It's official: Goldman Sachs, the Wall Street investment banking titan, now offers consumer loans.

The company on Thursday morning launched its long-awaited online lending platform, known as Marcus by Goldman Sachs.

The move marks a major step forward in Goldman's long road into bread-and-butter banking. It also is a rare example in the banking industry of a company that has developed an online loan operation from scratch.

Borrowers can qualify for fixed-rate, unsecured personal loans of up to $30,000. The loans include no fees and terms of between two and six years, according to a press release.

In addition, the Marcus platform allows borrowers to customize certain aspects of their loans, including the monthly payment date. No additional details about underwriting or minimum credit scores were provided.

Goldman said in the release that the platform fills a gap in the market, providing both the service of a retail bank and the simplicity of an online lender. The company also described the loans as an alternative to credit cards for customers with significant personal debt.

Over the past year, banks across the industry have embraced fast-decision loans to compete with fintech rivals such as Lending Club.

For instance, the $126 billion-asset Regions Financial this week began offering online personal loans in partnership with the marketplace lender Avant. Wells Fargo also developed its own in online business loan program in May.

In the lead-up to the announcement Thursday, Goldman had shared key details with the industry about its foray into consumer lending.

During a conference sponsored by American Banker last month, the company unveiled the name of the platform. It also said it has no plans to cross-sell the loans to its retail depositors.

Goldman made a major play for retail customers this spring when it completed its acquisition of $16 billion in deposits and an online banking platform from GE Capital.

The company rebranded the online platform as GS Bank and began courting Main Street depositors with market-leading rates on savings accounts. As of June 30, more than 20,000 new customers had opened accounts.

Still, even with its latest product launch for the masses, Goldman has retained an air of exclusivity.

The Marcus platform is currently available by invitation. Only prospective borrowers who receive a special code in the mail can apply for the online loans.

Goldman plans to use the feedback from its initial customer set to modify and refine the product. The company said it will send the code to "millions" of potential borrowers.

Goldman will make the product — available at — widely accessible down the road.

"In the coming months, Marcus will offer our personal loan product to a broader audience," the company said in the release.

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