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Marcus

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Established Member

Marcus

Just giving my story.

I applied for a Marcus loan in April, was denied. Credit scores were in the 700s.

Three days ago Marcus sent me an email saying I could reapply. I needed a personal loan on my file so I did.

Applied for 25k, they offered 17k at 18.99 apr.

I took it. They asked for bank account info, we did a three way call to verify bank info with bank, and the next day I got the funding. Smooth, no verification of income, no hassles.. smooth!

Credit scores are in the 750s. Or were when I reapplied. Stated income 120k.
Message 1 of 17
16 REPLIES 16
Valued Contributor

Re: Marcus

Geno,

 

Hopefully you didn't take that loan just for the credit mix.  Mid 750's with an 19% APR is rather appalling.  Marcus quoted me a similar rate a while back and they can stuff it.

 FICO 8
Message 2 of 17
Valued Contributor

Re: Marcus


@Genio wrote:
Just giving my story.

I applied for a Marcus loan in April, was denied. Credit scores were in the 700s.

Three days ago Marcus sent me an email saying I could reapply. I needed a personal loan on my file so I did.

Applied for 25k, they offered 17k at 18.99 apr.

I took it. They asked for bank account info, we did a three way call to verify bank info with bank, and the next day I got the funding. Smooth, no verification of income, no hassles.. smooth!

Credit scores are in the 750s. Or were when I reapplied. Stated income 120k.

That is super high interest rate.  Why are you paying such a high rate on a loan with scores in the 750's?

More cards than I can mention in a signature.
Message 3 of 17
Senior Contributor

Re: Marcus


@Genio wrote:
Just giving my story.

I applied for a Marcus loan in April, was denied. Credit scores were in the 700s.

Three days ago Marcus sent me an email saying I could reapply. I needed a personal loan on my file so I did.

Applied for 25k, they offered 17k at 18.99 apr.

I took it. They asked for bank account info, we did a three way call to verify bank info with bank, and the next day I got the funding. Smooth, no verification of income, no hassles.. smooth!

Credit scores are in the 750s. Or were when I reapplied. Stated income 120k.

 

Congrats on your Marcus loan approval.

 

However I should add that if the purpose of the loan was to simply "thicken" your credit file there are several much less expensive options.





Message 4 of 17
Established Member

Re: Marcus

I'm going to pay it off in 6 months so it's not a real big deal.

At least I hope not
Message 5 of 17
Valued Contributor

Re: Marcus

BBVA 20K.jpgoffer for 20KCongrats op. With your scores you could have gotten offers like i did here's example of my offers 7.59% for 36 months up to 35K. My scores are 782,788 and 779. Income $82482.00

Message 6 of 17
Senior Contributor

Re: Marcus


@Genio wrote:
I'm going to pay it off in 6 months so it's not a real big deal.

At least I hope not

 

@For your sake I hope so too.   I just paid off a $10,000 loan @ 8.99% from PenFed in 6 months and it still cost me $180 in interest.  As someone who hates paying interest that rubbed me the wrong way but at least the interest cost was offset by the signup bonus from opening a Power Cash Rewards credit card. 

 

Have you run the number to see how much you will pay in interest even if you pay it off in 6 months?





Message 7 of 17
Valued Contributor

Re: Marcus

Congrats! G on your approval. Thanks for sharing the DPs -- plenty of members, now and future,  surely will be very appreciative of the information you shared for the benefit of the community. I know I am. 

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (11/11/2019): FICO 08 EXP: 747; TU: 749; EQ: 747
2019 Goal Score: 800 across the board


Take the myFICO Fitness Challenge
Message 8 of 17
Valued Contributor

Re: Marcus

If someone hates paying intererst, perhaps they shouldn't be taking out a Loan in the first place? Those of us who do have to borrow Money due to a lack or large liquid resources, just expect interest it the byproduct and a given. I imagine that one likes paying interest, but for some it is inescapable.

Now I agree that 18% is too much on that amount, but if there is a plan in place to circumvent it or even most of it. Then it sin't so bad. I have noticed that Marcus is on the high end of APR considering people's score, mine was 13% with a 780 on $15K for 3 years. But I also plan to pay it back much sooner, thus lowering how much interest is paid. 

 

I would have gone with Discover, but they denied me due to 3 very old paid collections. 






Message 9 of 17
New Contributor

Re: Marcus

Congrats. Did they asked for income or other documents?

Message 10 of 17
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