Marcus’ personal loans they are a solution to our financial problems. When we go through difficult economic times it is necessary to go to a lender.
One of the most reliable lenders when applying for a personal loan is Marcus and here you will learn how to apply for one.
How to apply for a personal loan from Marcus?
If what you want is to get a personal loan as soon as possible, you need to read the Marcus form through his website, here you will see the steps you must follow:
- Check all your options: Unlike other lenders, Marcus is prequalified to see if you are eligible for a personal loan and see all the options without affecting your credit score.
- Select the loan: Logically, you must select the personal loan that best suits your needs through the payment term, how much you must pay monthly and the interest rate.
- Fill out the application: Marcus sees you ask you to fill out the application adding all your personal information, you have to specify your income and the job you have, you should also know that this is a hard credit inquiry which means that you will probably reduce your credit score a bit.
- Review the terms of the personal loan: If Marcus has approved your application, they will send you a personal loan document. It is necessary that you review it very well before signing it so that you know all the terms and conditions of the personal loan.
- Check all information: Marcus is going to ask you for identification before approving the personal loan, you have to send a copy of your driver’s license, if you have it, if not then you will have to deliver some identification that has your photograph, it should be noted that you have to send the money to your bank account, it will probably take about 3 business days to reach your account.
Requirements to obtain a loan from Marcus
Before seeing the requirements you first have to enter the Marcus website and add basic information such as the amount of the personal loan, purpose and annual income, then they will do a soft credit verification, this will not affect the credit score, when they approve it you will know the minimum requirements that are the following:
- Have proof of employment, purpose of the personal loan and income certification.
- You must be over 18 years old.
- Valid bank account and Social Security number or individual Taxpayer Identification number.
What are Marcus’ interest rates and payment terms?
The interest rates or APRs that have Marcus’s personal loans are between 6.99% or 19.99%, it is even possible that some borrowers use automatic payment and can get discounts of up to 0.30%.
Marcus’ payment terms are between 36 to 72 months.
Can I request an urgent loan and how long will it take to be approved?
Urgent loans in Marcus are generally approved within 24 hours and in just a few days it will reach your bank account, if the loan is relatively low then it can take 1 day to reach your account.
Foreigners without social security cannot request a loan from MarcusIn fact, one of its essential requirements is the social security number before applying for a personal loan.
Pros and cons of applying for a loan in Marcus
The pros and cons of applying for a loan in Marcus are the following:
Advantages
- Payments directly to creditors: For those who want a loan to pay off debts, Marcus has the option of direct payments to creditors.
- Rewards for paying without delays: Those who pay on time get rewards. If they do it for 12 months, Marcus will give them a reward for paying on time.
- There are no origination or late payment fees: There are some personal loans that have extra charges, for example for application or late payments and fines are included, however in Marcus this does not happen since you do not need to worry about these fees that appear without prior notice.
Disadvantages
- Credit score not specified: One downside to Marcus is that they do not display a minimum credit score, they use their own underwriting process to screen the applications that come in each day.
- Loan disbursement may take: It is true that it can take up to 3 days to deposit the personal loan. However, other lenders only take 1 day to do so.
- There are no guaranteed options available: Some lenders have the ability to provide personal loans that are already confirmed for borrowers with slightly low credit scores, Marcus does not work that way as they do not agree to signed applications and do not offer secured personal loans.
Marcus may be the option you are looking for, you already know its positive and negative aspects, so it is up to you if you want to apply for a personal loan.
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