GreenSky Credit is the idea of its CEO and majority owner David Zalik. He has come up with an idea that is changing how people borrow money for home improvements. The idea will carry over into other areas as Zalik moves GreenSky Credit to areas such as elective medical and dental procedures. Anywhere that people have an expense they cannot pay in full immediately but are in need or want the service. Zalik has tapped into that market with a business plan that makes it easy for the borrower, good business sense for the business supplying the product, and very profitable for Zalik and his company.
David Zalik lived in Auburn, Alabama where his father was a teacher. At the end of junior high school, Zalik scored high on a college admissions test. He then skipped high school and started taking courses at the university. This lasted until he decided to go into business for himself. The time needed for his business left no time for school so he dropped out. It turned out to be a wise decision in the long run as GreenSky Credit has made David Zalik a billionaire. He did not go straight from college to GreenSky. He has other businesses along the way that were a prelude to his current success story.
The business plan of GreenSky Credit is both simple and brilliant. Zalik enlists contractors who do home improvements. He provides them with an app that produces almost instant financing for a homeowner. The contractor presents a proposal for a home improvement to the owner who then says they do not have the cash to pay for the work. The contractor then uses the app to get approval for the loan which is provided by a financial institution. GreenSky Credit gets a fee from both the contractor and financial institution for being the middle man, but does not have to loan any of its own money.
David Zalik sees GreenSky Credit growing in the future by signing up more contractors, and expanding the company’s reach into areas like medical procedures not covered by insurance. The future is bright for anything Zalik touches.