Goldman’s Online Lender, Marcus, Opens

Posted October 13th 2016


via The New York Times

After years of behind-the-scenes planning, Goldman Sachs is opening its new online lending platform, Marcus, on Thursday. Borrowers will be able to visit and apply for unsecured loans of up to $30,000 to refinance their credit card debt or pay for a household project.

The new site takes an unusually casual tone for Goldman as it tries to lure in customers.

“Debt happens — and it can happen to anyone. We created Marcus to help you better manage it,” the site says.

“No jargon. No tricks. Just straight talk,” it promises.

Initially, applications will be limited to people who get a code from Goldman in the mail. Goldman said this week that it would send the code to millions of people. The company is focusing on customers with a credit score above 660, so-called prime credit.

“Marcus is a significant departure for Goldman, which has traditionally avoided consumer-oriented banking, focusing instead on government and corporate clients,” writes The New York Times‘ Nathaniel Popper. The big bank will be in direct competition with online money lenders like Lending Club and Prosper, but Goldman’s history as a traditional bank could give it a leg up in the growing fintech sector.