It probably seems simple. You have a bill with a due date, and you pay it.
Still, you might have questions about your Marcus Loan statement. Here, we’ll address some of those questions along with how your loan can be paid. Information regarding your loan payments can also be found in your Marcus Loan Agreement, and can be referred to for further details.
First, you need to know when your loan payment is due. Your due date can be found on your monthly statement.
If your due date is on the 29th, 30th or 31st and the month does not have those days, your payment will be due on the last day of the month (including weekends and holidays).
Payments must be received before 5:00 pm ET in order to be considered paid on time.
If you make a late payment, partial payment or miss a payment on your Marcus loan, you may pay more interest and your final payment may be larger as a result.
If you pay early or you pay more than your amount due, you may pay less interest and your final payment may be reduced as a result.
AutoPay (or automatic payment) is a feature that automatically withdraws your regularly scheduled payments. It is simple, easy to set up and can give you peace of mind knowing that your payments will be on time. Making on-time payments can help build your credit score, and can save you time on a monthly basis. Here are a few of the benefits of AutoPay.
First, keep your AutoPay set up as-is. It will withdraw your monthly amount due (per usual) on the due date.
Second, schedule a one-time payment with the additional amount you’d like to pay. The additional payment must be scheduled for the same date as your due date (which is the same as your AutoPay date). If you prefer, you can schedule this one-time payment in advance.
For example, let’s say you want to pay $100 in addition to your monthly amount due. If you are enrolled in AutoPay and your monthly amount due is scheduled for the 15th of the month also schedule a $100 one-time payment for the 15th.
You can easily set up your payments so that a one-time payment covers half of your monthly payment, and AutoPay covers the rest.
How to divide your monthly payment into two payments:
If you submit a payment by mail or initiate a payment from your bank, make sure to include your loan number.
All payments will be applied first to accrued and unpaid interest, and then to your outstanding principal balance. Special payment application rules may apply if you have more than one outstanding loan and you do not include a loan number.
A Marcus loan is a daily simple interest loan. This means that interest accrues every day on the principal balance that is outstanding. For information about interest rates, you can read our Interest Rate Definition guide or watch our interest rate video.
For more information you can refer to your Marcus Loan Agreement or contact our call center.
This article is for informational purposes only and is not a substitute for individualized professional advice. Articles on this site were commissioned and approved by Marcus by Goldman Sachs®, but may not reflect the institutional opinions of The Goldman Sachs Group, Inc., Goldman Sachs Bank USA or any of their affiliates, subsidiaries or divisions.