Goldman Sachs Launches Consumer Lending Platform, Marcus

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Lloyd Blankfein

Lloyd Blankfein, CEO of Goldman Sachs.

REUTERS / Rebecca Cook



Goldman Sachs officially launched its consumer credit platform, Marcus, on Thursday.

The online loan tool, which you can find at Marcus.com, will offer free fixed rate personal loans of up to $ 30,000 for terms of two to six years.

“Marcus offers an option for consumers looking for a simpler alternative to borrowing with a credit card, where rates can change and where multiple fees can be charged,” said Harit Talwar, who leads the initiative for Goldman Sachs.

The platform is named after the company’s co-founder, Marcus Goldman. Internally, it is considered a startup within Goldman Sachs.

The launch marks another step towards consumer retail banking for Goldman, which is arguably the world’s best-known investment bank. The company launched a digital savings account on GSBank.com in April, offering customers an interest rate of 1.05% on their deposits, which can be as low as $ 1.

Screenshot 2016 10 13 at 12.13.56 PM


Screenshot / Marcus.com



The bank has around 200 people working on Marcus, including 120 in New York City and 80 in Salt Lake, where the call center is located.

About a third of the people are from consumer banking, a third from technology, and a third from Goldman Sachs.

Marcus has no original, prepayment, or late fees – Goldman Sachs earns money on interest, the website prominently shows – and it allows customers to choose their monthly payment date and customize. the size of the payment and the length of the loan.

Clients can only take out one loan at a time.

Goldman will send a code to millions of potential customers, allowing them to apply. Later, the product will be available more widely.

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