4.9 of 5starsRead Reviews
Between everyday expenses and unexpected costs, it’s easy to fall behind. Marcus by Goldman Sachs helps you end the cycle of high-interest credit card debt with a fixed rate, no-fee personal loan.
Applied 9 days ago, and submitted personal documents that have yet to be verified. Was told they have an unusual volume of loan apps, 5X more than they’ve dealt with. Was given an apology as they are working on old loan cases 1st as their priority and their estimated wait period for new loans is 5-7 business days. I’m at 7 and I’m still in Limbo. But thank you for your patience. When this process ends, I will never give them my business again.
I got what seemed to be an excellent interest rate for the amount that I was borrowing, considering my good credit score. The no-fee bonus was what made me take the "bait." And I say bait because they trapped me by taking me through the hard inquiry, had me provide all information, sign several documents, and by the time I got to the final page, I saw the breakdown which included a near $2k fee for borrowing the money. Bait and switch. But whatever, even though I was forced into taking this fee, at least the interest was significantly lower than other companies. Better to accept it and cut my losses than face whatever extra inquiries, a higher interest rate in addition to other fees, or whatever else I'd be facing and end up paying more elsewhere. I don't know if this is a sort of interest pre-payment to get me the lower interest rate; I doubt I'll "make" that money back over the life of the loan. Figured I'd do some more research on it as I dig into my account.
But I can't.
I've been locked out of my account twice. After the first time, I've realized I have to change my password every time I want to log in and see. I'm signed up for auto-payment, and wanted to make sure the first payment is in process (2 days late(?) due to the weekend). I haven't even been able to make a payment yet. I tried to log in - locked again. I can't change my password; I'll have to call again to get it unlocked. Am I going to have to call and unlock my account every time I want to check it, make an extra payment, etc.? They need to:
1. Warn others with a footnote or something regarding their deceptive no-fee caveat, and
2. Get their IT problems taken care of. Online account systems are a headache at best and impossible to work at worst.
Would I do this again? I don't know. I'm having a hard time seeing whether or not it was worth the hassle to save on interest over my credit card companies. Joke's on me, I guess.
Closed with Lender:
Are y'all nuts
Y'all are a joke,,, 22% are you nuts?? Same rate as the credit cards.