The Effect of Romans 3:24

"...being justified, by His grace as a gift, through the redemption that is in Christ Jesus..." - Rom. 3:24

John Bunyan (Works, p. 39):
“…just then as I was walking up and down in the house in the most dreadful state of mind, this word of God took hold upon my heart: Ye are ‘justified freely by His grace through the redemption that is in Christ Jesus’ (Rom. 3:24). Oh, what a turn this made upon me! Oh what a sudden change it made!
It was as though I had awakened out of a nightmare. Now God seemed to be saying to me: ‘Sinner, you think that I cannot save your soul because of your sins; behold my Son is here and I look upon Him not on you, and I shall deal with you according as I am pleased with Him.’ By this I was made to understand that God can justify a sinner at any time by looking upon Christ and imputing His benefits to him.”

William Cowper:
“The happy period which was to shake off my fetters and afford me a clear opening of the free mercy of God in Christ Jesus was now arrived. I flung myself into a chair near the window, and, seeing a Bible there, ventured once more to apply to it for comfort and instruction. The first verses I saw were in the third chapter of Romans: ‘Being justified freely by his grace through the redemption that is in Christ Jesus, whom God hath set forth to be a propitiation, through faith in his blood, to manifest his righteousness.’ Immediately I received strength to believe, and the full beams of the Sun of Righteousness shone on me. I saw the sufficiency of the atonement he had made, my pardon in his blood, and the fullness and completeness of his justification. In a moment I believed and received the gospel.”