Here's a breakdown of some of the benefits and drawbacks of Marcus personal loans.
- Flexible loan terms from 36 to 72 months
- No application, origination or prepayment fees
- Reward for on-time payments
- No joint loans
- Undisclosed eligibility requirements
Marcus by Goldman Sachs, headquartered in Draper, Utah, has been in business for over 150 years and provides customers with a variety of financial and banking services, including personal loans.
Marcus is an entirely online lender with loan amounts ranging from $3,500 to $40,000 and a minimum APR of 6.99 percent. The application process can be completed entirely online within minutes, and borrowers can expect to see their funds disbursed in as few as 3 days.
If you have good to excellent credit, Marcus by Goldman Sachs may be a good fit for your personal loan needs. Borrowers do not need to have existing relationships with Goldman Sachs in order to be eligible. And because Marcus personal loans are issued by Goldman Sachs Bank, the online lender charges no sign-up or origination fees. It relies on interest payments to make money on the loans.
Marcus is best for borrowers looking for online lenders
For borrowers looking for an online loan, Marcus by Goldman Sachs could be a great fit. The application and approval process can take as little as 5 minutes and borrowers will receive their funds in as few as 3 days. Marcus does not charge any fees for its personal loans and offers a reward for on-time payments. If you pay your loan on time every month for 12 consecutive months, you can skip a month of payment without accruing interest.
Bankrate rates Marcus by Goldman Sachs an overall 4.8 out of 5, assessing availability, affordability and customer experience. Marcus received perfect scores for both affordability and customer experience. With a reasonably low minimum APR of 6.99, $0 in fees, and a 0.25 percent APR discount for enrolling in autopay, this lender provides an affordable and easy option for borrowers looking for an online loan.
Marcus by Goldman Sachs snapshot
|Loan amount||$3,500 – $40,000|
|APR||6.99% – 24.99% (with auto-pay)|
|Minimum credit score||Not specified|
|Time to receive funds||As few as three days|
Marcus personal loans can range from $3,500 to $40,000 with a fixed annual percentage rate between 6.99 percent and 24.99 percent (borrowers who use auto-pay get a 0.25 percent discount). The quote you receive is based on multiple factors, including credit history, the amount you’re asking for and the length of time you’re looking to pay it off.
The screening process for a Marcus personal loan is almost entirely virtual. This means that there are fewer loan underwriting costs. As a result, Marcus by Goldman Sachs may offer better interest rates and quicker turnaround times than brick-and-mortar lenders. Once you’re approved for a loan, it takes as few as three days to receive the funds in your bank account.
If you make 12 payments on time, equaling a full year of repayments, Marcus rewards you by offering an “on-time-payment reward.” This means that you can defer one loan payment, thereby skipping one month of payments. Your skipped payment will be added to the end of your loan, during which time interest will continue to accrue. Once you’ve paid an additional 12 times in a row, you’ll qualify for another deferment month.
Fees and penalties
Unlike some of the other online personal loan companies, Marcus by Goldman Sachs does not charge any origination fees to process your loan. There are also no late fees, but you’ll continue to accumulate interest on the past-due amount, and your total payment amount will increase as a result.
Late payments, missed payments, partial payments and loan defaults will show on your credit report. However, you won’t be penalized for paying your loan off early.
How to apply for a loan with Marcus by Goldman Sachs
To apply for a Marcus personal loan, you’ll have to enter some basic information on the Marcus website, including the loan amount, the loan purpose and your yearly individual income.
Marcus then will conduct a “soft” credit check, which won’t impact your credit rating. Upon approval, you will be able to review your options, including the possible fixed monthly payments and what the APR might be.
Before finalization, Marcus will do a “hard” credit check (which will impact your credit score).
The minimum requirements to apply for a loan are as follows:
- Proof of employment, loan purpose, income and creditworthiness
- Applicant over the age of 18 (19 in Alabama and 21 in Mississippi and Puerto Rico)
- Valid U.S. bank account and Social Security number or Individual Taxpayer Identification Number
How Bankrate rates Marcus by Goldman Sachs
|Bankrate Score||4.8||Scoring factors|
|Availability||4.5||Same-day approval and funding within a few days|
|Affordability||5.0||No fees and low minimum APR|
|Customer experience||5.0||7-day customer service, highly rated mobile apps and online access|
Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.