Marcus Personal Loan: Really impressed

[Anonymous]

I have some 0*% offers expiring and I feel that I've been on the 0*% train too long. I feel that the tide may be about to turn and they won't be offered. But also they're kinda squishy and a little here and a little there get rolled in, particularly when the funds are BT'd to a bank account instead of directly to another card. 

*All but my CU cards have 0% offers that are really 3% etc. offers. If shorter than a year, a little more than 3% and if longer than a year, a little less. 

So I figured as long as I'm doing 3%-ish and not having great success getting things paid off, maybe a better tactic would be to suffer through a little more interest but have a definite (fixed) plan. I've been saving the various offers I get in the mail.

Saturday afternoon I decided to bite the bullet and did the soft-pull 'check my rate' with an invitation code from Marcus. They have 'how much do you want and what do you want to pay a month' sliders. I said $40k, $800 (knowing that'd be appx 60 months @ their lowest 6.99%). I didn't figure I'd GET the lowest rate, but figured it'd be worth a shot. I agonized over whether to choose 'debt consolidation' or 'other,' having read that lenders see debt consolidation as more risky, I figured it might trigger a higher rate. I had researched and knew they didn't pay lenders directly either way. 

I got the 'here are your offers' immediately. They couldn't offer $40k, but offered $35k at three different lengths, all at 6.99%. I took 54 months. After I made the selections, I was asked to upload recent paystubs. It allowed me to upload mine and also DH's since I put household income, which it said something to that effect...which always makes me feel good, that I'm doing it legit. It said I should hear in 1-2 business days. 

This morning about 9am I got a call that said they needed to verify that I have access to DH's income, do we have a joint account. I said yes, but our paychecks aren't both deposited there (cue lengthy explanation the guy didn't need). He said he just needed the statement that showed it's a joint account. He said I'd get an email shortly that shows my account is ready to accept the upload of that documentation. I grabbed my statement (which I never really look at for that account) and it didn't have his name, only mine. Arrgh. I clicked on the account info on the online account and it shows the account number as well as listing him as a joint owner, so I took a screen shot and uploaded that along with the statement. I called in to ask if that seemed ok. (We've got other joint accounts but I was hoping not to have to grab one of them.) She said sure, sounds good. I should hear in 1-2 business days. 

About 10 am, I got the email that it's approved, they want to know where to route the funds, and I need to do the e-sign thing. Did that and it says the money is on it's way to my account. They ask which account you want the funds deposited to, it says your payment date will be (insert 1 month or 30 days from now), but they allow you to change your payment date up to three times during the life of the loan. I changed it so my first payment will be in early May. They also let me specify a different bank account for auto pay. 

So far, a real pleasure. I'll post when I get the funds. I wish they had a referral thing like SoFi. I 100% recommend SoFi for student loan refi's (done that twice) but they wanted to charge me nearly double the interest compared to Marcus. 

[Anonymous]

And not 10 min after I finished that post, an inquiry came thru. They pulled TU. 

I have the myfico subscription right now and TU shows 739, but the docs from Marcus showed 703, so not sure which score they use. It will be interesting to see what happens to my score paying down CC's and adding ANOTHER new loan. Ugh. 

ETA: I'm going to guess they used FICO 9, looking at my last full reports. 

[Anonymous]

Funded overnight. So applied Saturday, got money overnight Mon to Tues. 

Super smooth. 

[CreditCuriosity]

Sounds like a good experience and a good rate .. Congrats on that.. Just try not to run those CC's back up obviously.  Those BT checks into back accounts can be a killer.

[SouthJamaica]

---

@Anonymouswrote:

And not 10 min after I finished that post, an inquiry came thru. They pulled TU. 

I have the myfico subscription right now and TU shows 739, but the docs from Marcus showed 703, so not sure which score they use. It will be interesting to see what happens to my score paying down CC's and adding ANOTHER new loan. Ugh. 

ETA: I'm going to guess they used FICO 9, looking at my last full reports. 

---

Good guess. Marcus does pull TU FICO 9.

