Goldman Sachs doesn’t want consumers to carry all that credit card debt and it’s presenting an alternative. Meet Marcus at marcus.com — Marcus will lend consumers up to $30,000 at a fixed interest rate, with no fee for the loans. Consumers can borrow for two years up to six years. One advantage of using Marcus as opposed to credit card debt is that the Marcus rates are locked in, whereas credit cards can change their rates after the money is spent. One aspect of a Marcus loan will remind consumers of many credit card deals, however: the rates go all the way up to 22.99% APR. (“Only the most creditworthy applicants qualify for the lowest rates” — which is listed at 5.99%.)
Not everyone is yet eligible. Insiders were given an early adopters code and can begin to use Marcus now. Others can sign up to receive a notice when Goldman opens Marcus up more broadly. Marcus is named after Goldman Sachs co-founder Marcus Goldman, who would certainly be surprised at the tool: Goldman died in 1904 at the age of 82.