Balancing Budgets: The GreenSky Way

Q: What is GreenSky?

A: "GreenSky is a third-party financing company that American Waterworks works hand in hand with to provide a financing option to our customers." Danica and her team work with GreenSky to ensure payments for the project are received. "Not only is GreenSky a reputable company, that has been in business for almost 20 years, but they also offer great payment plan options to customers who may not have all the funds available to complete their project." Danica and her team work closely with GreenSky, so they have a comprehensive understanding of how they operate. 

Q: How Does the GreenSky Process Work for Homeowners?

A: Danica explained the entire project, from the request for funds to the monthly payments. "First, the customers will apply to GreenSky. After the customer applies, they will either get denied or approved. If approved, GreenSky will send them an informational packet. Then, our Accounting Department will take over and handle it from there. Once the customer's project is completed, our Accounting department will request the funds from GreenSky. Next, GreenSky will email or text the customer to request authorization for the funds. Once the customer authorizes the funds, GreenSky will release them to American Waterworks. Within 30-45 days after the funds are released, the customer will receive their first bill from GreenSky, and payments will begin."

Q: What Plans Does American Waterworks Offer?

A: "Currently, we have four different options for consumers to choose from. We offer two interest-free payments if the balance is paid off in either 6 or 12 months. We also offer two reduced APR (annual percentage rate) plans for those who may need a little more time to pay for their project. These plans include an 84-month or 7-year and 120-month or 10-year time frame," explained Danica. We understand that every project is different, so we offer a variety of plans to our customers.

Additionally, Danica discussed the common misconception regarding monthly payments. "There is a minimum monthly payment that is due each month. The minimum monthly payment is not enough to pay the balance by the end of the 6-month or 12-month window. The consumer can easily figure out how much they need to pay each month by dividing their by 6 or 12 depending on which plan they chose." As an example during a six-month period, Danica explained if the loan is for $600, the consumer should pay $100 a month to pay off the loan in the 6-month time frame. 

Q: How Do I Get Started?

A: "Consumers can go directly to our website and click on the Financing tab at the top of the screen. This will route you to another page that lists the plans we have available to offer through GreenSky. The customer will choose the plan that best fits their needs and then click APPLY NOW," explained Danica. 

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