topic Re: Marcus Personal Loan- My great experience in Personal Finance

Marcus Personal Loan- My great experience

Anonymous — Fri, 17 May 2019 18:18:08 GMT

I have two personal loans from about two years back decided to try and refinance at least one if not both. USAA 9200 at 12.45% and SOFI 7600 at 8.24. I first went to light stream hoping for 9000 at 3.99 for three years and got denied. The denial letter said my credit score was 797 when the pulled it. Then I tried to see who else was cheap and found Marcus.

I entered all my info. One thing that great is they state on the application to gross up your tax free income by 25% this is huge as most of my income is tax free military and social security. They ask you how much you want to borrow and what you wanna pay. I was kinda put off by this since it seemed like a used car salemen's tactic. I calculated how much my payment would be for 9000 three years at their advertised rate. I was approved 5.99% and wished id tried for enough to cover both loans. NO PROBLEM on the approval page it shows you all possible rates and terms with your payment that you can select. On the side of the page it has the slider asking if you'd like to see what your approval would be for a different amount. I punched in 16,500 and was instantly approved 5.99% i elected to take 48 months at 6.99% this save me thousands in interest over $100 a month compared to the other two loans I had.

I applied around noon Tuesday and the money was in my checking account at 8 AM Wednesday. I think they pulled transunion and they said my score came back 795 or so. I have pretty high DTI and low utilization on my cards.

Re: Marcus Personal Loan- My great experience

Anonymous — Fri, 17 May 2019 18:21:25 GMT

Also zero POI just asked me to state the amount. They also offer and additional 0.25% to pay your debt consolidation for you. I called in to ask if this could be used for my personal loan consolidation, but was told the discount is exclusivley for paying off CC debt.

Re: Marcus Personal Loan- My great experience

FlaDude — Fri, 17 May 2019 18:45:26 GMT

Congrats! My Marcus loan is almost 2 years old and was one of my first steps towards making serious progress on my debt.

Re: Marcus Personal Loan- My great experience

CreditInspired — Fri, 17 May 2019 22:43:22 GMT

Sweeeeeeeet!

KUDOS to you OP

Re: Marcus Personal Loan- My great experience

JoeLuvsHisCredit — Thu, 23 May 2019 01:07:35 GMT

Congrats

Re: Marcus Personal Loan- My great experience

CreditCuriosity — Sat, 25 May 2019 20:43:26 GMT

Marcus is strange i have > 800 tu and they throw me rates in the 15-18 range. great rate you obviously obtained

Re: Marcus Personal Loan- My great experience

Anonymous — Wed, 29 May 2019 23:39:06 GMT

I have a question perhaps you can help. I applied for 15k loan with Marcus based on pre approval. The site asked me to upload paystubs only. Its under review. Does that mean my application most likely will be approved?

Re: Marcus Personal Loan- My great experience

Anonymous — Mon, 17 Jun 2019 22:24:39 GMT

All I can say is the asked for zero proof of income from me. There was no further verification after I was instantly approved.

Re: Marcus Personal Loan- My great experience

Anonymous — Tue, 22 Oct 2019 20:18:53 GMT

Hey I have a few questions to ask you <MOD edit: Personal contact information cannot be shared on the forum> . I’m a first time home buyer and need some advice if you could help

Re: Marcus Personal Loan- My great experience

CreditInspired — Tue, 22 Oct 2019 20:17:51 GMT

Please do not post personal contact information on myFICO.

Re: Marcus Personal Loan- My great experience

AllZero — Wed, 23 Oct 2019 02:56:16 GMT

Congratulations on your approval!