Goldman Sachs Group, Inc has recently launched a line of unsecured personal loans designed for customers who are looking for an alternative to borrowing through credit card that charges high interest and fees. The line of personal loans is called Marcus, named after the founder of the company. Goldman Sachs is a well established financial institution that has been operating for 147 years. The features of the Marcus line of personal loans were created based on the feedback they receive from customers.

Marcus by Goldman Sachs offers customers the ability to borrow up to $30,000. Customers can pay back the loan within a period of 2 to 6 years. As of now, you must first receive a secret code from the firm that invite you in order to apply for a loan. According to Goldman Sachs, they will be extending the Marcus loan to more people within a few months. When they extend their service, you will be able to apply without a secret code.

Marcus loan is only available to 49 states in the USA. The loan is currently not available to residents that live in Maryland. It does not charge any fee on the personal loan. The interest rate for Marcus loan is fixed and will not change so you will be paying the same amount throughout the loan term. Marcus offers customers the option to set the repayment date based on their own convenience. You can also choose the repayment amount that you want to pay back every month. In case you need assistance, you can call their hotline number as there is a group of dedicated loan specialists available to answer your queries.

You can go to the official Marcus loan site to see if you can pre-qualify for the loan. The rate that you will are charged will range from 5.99% – 22.99%. The interest rate that you are being charged will depend on several factors including credit score, and income. It is easier to get approved for the personal loan if you have a credit score of at least 660. Having a lot of hard inquiries can affect your chances of getting approved. Soft pulls will not affect your credit score.

In addition, you must have a debt to income ratio that is lower than 40%. The debt to income ratio is calculated based on the percentage of your monthly bills to your monthly income. For example, if your monthly bills is $300 and your monthly income is $1,500, you would like a debt to income ratio of 20%. It is important that you are employed as you will be asked to provide your pay stub as proof of income. They will also check your loan purpose to determine how much loan amount to approve.