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Goldman to Start Lending Online

Goldman Sachs is working on a new business that will lend to everyday Americans, The New York Times reports. Goldman loans would be offered to consolidate credit-card debt or pay for home upkeep and personal expenses. The move into consumer lending would allow Goldman to compete against other U.S. banks and lenders after more than a century of catering only to the wealthy. Goldman would be able to offer lower interest rates compared to rates offered by other banks because it won’t have to pay the costs of tellers and branches; instead, loans will be offered through a website or app.