Marcus

[JoeLuvsHisCredit]

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@Anonymous wrote:

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. 

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Janus very true "Now I agree that 18% is too much, but if there is a plan in place to circumvent. Then it sin't so bad."

[Anonymous]

I did a marcus loan 3 weeks ago.
TU 768
17k at 6.99 for 60 months.
120k income.
17k was for all cc debt consolidation.

Super easy. Even called NFCU to verify bank info with me on the phone. Had my deposit the next day.

Kinda surprised your apr is that high.

[CreditCuriosity]

Marcus is all over the place with APR's they gave me an apr SP at 23.x I was just curious I had to laugh my TU was in the 700+ range.  Not the best but see others with lower scores get way better APR's.. Their is more that goes into their APR's than scores and income

[Anonymous]

No verification of any kind, in response to the other reply.

So discover just offeree me 25k at a much better apr. If I take it and pay off the Marcus loan will it hurt me in any way?

[Anonymous]

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@Anonymous wrote:

No verification of any kind, in response to the other reply.

So discover just offeree me 25k at a much better apr. If I take it and pay off the Marcus loan will it hurt me in any way?

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One thing I understand about the marcus loan, and will confirm when mine hits my CR, is they ONLY report to TU. (That can be good or bad depending on your view)

If you take the Disco loan and pay this one off, it will show a opened account, and closed account, which isnt bad. Just goes into your credit mix and will affect your AAoA.

If you are not going after any new credit for a while, i dont see if affecting much.

[Anonymous]

I don't see it causing any problems, though I have heard that it can be difficut to pay them of early. Almost as if they don't want you to. lol

You might want to read your agreement to see the ins and outs, but i think you have 24 hours to cancel?

Not sure it would be any different than just paying it off though, the HP and new account damage is already done. 

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 wrote:

 One thing I understand about the marcus loan, and will confirm when mine hits my CR, is they ONLY report to TU. (That can be good or bad depending on your view)

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It just so happens my TU is the lowest of the three, so it may explain why he higher APR.

[Anonymous]

18% with those scores.    They can jump in the river.  I just took a 2% fee 11 month bt from Disco to pay my taxes.  I had the cash but with just a 2% fee ...   Amex is pushing DW and myself at 7% rate and I would almost do it to take care of several projects around the house. Our scores are around 760 to 780