Goldman Sachs has launched an online platform known as ‘Marcus by Goldman Sachs’ for offering unsecured personal loans to consumers with credit-card debt.
Named after one of the bank founders Marcus Goldman, the platform will allow borrowers to apply for no-fee personal loans of up to $30,000 and pay it in two to six years. The loans will be offered at interest rates of between 5.99% and 22.99%.
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The bank will not charge borrowers any late fees or origination fees for the product.
Initial loan applications will require a code mailed to pre-selected customers, the New York-based bank said.
Marcus by Goldman Sachs head Harit Talwar said: “For many who manage debt payments on high-interest rate credit cards, a straight-forward personal loan is a better solution.
“Marcus offers an option for consumers who are searching for a simpler alternative to credit card borrowing, where rates can change and multiple fees can be charged.”
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By GlobalDataGoldman Sachs is new to the consumer lending landscape. Earlier this year, the bank built its consumer banking business by acquiring GE Capital Bank's US online deposit platform and eventually launched an online-only savings bank named GS Bank.
