goldman sachsGoldman 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”.

@banking
techno