2 New Finance Applications Geared Towards Helping Millennials Save Money

Marcus is a new personal loans that was introduced just last year. With Marcus personal loans, you don’t have to pay any type of fee that are normally charged such as origination, late and penalty fee. Marcus personal loans feature an interest rate from 6.99% – 23.99%.

Borrowers have the option to select a monthly payment amount and repayment term that suits their budget. Marcus will create an installment loan plan based on the monthly payment amount and repayment term that you have selected. The minimum credit score you must have to get approved for a Marcus loan is 660. Marcus target on borrowers with good credit score.

Marcus allows borrowers to skip one payment if you consistently make repayment for 12 months before the due date.
When you choose to skip one payment, it will simply extend the due date by one month. You will not get any additional interest charge on the one month that is extended to your due date.

To apply for the Marcus loan, you must go to the Marcus site and enter your details in the form. In the form, you must provide information on the loan term and the monthly amount. With the information you provide in the form, Marcus will perform a soft credit check on your credit score with Trans Union. The soft credit check will not cause your credit score to drop.

Another new lender is Best Egg. Best Egg is a relatively new lender that starts operating in 2014. It offers personal loans with loan amount from $2,000 – $35,000. Only selected borrowers can apply for a loan of up to $50,000. The average interet rate for Best Egg personal loans is from 5.99% – 29.99% and the repayment term ranges from 3 – 5 years. They do charge an origination fee from 0.99% – 5.99%. Many Best Egg borrowers use their funds to consolidate their high interest debt of around $15,000 on average.

Most borrowers get an interest rate around 15%. However, if you have a good credit score, you can qualify for an interest rate that is lower than 10%. If you want to get an interest rate around 5.99%, you must have a good or excellent credit score from 700 or above and an annual household income of more than $100,000.

The minimum credit score to get approved for a Best Egg personal loan is 640. The preferred debt to income ratio should be lesser than 20%. You can apply for Best Egg loan at their website or through a lender marketplace where you compare various loans. Best Egg supports soft credit check so you can get prequalified first.

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