Marcus by Goldman Sachs has launched together with JetBlue a new installment loan product that helps customers break up higher ticket items into smaller, monthly payments.
Loans ranging from USD 750 to USD 10,000 are repaid over 12 or 18 months at a fixed rate of 10.99% to 25.99%, with no fees apart from interest.
MarcusPay is launching first with JetBlue Airways. Both companies are likely betting consumers will book future vacations now if they can spread their payments over time.
Goldman Sachs wants to double the consumer deposits it holds to USD 125 billion over the next five years and generate USD 700 million to USD 900 million in pretax income excluding reserves in the division.
Other partnerships will follow, as Goldman has made it clear that embedding its services with large corporations is a key part of its strategy.
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