If you’re reading this, then odds are, you might be considering a loan. Well, figuring out what kind of loan you really want is a great first step.
After all, you wouldn’t try to fly a plane without reading the manual beforehand—and also taking a few classes. And doing a simulator. And getting a license… Flying a plane must be hard.
But with Marcus, getting an installment loan doesn't have to be.
It’s called an installment loan because you pay back the loan principal and interest in monthly installments, thus “installment loan.”
The borrower repays the loan over a mutually agreed-upon amount of time with a specific set number of scheduled payments.
Simple as that.
Installment loans and credit cards each serve a different purpose and are useful in their own way.
At the end of the day, though, an installment loan could be the best option to consolidate your debt—or for when you are in need of a large lump sum for an upcoming expense.
You could place personal expenses on your credit card, only to be hit with late fees if you forget to make a payment. Plus, the interest rate on your credit card could go up. This means your debt may just grow and grow, faster than you could say “higher interest rates.”
With Marcus, you could get an installment loan of up to $40,000—which may have a lower interest rate than a higher-interest credit card—to finance many of life’s needs.
Another thing to consider is, unlike your credit cards, Marcus loans have fixed interest rates. This could help you save money over higher-interest credit cards that, sometimes, increase their rates, forcing you to shell out more money each month.
Rather than worry about fluctuating payment amounts, you can select your loan amount and desired monthly payment.
No sign-up fees. No late fees—you just pay interest for the additional days. No prepayment fees when you pay off your loan early. No fees, period.
Your interest rate is fixed, so you won’t have to worry about changing rates over the life of the loan or fluctuating monthly payments.
The application process is easy. Many Marcus customers receive their funds within 5 days.
Marcus installment loans range from $3,500 to $40,000 with terms from 3 to 6 years.