The fintech platform is a challenge for Prosper and Lending Club, offering consumers a chance to refinance onerous credit card debt at better rates, crowdfundinsider.com reports.
Current rates for providing credit range from 5.99% to 22.99% APR. Terms are set at 24 to 72 months for amounts up to USD 30. Marcus is designed to help consumers get out of the cycle of high credit card debt with a fixed rate, no fee personal loan.
Overall consumer debt has been pegged at USD 3.62 trillion by the Federal Reserve. This number includes credit cards, student loans but not mortgages. Revolving credit, mainly credit cards, is just under USD 1 trillion.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now