Marcus by Goldman Sachs is a financial services company that offers a range of products and services to individuals and businesses. The company was founded in 2016 and is a subsidiary of Goldman Sachs, one of the largest and most respected financial institutions in the world. In this article, we will take a step-by-step look at the features of Marcus by Goldman Sachs and what they can offer to customers.
Personal Loans
One of the main products offered by Marcus by Goldman Sachs is personal loans. These loans are designed for individuals who need to borrow money for a specific purpose, such as consolidating debt, paying for home renovations, or financing a large purchase. The company offers loans from $3,500 to $40,000, with interest rates starting at 6.99% APR.
Customers can apply for a loan online, and the process is quick and easy. Marcus by Goldman Sachs uses a soft credit pull, which means that the application will not affect your credit score. The company also offers a pre-approval process, which allows you to see if you qualify for a loan before applying.
Savings Accounts
In addition to personal loans, Marcus by Goldman Sachs also offers savings accounts. These accounts are designed for customers who want to save money for a specific goal, such as a down payment on a home, a vacation, or an emergency fund. The company offers two types of savings accounts: a high-yield savings account and a certificate of deposit (CD).
The high-yield savings account offers a competitive interest rate of 1.70% APY. This account also has no monthly maintenance fees and no minimum balance requirements. The CD offers a fixed interest rate for a specific period of time, with terms ranging from 6 months to 5 years. The interest rate for a CD is determined by the term of the account, with longer terms offering higher interest rates.
Credit Cards
Marcus by Goldman Sachs also offers credit cards. The company currently offers one credit card, the Marcus by Goldman Sachs® Credit Card. This card is designed for customers who want to build or improve their credit. The card has no annual fee and offers a 0% intro APR on purchases for the first 18 months. After the intro period, the APR is variable and based on the Prime Rate.
The card also offers a rewards program, with cashback on purchases. Customers can earn 1% cashback on all purchases, with no limits on the amount of cashback they can earn. The card also offers a sign-up bonus of $50 after spending $500 on purchases within the first three months.
Financial Planning Tools
Marcus by Goldman Sachs also offers a variety of financial planning tools to help customers manage their money and reach their financial goals. These tools include a budgeting tool, a savings calculator, and a debt consolidation calculator.
The budgeting tool allows customers to track their income and expenses, set financial goals, and see where their money is going. The savings calculator helps customers determine how much money they need to save to reach a specific goal, such as a down payment on a home or a vacation. The debt consolidation calculator helps customers see how much money they could save by consolidating their debt.
Customer Service
Marcus by Goldman Sachs is committed to providing excellent customer service. The company has a dedicated customer service team that is available to answer questions and provide assistance. Customers can contact the customer service team by phone, email, or live chat. The company also has a comprehensive FAQ section on its website that answers common questions.
Summary
Marcus by Goldman Sachs offers a range of financial products and services that can help customers achieve their financial goals. From personal loans to savings accounts, credit cards, and financial planning tools, the company has a variety of options to suit different needs and preferences. Additionally, their commitment to providing excellent customer service makes them an attractive choice for those looking for a reliable financial partner. Overall, Marcus by Goldman Sachs is a solid choice for those looking for financial products and services that are backed by the reputation and expertise of one of the world's leading financial institutions.
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Updated January 30, 2023