Repayment of loan
Paying off your Marcus loan is very simple. The repayment can be made as a series of payments sent out every month or as fully automated payments. To shorten the repayment period, you can make additional payments.
Conditions of loan extension
Marcus offers a unique way of extending your loan by offering you a paid vacation. To qualify for it, make twelve monthly payments on time. Your loan's term is automatically extended by one month after you take a break from making payments.
Early payoff
It's possible to pay this loan off early, and there's no punishment for doing so. The fact that Marcus doesn't charge prepayment penalties makes it stand out from other services.
However, there are still repercussions if you miss a payment. In the event of you paying less or not paying on time, you will be charged more interest, and you'll be forced to pay more in total. This behavior will also adversely affect your credit score and can even lead to legal action.
There are several things that can be done in order to improve your chances of paying off a Marcus loan earlier than required, including:
Paying more than the minimum amount required;
Paying over one time during most months;
Paying off other loans so you can focus on this one;
Taking the snowball route of paying down debts;
Consolidating debts.