Goldman Sachs launches new online personal loan platform, Marcus
Goldman Sachs has unveiled Marcus, an online platform offering unsecured personal loans to consumers.
Named after Marcus Goldman, one of the firm’s founders, the platform provides consumers with a way to “consolidate their high-interest credit card debt”. Borrowers can apply for fixed-rate, no-fee personal loans of up to $30,000 for periods of two to six years.
Harit Talwar, head of Marcus by Goldman Sachs, says it “offers an option for consumers who are searching for a simpler alternative to credit card borrowing, where rates can change and multiple fees can be charged”.
Marcus has no fees; offers fixed rates throughout the term of the loan; and lets customers choose their monthly payment date and a payment option. Goldman Sachs says automated machines are not preferred as it offers US-based loan specialists (i.e. humans) who “deliver live, personalised support”.
Initially, applications on the Marcus website will require a code that “millions of prospective customers” will receive by mail. It wants to get feedback from the initial group of customers; and in the coming months, Marcus will offer personal loan products to “a broader audience”.
