How David Zalik Revolutionized Getting A Loan
GreenSky, LLC, is a company which helps consumers get quick approval of a loan through a large number of lenders. They offer an online financing platform where people can get approved for loans in minutes. They offer a variety of payment plans and most people are approved for a loan. They offer loans up to $55,000 the merchant involved in the loan receives 20% of their money up front.
This company was founded by David Zalik. He is the chief executive officer of GreenSky, which he founded in 2006. In his role as CEO he works with the sales and marketing teams, is involved in product development, and oversees the risk management team. He has been an entrepreneur virtually his entire life, having launched his first company, MicroTech Information Systems, when he was just 14 years old.
One example of what GreenSky offers is a person wanting to have a $20,000 make-over of their kitchen but not having the cash on hand to do so. If the contractor does business with Greensky they can potentially offer low-expense financing. All they would have to do is scan the barcode on the homeowner’s license and within a minute they could have a loan offer that has already been approved. This could include an offer of no payments or interest for the first year.
Under David Zalik’s leadership, GreenSky is now valued at $3.6 billion. His company is based in Atlanta, Georgia, and it is now ranked third in America for privately held financial technology businesses. There are only two other similiar firms that are ahead of his company and those are Stripe and SoFi. He prefers to stay out of the limelight and has only conducted one interview which was done by Bloomberg.
David Zalik says that the average consumer who gets a loan from his company as a FICO score of 760. His company’s target market is people who need loans for the sake of convenience, such as wanting a home remodel. David Zalik says they stay away from those who are overextended when it comes to what they owe as these people make for a poor chance of the lender being paid back.