Goldman Sachs Launches Personal Loan Business in 2016

In mid-October, Goldman Sachs unveiled their new personal loan service offered to consumers around the country.  With this new personal loan service, they offer loans up to $30,000 for qualified borrowers.  The good news is that there are no hidden fees or security collateral required.  There are also excellent terms offered, anywhere from two years to six years- and they come with a low fixed rate based on current market rates.  This is really big news for those who keep a watch on the financial world.

Who is Goldman Sachs?

Goldman Sachs Group Inc is one of the topmost investment banking companies in the world.  They offer investment banking, securities, investment management and other financial services.  Their services are not only available for individual consumers, but they are also widely used by corporations, government agencies and other financial institutions.  They started out back in the late 1860’s, headquartered in New York, and now have opened offices across the globe.  Now, they have expanded their services to offer personal loans through their Marcus program.  This is unprecedented for their company since their main focus has always been larger customers.

What You Need to Know About Goldman Sachs New Marcus Program

Goldman Sachs Marcus program was named after one of the founders of the Goldman Sachs firm, Marcus Goldman.  Since the company has nearly 150 years of experience in the financial industry, they thought that it was time for them to come out with some alternative financial products for consumers to consider, to make them more like other banking establishments when it comes to the services that they have to offer.  

As an online lender, they are definitely getting into a large industry with other frontrunner companies that are already out there.  The good news is that their name is already well known and well trusted.  While they used to only really deal with rich investors, businesses and other large corporations, they want to reach a larger market and offer services that everyone can take advantage of.  The Marcus program, along with their online CDs and savings accounts that they launched earlier in 2016, is a step in the right direction for opening up their customer base.

Consumers Talked – The Marcus Team Listened

Before Goldman Sachs started designing their Marcus program, they first wanted to know what consumers wanted or needed in terms of financial services and debt management.  When asked why the consumers were fed up with their current personal debt management services, there were a lot of responses.  Many of the surveyors were just tired of paying hidden fees when it came to credit cards or loans.  Some didn’t like the fact that they had a variable interest rate that spikes up unexpectedly.  Others just didn’t like the limitations when it comes to payment terms, which is really a problem among many lenders.  With all of that being said, it seems that one of the biggest complaints was customer service.  Too many companies have automated systems that are difficult to maneuver through to actually be able to speak to a representative.  

What the Marcus program hopes to do is help alleviate some of these concerns that consumers have.  For instance, they don’t have any added fees on top of their personal loans.  They have good fixed interest rates so that consumers don’t have to worry about spikes in their rates over the life of the loan.  They even let customers choose when their payment is due, and they have a variety of payment options for convenience.  Best of all, they have a United States based customer service team that are easy to reach and readily available.  These improvements to the lending industry will hopefully make a change in how we all do our banking in the future.

Getting Started

If you want more information about the program, visit Marcus.com.  They answer a lot of frequently asked questions, and they also have a lot of great information that will help you to determine if it is right for you. In addition, you should do your own research to make sure you avoid the common personal loan mistakes that people make.

You can complete applications on their website.  Just remember, as they kick off the program, they are requiring potential borrowers to have a code that was sent to them by mail.  Not everyone will get this code, so there is a limited customer base at this point.  The good news is that once it rolls out to the small market with ease, they will refine their service and offer it on a much broader scale.

About The Author

Edwin is a marketer, social media influencer and head writer here at Frugal Wiz. He manages a large network of high quality finance blogs and social media accounts. You can connect with him via email here.

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