[Anonymous]

Posting in my thread since I can't find the one where someone (Janus?) said something about the way they apply payments. I thought that I read here that they apply to the following payment and you had to do something (call?) to get extra applied to principal. I HATE auto pays that are odd amounts, so I was going to bump up my auto pay to the next round $100 and was poking around the site. I found this: 

I was going to just make an extra payment separately this month so the two would add to the even number. If I pay it first, this little payment would go to interest and then my regular payment should overpay with the extra to principal, the way I read it. 

Sounds like if I want to change the amount of the auto pay, I'll have to call anyway. I'll post back my results. I often have questions down the line about what happened, so even though I could ask them when I called, I thought it would be helpful for me and others to have this here. 

[Anonymous]

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.

[tcbofade]

---

@Anonymous wrote:

This morning about 9am I got a call that said they needed to verify that I have access to DH's income, do we have a joint account. I said yes, but our paychecks aren't both deposited there (cue lengthy explanation the guy didn't need). He said he just needed the statement that showed it's a joint account. He said I'd get an email shortly that shows my account is ready to accept the upload of that documentation. I grabbed my statement (which I never really look at for that account) and it didn't have his name, only mine. Arrgh. I clicked on the account info on the online account and it shows the account number as well as listing him as a joint owner, so I took a screen shot and uploaded that along with the statement. I called in to ask if that seemed ok. (We've got other joint accounts but I was hoping not to have to grab one of them.) She said sure, sounds good. I should hear in 1-2 business days. 

---

Are you saying that YOU applied for a personal loan as an individual and that Marcus allowed you to use your income AND DHs income?

It will be a while, but that'd be AWESOME for my DW. 

[Anonymous]

---

@tcbofade wrote:

---

@Anonymous wrote:

This morning about 9am I got a call that said they needed to verify that I have access to DH's income, do we have a joint account. I said yes, but our paychecks aren't both deposited there (cue lengthy explanation the guy didn't need). He said he just needed the statement that showed it's a joint account. He said I'd get an email shortly that shows my account is ready to accept the upload of that documentation. I grabbed my statement (which I never really look at for that account) and it didn't have his name, only mine. Arrgh. I clicked on the account info on the online account and it shows the account number as well as listing him as a joint owner, so I took a screen shot and uploaded that along with the statement. I called in to ask if that seemed ok. (We've got other joint accounts but I was hoping not to have to grab one of them.) She said sure, sounds good. I should hear in 1-2 business days. 

---

Are you saying that YOU applied for a personal loan as an individual and that Marcus allowed you to use your income AND DHs income?

It will be a while, but that'd be AWESOME for my DW. 

---

Yep. I’d bet it asked for household income. I’m pretty honest when it comes to those things. I want to say only one (or more) of my CU’s wanted individual vs household. Maybe it was a CCC though. 

Curious us if you’ve encountered entities that don’t specify household income. (Others, feel free to chime in.)

[tcbofade]

---

@Anonymous wrote:

---

@tcbofade wrote:

---

@Anonymous wrote:

This morning about 9am I got a call that said they needed to verify that I have access to DH's income, do we have a joint account. I said yes, but our paychecks aren't both deposited there (cue lengthy explanation the guy didn't need). He said he just needed the statement that showed it's a joint account. He said I'd get an email shortly that shows my account is ready to accept the upload of that documentation. I grabbed my statement (which I never really look at for that account) and it didn't have his name, only mine. Arrgh. I clicked on the account info on the online account and it shows the account number as well as listing him as a joint owner, so I took a screen shot and uploaded that along with the statement. I called in to ask if that seemed ok. (We've got other joint accounts but I was hoping not to have to grab one of them.) She said sure, sounds good. I should hear in 1-2 business days. 

---

Are you saying that YOU applied for a personal loan as an individual and that Marcus allowed you to use your income AND DHs income?

It will be a while, but that'd be AWESOME for my DW. 

---

Yep. I’d bet it asked for household income. I’m pretty honest when it comes to those things. I want to say only one (or more) of my CU’s wanted individual vs household. Maybe it was a CCC though. 

Curious us if you’ve encountered entities that don’t specify household income. (Others, feel free to chime in.)

---

IME, CCs are fine with using household income...PLs are not.  This is news to me.