Marcus Personal Loan: Really impressed

[Anonymous]

Side note: We've still got some 0% we're playing the BT shuffle with and I'm deciding whether to keep shuffling or if I'd rather just do a loan for the rest of it and stop worrying about which offer will come up when, etc. So I've been watching the offers that DH gets. His scores are a bit lower than mine, though we did throw some at debt that's on him recently so they should bounce up a little. Anyway, today he got an offer from Marcus. I was excited when I saw it on my informed delivery. However the envelope looks slightly different than what I have gotten (keep getting). The big text on the front is $0 fee. Inside, the invitation code says tailored loan (don't remember what mine said but not that. Interest range: 14.99-24.99. No thanks. 

[codefreak13]

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@Anonymous wrote:

I have to say that this is one of the most confusing parts, to me, of anything. You basicallly have to pay the minimum due + whatever amount over within a certain amount of time. lol 

I did manage to call in one day, and the rep said they don't do payaments on the "Principle". That you have to first pay the interest charge at $1.26 per day prior to a certain date, or it will count as the next payment not an over payment. 

So i just rounded up to any amount over $30 for good measure. What's tough, is their auto payment doesn't always get applied on the exact date you pick, Holidays/weekends etc. But if you can manage to pay "extra" the day after you regular payment is taken, I think that amount gets applied to the principle. But it will be reduced by the finance fee, which is only $1 per day.

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I am considering following through with an offer, but I wanted to confirm. With the method above you can set an auto-pay for any amount above your payment, but it will be first used to pay off any interest accumulated in that period (meaning if it hits 3 days later, you pay 3 days' of interest). Is that correct? Personally I don't care about the hoops needed to make the payment, I just want to ensure that if I get a loan with a 400 payment but add an add'l 800 its not all going to interest.

[codefreak13]

Nevermind, I see this on their site now:

• If you make your monthly payment early or you pay more than your amount due, your future monthly payments will stay the same, but you will pay less interest and your final payment will be reduced as a result.

[Anonymous]

It is easy once you get a pattern down. My payment is $200, and is taken out on the 24th. So I try to log in and pay another $200 within 2 days after to create a double payment. But not having it applied to the next peyment, thus never actually making a double payment. 

I guess I could have foregone the auto payent and just manually paid $400 a month, but I think it was part of the loan agreement if I remember right. Plus it's nice to know that at least the minimum is getting paid, if I happen to be out of town.

[pizza1]

Did you have to do Autopay, or did they let you choose a different way like "payment book", or something else. I saw somewhere else that I thought that you could choose how you were going to repay. Congrats to you on the approval!!

[codefreak13]

Janus, did you confirm that your extra payment on the 26th etc. did not affect or lower the amount that was withdrawn on the next month's due date? I called to confirm how payments are applied and the rep said that payments made in a month will lower the amount auto withdrawn and if I wanted to say pay $100 extra on a $200 scheduled payment, I should make a single $300 manual payment and that month's auto withdrawl would be $0. He also said that if I tried this in the 3 days prior to the due date, the system might not see it and might apply both the $300 as well as the $200 auto-pay.

My first date is June 4th, I may test it with a small amount before then just to see how it works but was curious your experience.

[Anonymous]

Congratulations! Good plan! 

[Anonymous]

What state was this pulled from? In California, almost everything pulls Experian which is my worst score. But if you're in CA and they pull TU, this thread may have just saved my life. Thanks!

[Five6Two]

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@Anonymous wrote:
What state was this pulled from? In California, almost everything pulls Experian which is my worst score. But if you're in CA and they pull TU, this thread may have just saved my life. Thanks!

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Hey @anothersobstory, they pulled TU in CA for me. But YEMV - if you can afford the inquiry, I say go for it.