Goldman Sachs Launches New Online Personal Loan Platformby Fintechnews Switzerland October 14, 2016
Named after Marcus Goldman, one of the firm’s founders, Marcus by Goldman Sachs is a new business that benefits from the firm’s 147-year history of financial expertise, risk management and customer service. Marcus provides consumers with a transparent and simple approach to consolidate their high-interest credit card debt. At Marcus.com, credit-worthy borrowers can apply for fixed-rate, no-fee personal loans of up to $30,000 for periods of two to six years.
“For many who manage debt payments on high-interest rate credit cards, a straight-forward personal loan is a better solution,” said Harit Talwar, head of Marcus by Goldman Sachs. “Marcus 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.”
The Marcus team listened to thousands of consumers share their experiences managing personal debt. This feedback was central to the design of the Marcus personal loan product and the customer experience. We heard that:
-Consumers are tired of hidden fees. Marcus has no fees.
-Consumers are stressed by unexpected changes in interest rates on credit cards. Marcus offers fixed rates throughout the term of the loan.
-Consumers are disgruntled by pre-assigned payment dates and limited payment options. Marcus enables customers to choose their monthly payment date and a payment option designed to fit their budget.
-Consumers are frustrated with automated machines instead of being able to speak to someone directly when they need assistance. Marcus has U.S.-based, dedicated loan specialists who deliver live, personalized support.
Initially, applications on Marcus.com will require a code that millions of prospective customers will receive by mail. The feedback we expect to hear from the initial group of customers will help us to refine the Marcus experience. In the coming months, Marcus will offer our personal loan product to a broader audience.
Featured Image is from goldmansachs.com