I’ve recently decided to consolidate my debt due to a few 0% APR specials ending. DH has a Discover Loan, but I opted to go with Marcus by Goldman Sachs after doing a prequal.
TU9 is 742.
The application process was simple and I was given the option of paying my creditors directly to receive the 5.99% APR rate or disburse the funds directly to me at 7.99% APR rate. I chose the first option and was instantly approved.
On the following page, it asks me to start listing the creditors I want to pay directly. I have to disburse at least 40% ($8,000) of the funds to continue. I started typing in the information, but couldn’t find neither NFCU or PenFed in their list of creditors. That’s when I finally noticed the small print, “If you do not see your creditor listed, we do not make direct payments to them” or something like that. Blah. That would’ve been nice to know. I started looking around the site and there was no option to switch it to disbursing the money directly to me. I couldn’t move forward from there.
I called in and the CSR agent said the only option was to cancel the application and reapply choosing the option to disburse the funds to me. Great. That’s 2 HPs. She made her little disclaimer to tell me that I may not receive the same results or offer and asked again if I would like to cancel and I said yes. Can’t use what’s there anyways, right?
I went ahead and reapplied, but this time, I was asked to upload my paystub. Now, my application has gone into review.
I’ll update once I receive my final determination, but didn’t want anyone to go through the same trouble I just went through. I checked their website before and after and couldn’t find a list of creditors they make payments to, so I nabbed screenshots for everyone. Hopefully this helps someone in the future.
- American Express
- Bank of America
- Bank of Hawaii
- Bank of the West
- Barclays Bank
- BB&T
- BMO Harris Bank
- Capital One Bank
- CareCredit Synchrony
- Chase Bank
- Citi Bank
- Citizens Bank
- Comenity Bank
- Commerce Bank
- Credit One
- Discover Bank
- Fifth Third Bank
- First Bankcard
- First Citizens Bank
- First National Bank
- First National Bank of Omaha
- First Premier Bank
- Flagstar Bank
- HSBC
- JP Morgan Chase
- Key Bank
- M&T Bank
- Mercury First Bank & Trust
- Merrick Bank
- OnPoint Community Credit Union
- PNC
- Synchrony
- TCF Bank
- TD Bank
- US Bank
- USAA Bank
- Wells Fargo
Hey Joe! Long time since I've had an opp to speak with you. :-)
I asked for $20K.
Man that stinks but good info for sure, I don't even remember having that option when I applied for mine 4 years ago? I have about 10 payments left. CAN NOT wait to have that paid.
@JFox418 wrote:Man that stinks but good info for sure, I don't even remember having that option when I applied for mine 4 years ago? I have about 10 payments left. CAN NOT wait to have that paid.
Yea, I can't say I'm thrilled to have any debt, but it takes a lot of pressure off of me to not have to do the BT shuffle. Lol. I picked them b/c there's no fees to pay off early, so I'm planning to pay this down quicker than the terms. Definitely the best rate I received though. 
Update #1: Loan was approved within 8 hrs. The re-application was made at 8:30am EST. I called customer service at 12:30pm EST to inquire if there was anything they needed from me and the CSR told me to give the loan specialist up to 2 business days for review. Approval email was received at 3:30pm EST. She also stated she could see I had a contingent approval that was solely based on someone manually confirming my paystub matched the income listed on the application, so that's good to know they can see info like that in their system.
I still had the option to direct pay my creditors, but also had the option to disburse 100% of the funds directly to my bank account. A couple of things to note...
1. I received a 0.25% discount for auto pay, so my all-in rate is 7.74%.
2. You are allowed to change your payment due date up to 4 times during the life of your loan. The 1st opportunity to change is when e-signing your documents.
3. They allow a deferral payment after 12 mos of on-time payments. The payment and accrued interest will move to the end of the loan.
4. Dsibursement of funds will take up to 4 business days.
All in all, I'm pretty pleased with their customer service and the ease of this process.
@Hut1 wrote:Hey Joe! Long time since I've had an opp to speak with you. :-)
I asked for $20K.
😊 Hey, indeed. I feel ya on the debt, can't seem to rid mine lol. If Penfed would give a 7.99 at 20k I'd do it in a heartbeat but alas can seem to get an offer lower than 14.99. Luckily they gave me a 0.99% apr offer for 18 months on my PCR which helps and I still have about $6500 on my pl . Marcus wouldn't give me ⏰️ of day due to low income but glad they can help you out
@Hut1 wrote:
@JFox418 wrote:Man that stinks but good info for sure, I don't even remember having that option when I applied for mine 4 years ago? I have about 10 payments left. CAN NOT wait to have that paid.
Yea, I can't say I'm thrilled to have any debt, but it takes a lot of pressure off of me to not have to do the BT shuffle. Lol. I picked them b/c there's no fees to pay off early, so I'm planning to pay this down quicker than the terms. Definitely the best rate I received though.
I've been very happy with them. I seen your next thread so you hit on it already but they offer a deferred payment once a year which was nice the few times I used it, just have to give them a decent heads up on it. Just don't make the mistake I did and charge up the cards after you get the loan, then you have the loan AND the CC payments. 
Update #2: Funds were deposited into my account overnight. 😳
Talk about under promise, over deliver.
