If you have a personal loan with Marcus with a term that’s more than 12 months, and you’re consistently paying on time and in full, you could be earning your way towards a benefit without even knowing it: the On-Time Payment Reward.
The On-Time Payment Reward is a chance to take a break for a month with what we’re calling a payment vacation. This feature enables you to defer making a payment for one month. When you use the reward, we won’t charge you interest during the month that your payment was deferred. We will in turn extend the term of your loan by one month (interest will accrue during this extra month) and your final payment will be due one month later than it otherwise would have been. Your total interest paid will not change by using this feature and it won’t negatively affect your credit score.
After your payment vacation, your obligation to make monthly payments will resume as usual.
Once you’ve made 12 consecutive on time, in full monthly payments, you earn an On-Time Payment Reward.
You don’t have to use the reward right when you earn it. You can hold on to it, and it remains ready to use as long as you continue to make your monthly payments on time and in full.
Good to know: Although you don’t have to use your On-Time Payment Reward right away, you only earn one reward at a time. You also need to continuously pay in full and on time to be able to use the reward you’ve earned and to qualify for additional rewards.
If you pay late, miss a payment or make a partial payment you’re not able to use or earn rewards. For example, if you pay in full and on-time for 10 consecutive months, but make your 11th payment late, you won’t be eligible to earn any On-Time Payment Rewards.
If you’re eligible to earn the reward or have already earned an On-Time Payment reward, you’ll see your status when you log in to your account at marcus.com (look for the On-Time Payment Reward Tracker). You can also call us toll-free at 1-844-Marcus-2, and a Loan Specialist can tell you your status.
Enrolling in AutoPay can make things simple. Every payment will be made on time and in full as long as there are sufficient funds in your account, because we automatically withdraw it on time (never early).
Note: You can use a reward you’ve earned for whichever month you would like if you continue to pay on time and in full.
If you want to use your reward to defer your next payment, it’s important to plan ahead and call us at least 16 days before your payment due date. Be sure to talk to us before 5pm ET. If day 16 is a weekend or a federal holiday, you must call us no later than the immediately preceding business day. You can also call and request to use the reward for the following month; you don’t need to call during the month in which you want to defer.
The On-Time Payment Reward does not expire. You can use it for whichever month you would like as long as you maintain your record of continuously making payments on time and in full.
You could earn up to one On-Time Payment Reward for every 12 months until your loan term ends, as long as you continuously pay on time and in full. After you’ve used your On-Time Payment Reward, you can qualify for another one if you, once again, make at least 12 additional in-full, on-time monthly payments. Just make sure that when you request your new reward, that all of your prior monthly payments have been made in full and on time.
These rewards do not accumulate. Once you qualify for a reward, you’ll begin earning credit towards your next one after you’ve used the one you just earned. To earn your next reward, keep doing what you did the first time: make your monthly payments in full and on time for 12 months.
You can earn On-Time Payment Rewards for each eligible personal loan but you can’t share rewards across personal loans. So, say you earned a reward for your first personal loan but not your second, the reward could only be applied to your first personal loan.
There isn’t one. We understand that you might need or want to put your money toward something else. We also believe you should be rewarded for paying in full and on time.
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.