Goldman and the JetBlue team on an installment loan offer

Two days after JetBlue announced it would temporarily consolidate service in five US cities, the New York-based airline joined Goldman Sachs in offering an installment loan product.

CNBC reported that the global financial services company launched MarcusPay this week, allowing users to spread large purchases over monthly payments.

Marcus, the online-only consumer banking and lending arm of Goldman Sachs, offers personal loans with no late fees up to $10,000, with rates ranging from 10.99-25.99% on terms of 12 at 18 months, according to its website.

As with most other lenders, the most creditworthy applicants qualify for the lowest rates and longest loan terms, Marcus said.

With fewer customers booking flights right now, MarcusPay could serve as a payment option for vacationers booking fall packages, CNBC reported. The Goldman and JetBlue deal was in the works before the coronavirus pandemic put an end to most air travel.

“During this time, our No. 1 priority is the health and safety of our customers,” Abhinav Anand, head of consumer loans at Marcus, told CNBC.

The new service will allow JetBlue customers “to buy what matters to them, when it matters, and pay for it in equal payments, with no fees or upfront payments,” Anand said.

Partnerships with other companies should follow.

In its review, NerdWallet said Marcus ranked among the top personal loans in the categories of good credit, debt consolidation, and bank loans.

The agreement follows JetBlue’s announcement that it will temporarily consolidate its services to Boston, Los Angeles, New York, San Francisco and Washington, DC between April 15 and June 10.

The new schedule comes amid a record drop in flights as the country processes stay-at-home orders during COVID-19. The airline has already announced to its customers that it plans to reduce its flight network by 80% per day in April.

“We face new challenges every day and we cannot hesitate to take the necessary steps to reduce our costs in the face of a dramatic drop in demand so that we can emerge from this unprecedented period as a strong company. for our customers and crew members,” said Scott Laurence, Jet Blue’s. responsible for revenue and planning.

Last fall, PYMNTS reported that Marcus, launched in 2016, lost $1.3 billion despite buying startups and building call centers in Utah and Texas, according to the Wall Street Journal. .

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