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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.
@Anonymous 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?
@Anonymous 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.
Congrats 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
@Anonymous 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?
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.
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.
Congrats. Did they asked for income or other documents?