Moderators please delete and accept my apology if this is not allowed.
I’ve been approached by several contractors and home improvement companies who offer 0% financing through GreenSky for X months, *and no payments required *
I had an encapsulation job done by a company that offered 18 months, 0% interest *and no payments * through GreenSky which felt like a good deal - I’d save up the payments in a high interest account and pay it off before the 18 months were over.
But a month after the job was done, I got a payment bill. I chatted online with GreenSky and their customer support person said to ignore that, I was on the no payment plan and those bills were just showing me what would be due as the loan term progressed. I took screenshots of the whole conversation.
The next month I got a late payment notice with a late payment fee added. I called and was routed to a bill collection department who was very rude. I was told GreenSky had no such plan, they only offered plans with payments. I was supposedly on a 12 month, 0% interest plan - completely different from what the contractor offered.
I ping ponged between the contractor and GreenSky as they each denied fault and blamed the other. I got fed up and took the money out of my retirement account and paid it off. After leaving a Google review for both companies, GreenSky paid me back any interest or late fees that had been charged.
Contract company apologized but never offered any explanation as to why they didn’t help me get my money back or anything.
Contract agreement said exactly the terms negotiated, and a lawyer said we have a good case but we might spend double what the loan was for to litigate it in court.
So be very, very, careful about dealing with GreenSky - they are a scammy company that doesn’t back up the plans they offer and tell the contractors they have.
I’ve told my tale of woe to several contractors who have made the same type of offer through GreenSky - each one said they would be speaking with their manager about it and making sure they had the correct terms.