action
A federal court certified a class of California borrowers in January 2025 in a case over GreenSky's transaction fees; the case was still active in September 2026.
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Deferred-interest terms need explaining
On deferred-interest plans, interest that builds up during the promotion can be charged if the balance is not paid in full in time. Customers need to understand that before signing.
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Terms not confirmable online
Customer rates and loan limits could not be confirmed from GreenSky's own pages, so you depend on the enrollment paperwork.
Features & integrations
Key features
Integrations
Frequently asked
How much does GreenSky cost contractors?
Merchants pay GreenSky a transaction fee on each financed sale, calculated as a percentage of the loan amount and set by GreenSky, according to federal court records. GreenSky's fee schedule could not be read on its site, so get the rate for each plan in writing before you enroll and price it into your jobs.
Who owns GreenSky?
A consortium led by Sixth Street, with KKR, Bayview Asset Management and CardWorks, bought GreenSky from Goldman Sachs; the deal closed on March 15, 2024. GreenSky is based in Atlanta.
Does GreenSky lend the money directly?
No. GreenSky administers the program and bank partners fund the loans. A 2026 KBRA release names Synovus Bank and Comenity Capital Bank as originators. Loan proceeds go to the contractor, and the customer repays over time.
What regulatory issues has GreenSky had?
In 2021 the CFPB fined GreenSky $2.5 million and ordered up to $9 million in refunds or cancellations over loans consumers did not request or authorize. In May 2026 it settled a multistate investigation (Texas, Georgia, Florida, Alabama, Alaska and DC) over loans businesses took out in consumers' names without consent, with up to $6 million in consumer redress according to Alaska's attorney general.
GreenSky vs Wisetack?
Wisetack publishes its merchant fee (3.9% per financed job, more for longer 0% APR add-ons) and covers jobs from $500 to $65,000. GreenSky's transaction fee is set by GreenSky and not published, and its programs include deferred-interest promotional loans. Compare written terms from both before choosing.
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