Marcus Loan -- Scarily simple!!!

[Anonymous]

Thank you for the update, and I am sorry to hear about your A/C going out.

A couple of questions:

1.  The Marcus loan DOES report as an installment loan and NOT a consumer finance loan?

2.  Are you able to pay over the minimum payment and thus reduce the overall amount that you will pay in interest?

Thank you.

[jamesdwi]

Here is how it reports per creditkarma 

Account Details

Account status Open

Type Unsecured

Loan Responsibility Individual

Remarks --

Times 30/60/90 days late 0/0/0

Yes you can make early payments and over the scheduled payment no issues. It will change the timing and date of the last payment. The one caveat I found when doing this is to make sure you make your payment after your statement cuts. One of my  payments I made after the due date and before the next statement cut, they credited the extra payment to the previous month, and the full payment was still due the following month.  Just a surprise really, but a warning if you decide to make a payment earlier than your auto-payment. If you make your normal or partial  payment early they will reduce the size of your auto-pay. But there are no penalities.  

[codefreak13]

I have a loan opened in May and already made first payment and about to have my second statement cut. However so far it has also reported to TU. Was your experience that it eventually reported to all 3 just took a couple months?

[Anonymous]

Did you have to send in your paycheck stubs? 

[jamesdwi]

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@codefreak13 wrote:

I have a loan opened in May and already made first payment and about to have my second statement cut. However so far it has also reported to TU. Was your experience that it eventually reported to all 3 just took a couple months?

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Same for me as well.   

[jamesdwi]

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@Anonymous wrote:

Did you have to send in your paycheck stubs? 

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no,  just a voided check.  

[codefreak13]

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@jamesdwi wrote:

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@codefreak13 wrote:

I have a loan opened in May and already made first payment and about to have my second statement cut. However so far it has also reported to TU. Was your experience that it eventually reported to all 3 just took a couple months?

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Same for me as well.   

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Same that it is still only reporting to TU? Or that it took awhile to report to the others?

[jamesdwi]

only reporting on my TU report, it took about a month or so report, IIRC

[Anonymous]

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@jamesdwi wrote:

Here is how it reports per creditkarma 

Account Details

Account status Open

Type Unsecured

Loan Responsibility Individual

Remarks --

Times 30/60/90 days late 0/0/0

Yes you can make early payments and over the scheduled payment no issues. It will change the timing and date of the last payment. The one caveat I found when doing this is to make sure you make your payment after your statement cuts. One of my  payments I made after the due date and before the next statement cut, they credited the extra payment to the previous month, and the full payment was still due the following month.  Just a surprise really, but a warning if you decide to make a payment earlier than your auto-payment. If you make your normal or partial  payment early they will reduce the size of your auto-pay. But there are no penalities.  

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Thank you!

[SteelCityPride]

My loan is from May with my first payment and only one statement. It is also only reporting to TU. I also have another personal loan with > 8.9% on all three CRA's and will need to be paid in full mid August which will close and concerned with no installments reporting with EX & EQ after August.