Marcus, the online lending arm of US banking major Goldman Sachs, has started offering home improvement loans as part of its strategy to push into the world of consumer lending.

The loan comes up with no sign-up fees, no late fees and no prepayment fees. In case of delay, customers just have to pay interest for the additional days. Marcus also offers high-yield online savings accounts and certificates of deposits.

The application process does not require applicants to produce a home appraisal. Once approved, funds will be deposited in applicants’ account within five days.

Under the plan, customers can avail loans in the range of $3,500 to $40,000 for periods of three to six years.

Marcus by Goldman Sachs head of lending Abhinav Anand said: “We are excited to offer a new way for consumers to use our personal loans, as they look to invest in one of their most valuable assets, their own homes.

“By expanding the ways our customers can use our products to fit their needs, we look to continue to help them make smart financial management decisions.”

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Goldman Sachs launched Marcus in 2016 for offering unsecured personal loans to consumers with credit-card debt.