Goldman Sachs Launches MarcusPay Installment Loan Product

CNBC is reporting that Goldman Sachs has quietly launched a new point of sale installment loan product with JetBlue as their initial partner; called MarcusPay it allows for loans from $750 to $10,000 to be paid over 12 to 18 months with APRs ranging from 10.99% to 25.99%; there are no upfront fees or deposits required; by creating a buy now, pay later product it helps Marcus become front and center in the everyday lives of consumers and expands their brand beyond personal loans and savings; the partnership with JetBlue was in development well before the coronavirus epidemic put a halt to most air travel; with few people booking trips right now MarcusPay appears as a payment option for vacation packages that happen in the fall of this year. CNBC

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