GreenSky Review

Our take: GreenSky is a large-scale consumer lending platform that offers patient financing for dental practices alongside its much larger home improvement and elective healthcare business. The technology is fast and the credit lines are generous (up to $65,000), but the merchant fees are among the highest in dental financing at around 7.4%. GreenSky works best for practices doing high-value cases where the financing cost is offset by the case acceptance lift.

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What Is GreenSky?

GreenSky is a fintech company that provides point-of-sale consumer lending technology, connecting borrowers with bank partners who fund the loans. Originally founded in 2006 in Atlanta, GreenSky built its reputation in home improvement lending before expanding into healthcare, dental, elective medical, and veterinary financing.

The company has had a turbulent ownership history. Goldman Sachs acquired GreenSky for $2.24 billion in 2022, then sold it to a consortium led by Sixth Street Partners, KKR, Bayview Asset Management, and CardWorks in 2024. Despite the corporate shuffling, the dental financing product has remained operational and continues to serve thousands of provider offices.

GreenSky's healthcare division -- branded as "GreenSky Patient Solutions" -- offers revolving credit lines and installment loans through a network of federally insured bank partners. The platform handles the technology layer (application, underwriting, servicing) while the banks provide the capital.

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Who Is GreenSky For?

Dental practices that present large treatment plans -- implants, full-mouth rehabilitation, cosmetic cases, orthodontics -- and want to offer financing to increase case acceptance. GreenSky's high credit limits make it suitable for high-value cases that exceed what lower-limit financing products can cover. Practices doing primarily insurance-based preventive care won't see much value here.

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Key Features

Fast Digital Application

Patients apply through the GreenSky app or at a practice terminal and receive approval decisions in seconds. The application process is fully digital, reducing paperwork and wait times. Prequalification is available with no impact on the patient's credit score.

High Credit Lines

Credit lines up to $65,000, with revolving credit options up to $25,000. This is significantly higher than many dental financing competitors, making GreenSky viable for the most expensive dental procedures.

Flexible Promotional Plans

Practices can offer a variety of promotional plans including deferred interest, reduced APR, and 0% interest options. Standard APR ranges from 0% to 29.99% depending on the plan and the patient's credit profile. Promotional periods extend up to 24 months.

Provider Dashboard

GreenSky provides a portal for managing applications, tracking funded transactions, and monitoring your financing program. A dedicated account manager is assigned to help with setup and ongoing optimization.

Bank-Funded Model

Loans are funded by federally insured bank partners, not by GreenSky itself. This means the lending capacity is backed by institutional capital, and GreenSky operates as the technology and servicing layer. For practices, this means funded transactions are deposited directly by the bank partner.

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Pricing

GreenSky charges merchant discount fees (MDFs) to practices on each funded transaction. Based on available data, fees are approximately 7.4% of the transaction amount, though this varies by plan type and promotional terms. Lower promotional APR plans for patients generally mean higher merchant fees for the practice.

There is no monthly subscription or setup fee for practices. You only pay when a patient uses GreenSky financing. However, the per-transaction cost is notably higher than competitors like Sunbit or LendingClub, which should factor into your break-even analysis on financed cases.

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Pros

• High credit lines up to $65,000 cover even the most expensive procedures
• Fast digital application with approval in seconds
• Prequalification with no credit score impact for patients
• Backed by major institutional investors with strong lending infrastructure
• No monthly subscription or setup fees for practices

Cons

• Merchant fees around 7.4% are among the highest in dental financing
• Corporate ownership instability (Goldman Sachs acquisition then rapid sale)
• Not dental-specific -- healthcare is a secondary market after home improvement
• Deferred interest plans can surprise patients with retroactive charges
• Patient credit requirements skew toward higher credit scores

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The Bottom Line

GreenSky is a legitimate financing option for dental practices doing high-value cases, and the technology works well. The fast application, high credit limits, and flexible promotional plans are all genuine strengths. The partnership with major banks gives GreenSky lending capacity that smaller dental-specific financing companies can't match.

The elephant in the room is cost. At roughly 7.4% merchant fees, GreenSky takes a bigger slice of your production than most competitors. For a $10,000 implant case, that's $740 in fees. If case acceptance on financed cases is significantly higher than your baseline, the math can still work -- but you need to run those numbers for your practice. Compare GreenSky's rates against Sunbit, LendingClub, CareCredit, and HFD before committing. The best financing partner for your practice depends on your case mix, average treatment value, and patient demographics.