Greensky Credit creates new business model for lending

GreenSky Credit has been operating since 2006. It was in that year that David Zalik, a child prodigy and serial entrepreneur, had an idea that would potentially allow merchants to increase their sales on big-ticket items by billions of dollars each year. Zalik knew from operating a previous e-consulting business that merchants like Home Depot, Benjamin Moore and other sellers of high-end home remodeling, furniture and other items often lost sales due to the simple fact that customers were not competent at assessing the likely price tag on jobs they wanted to do.

The solution Zalik came up with was to facilitate true instant loans at the point of sale. But unlike other forms of retail financing, like in-store financing or installment plans, the loans that Zalik envisioned would be able to be approved at the job site or on a sales call. With this idea in mind, he founded GreenSky Credit in 2006. The model quickly proved itself.

Unlike other fintech startups, GreenSky Credit does not keep any loans on its books. In fact, it doesn’t even really originate loans. The only thing that GreenSky Credit does is line up customers with its partner banks. This incredibly simple model might be easy to write off as being trivial, being an already saturated market or not having a large enough total available market. But Zalik’s genius lay in seeing the huge potential that still existed for high-end loans on niche retail products for customers with excellent credit.

The majority of GreenSky Credit’s customers have excellent FICO scores, usually above 700. This means that the risks that banks incur on these loans tends to be minimal. It also means that from the customer’s perspective, GreenSky can make highly enticing loan offers. Usually, the loan offer that the merchant makes to the customer through the GreenSky interface involved no money down, no payments for a year and zero interest for an introductory period. Zalik says that the vast majority of customers pay back their loans in full before the higher rates and payments kick in.

All told, GreenSky is currently valued at more than $4.5 billion and is murmurring about a possible IPO.

 

https://cardconnect.com/partner/greensky

Entrepreneur and Philanthropist-Marc Sparks

Life is all about being successful and achieving one’s dreams and goals in life. However, this is not what everyone wants or is living for. Some consider a successful one through assisting others to accomplish their everyday dreams as they also achieve their long-term as well as personal goals. It is more fulfilling when others succeed because you have assisted them. Marc Sparks is one person who trusts that he cannot get a life as well as personal accomplishment without helping others. Mr. Sparks does not give himself all the credit for his successful life; instead, he believes being able to accomplish all that he has been through hard work and assisting others.

Marc Sparks is an American investor and philanthropist who has had multiple successful as well as unsuccessful ventures since his High School graduation. Marc graduated from High School in 1975 in Austin, Texas. Marc Sparks does not attribute his achievements because of his wealthy background or his education; instead, he believes it is all about God. The prominent American entrepreneur got a c+ in his High School graduation and despite the grades, he has realized his dreams and also helped others. He believes he was born with a keen interest because he did not and has never received any formal training. Marc trusts it is through God’s grace that he has been able to achieve his success. Marc Sparks has established dozens of startups which others think it is impossible to create. Some of the companies he has successfully established are Timber Greek Capital. He is also a venture capitalist who invests in businesses that seem to make profits.

Marc Sparks is also an author and a publisher he has written books including; They Can’t Eat You, where he talks about his success and his failures. In a statement, Marc says that he believes the book he wrote with a lot of pain will help his readers learn more of his failures in business than how they would learn about his success in the business world. Marc continues to say that he wrote the book out of his colleagues’ conviction and his book is for those who have lost hope in life and think that they can no longer realize their dreams. Most of the time when asked about his life and whether he fears to lose, Mr. Sparks says that he is not afraid of losing in life and enjoys every minute of it whether he has or not. Marc has a strong belief in God and says that “God gives us challenges and devastating circumstances so we understand the responsibility that comes with success and keep us humble”. Marc Sparks is not a renowned business person instead he is much involved in humanitarian activities in the community. He funds Samaritan Inn a homeless shelter in Dallas. Learn more: https://twitter.com/msparks5010?lang=en