Goldman Debuts Marcus Online Loans to Disrupt Cards
- Wall Street firm is making push into consumer banking
- Seeks to parry Silicon Valley upstarts in web lending
This article is for subscribers only.
Goldman Sachs Group Inc., the Wall Street investment bank pushing into retail banking, debuted an online-loan service and said it will target consumers with credit-card debt.
The website for the Marcus by Goldman Sachs venture went live Thursday, after months of speculation about how the New York-based bank would design the product. Initial loan applications will require a code mailed to millions of pre-selected customers, according to a statement Thursday from the New York-based bank. Consumers can get a no-fee, fixed-rate loan for as much as $30,000 and pay it back in two to six years, according to the statement.