MARCUS Debt consolidation loan approval

[Anonymous]

First-time poster but long time reader of this great forum. 

I applied for a 25k consolidation loan with Marcus and just received my email approval notice, requesting my bank information and e-signature.  

My question is: can I still shop around for a better rate?  I have a long-term relationship with USAA and wanted to apply for one of their personal loans to see if I can get a better offer, but they require an application and I imagine a hard inquiry for their credit check. 

I am afraid that this might affect my current deal with Marcus? Any risk of applying with USAA before e-signing my Marcus Loan?    Any help is greatly appreciated.

[SouthJamaica]

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@Anonymous wrote:

First-time poster but long time reader of this great forum. 

I applied for a 25k consolidation loan with Marcus and just received my email approval notice, requesting my bank information and e-signature.  

My question is: can I still shop around for a better rate?  I have a long-term relationship with USAA and wanted to apply for one of their personal loans to see if I can get a better offer, but they require an application and I imagine a hard inquiry for their credit check. 

I am afraid that this might affect my current deal with Marcus? Any risk of applying with USAA before e-signing my Marcus Loan?    Any help is greatly appreciated.

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I think it's too risky.

[Appleman]

Hard call. You need to decide if the rate Marcus gave you is good enough for you. The fact you want to shop the rate makes me think the rate is higher than you expect.

I doubt that an additional inquiry from USAA will even be noticed. Has Marcus already done a HP of your credit? If so, I would be inclined to check with USAA.

As you have self identified, there is potential risk but I think it is low if Marcus already did a HP.

[Anonymous]

Thanks for the replies.

Yes, Marcus did a TU Hard inquiry when I went ahead with the formal application (after being pre-approved).  TrustID reported already that HP, as well as another credit tracker app.

Marcus came in at 11.99, which isn't that bad I guess, although USAA published rates are 8.99 - 10.99.

Would it be a better strategy to go ahead and accept the terms to fund the loan, and then check with USAA?

[tcbofade]

If it were me, I'd proceed with the loan from Marcus.

When funding has occured, check with USAA.

That way, an additional inquiry doesn't mess up the deal you've been offered, and if USAA beats it, you can pay off the Marcus loan with the proceeds. 

[Anonymous]

Congrats on the loan. For those of us unfamiliar with Marcus would you give us some data on your stats?

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@Anonymous wrote:

First-time poster but long time reader of this great forum. 

I applied for a 25k consolidation loan with Marcus and just received my email approval notice, requesting my bank information and e-signature.  

My question is: can I still shop around for a better rate?  I have a long-term relationship with USAA and wanted to apply for one of their personal loans to see if I can get a better offer, but they require an application and I imagine a hard inquiry for their credit check. 

I am afraid that this might affect my current deal with Marcus? Any risk of applying with USAA before e-signing my Marcus Loan?    Any help is greatly appreciated.

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please?

[Anonymous]

Sure, I will be back soon with a more detailed post of my experience.   Appreciate everyone's input.

[Creditaddict]

EXCUSE... Why is everyone saying taking Marcus before checking rate with USAA?!

Apply for USAA, you will likely have an answer in less than 24 hours, the loan with Marcus is probably good for 7, 14, 30 days?

2% on $25k is worth it!

Check your rate with Sofi also, they were by far the lowest rate my husband got when we did personal loans... you can check amount and interest with SP, if you apply, they HP to finalize.

Avant can be good also, again SP to check rate and amount and HP if you move forward.

SHOP!!!

Id check the last 2 before USAA since USAA is just going to be HP period.

[Anonymous]

Good luck to you. I have a SoFi PL which will be paid off soon. I have been very happy with my dealings with them. Let us know what happens.