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

The Financial Pillar Behind Age-Breaking Inventions; Mr. Jason Hope

There is a guaranteed smile on the faces of the aged after major discoveries of reversing or slowing down their aging process are being worked on by various foundations and organizations. Aging is one condition that many don’t even argue with or bother to look for its cure because they think it’s a natural condition which cannot be controlled. Nevertheless, our generation is much privileged to control even their aging process. One of the major financial pillars to those organizations researching for anti-aging methods is philanthropist and entrepreneur Mr. Jason Hope.

Jason Hope studied at State University in Arizona where he earned his Master in Business Administration and later began several technology-related businesses and became a renowned personality in the technology field. His startups prospered greatly enabling him to become a philanthropist. He has been supporting SENS Foundation which was established in 2009 and has been helping the public access the age-breaking technology so as to enable the elderly overcome diseases that accompany the aged like diabetes, hypertension, arthritis, cancer etc.

In many hospitals, their approach has been aimed at treating these diseases when they appear but for SENS Foundation their aim is to use a biotechnology approach that aims at preventing the occurrence of such diseases. The foundation invests heavily in carrying out researches about aging and consequently tries to change the perception of the public regarding aging process.

With the amount in their basket that comes from philanthropists like Jason Hope, SENS Research Foundation supports other organizations that carry some promising research in the same field. Some of the beneficiaries of this foundation include Universities like Harvard, Yale, University of Arizona, Cambridge University and other organizations. The Co-Founder of this Foundation is Aubrey de Grey who is also its Chief Science Officer. He is very passionate at bringing to halt all these age-related diseases and this commitment can be seen in the millions of dollars he has put in the organization.

During his donation of half a million dollars, Mr. Jason Hope expressed his confidence in this non-profit organization in fighting diseases like Diabetes and Alzheimer which are the major diseases that many elderly people are struggling with. According to him, SENS Foundation is one of the pioneers that will bring major transformations in healthcare and biotechnology industries entirely. His donations are very vital in developing Age-breakers medications and setting up a laboratory program in the UK. Despite the success in their research, they have a major problem of overcoming the belief in the minds of people that age is to be respected and actually it’s a desirable occurrence.

Contact Jason Hope: www.crunchbase.com/person/jason-hope#/entity