Marcus Personal Loans
Marcus is an online extension of the global investment bank and financial services company Goldman Sachs, which has been around since 1869. Their 150+ years of financial expertise has helped them design products for consumers, including personal loans geared towards credit card consolidation and debt consolidation (but can ultimately be used for any purpose).
Marcus prides itself on offering borrowers personal loans with no fees and customizable payment options. Since you can’t apply with a cosigner and they typically only approve those with a credit score of at least FICO 660 and up, Marcus personal loans are best for those with good credit.
Their online application process is straightforward and simple. You answer a few questions about yourself and are immediately presented with a personal loan offer, which won’t harm your credit score.
Marcus Loan Types and Terms
|Loan types||Personal Loans|
|Repayment terms||36 to 72 months|
|APR||6.99% to 19.99%|
|Minimum credit score||FICO 660|
Who is Marcus Good For?
You’ll find plenty of online lenders who have no credit score minimum and allow borrowers to apply with a cosigner, but the benefit of Marcus is that they have lower rates than many of their competitors, making them a top choice for those who have good to excellent credit.
They’re also a good choice for those looking for more flexibility on their loan payments. With Marcus personal loans, you can choose the term and monthly payment amount when applying. If approved, Marcus will offer several loan options based on the numbers you put in. Borrowers even have the option of changing the loan’s due date up to three times.
Finally, Marcus is a solid choice for those looking to consolidate their debt. They make the process easy by sending funds directly to your creditors if you qualify for their loan. This removes the hassle of taking out a loan, receiving funds, and transferring them yourself to pay off debt sources.
Marcus Personal Loans Pros
- No fees, ever
- Competitive APR
- Flexible payment options to fit your budget
- Good customer support
- .25% APR discount if enrolled in AutoPay
- On-time payment reward (defer payment for one month) after making 12 or more consecutive monthly payments in full and on time
Marcus Personal Loans Cons
- Borrowers need good credit to qualify
- No cosigner option
- No next day funding
Like most online lenders, Marcus offers a short and sweet pre-application that won’t your credit score. This form is online and takes just a few minutes to fill out. If you’re pre-qualified for their personal loan, you can then choose an offer that best suits you and your budget. You’ll be required to complete the application and provide any necessary documents, like bank statements and proof of income.
Below are some questions you can expect on their pre-application:
- Desired loan amount
- Desired monthly payment
- Reason for loan (like major purchase, debt consolidation, etc)
- Personal details (like name, address, contact info)
- Income details
This process should only take a couple of minutes. Once complete and if you’re pre-approved, you’ll be presented with a page listing out a few different options, like varying APRs and repayment terms.
You can pick the best option for your budget and complete your loan application, which will run a hard credit check. Many Marcus customers receive funding in as little as 5 days.Get my rate
Terms & Requirements
Below are the terms and requirements when taking out a personal loan from Marcus. It should be noted that only the most creditworthy applicants qualify for the lowest rates and largest loan amounts. Rates will generally be higher for longer term loans.
- Loan Requirements
- Must be a US citizen or permanent resident
- Must be at least 18 years old (19 in Alabama and 21 in Puerto Rico and Mississippi)
- Must have provable income and a bank account
- While not explicitly stated, Marcus tends to approve borrowers who have a minimum credit score of FICO 660
- Loan amounts range from $3,500-$40,000
- APR ranges from 6.99% to 19.99%
- Repayment terms are between 36 to 72 months
Privacy & Security
Marcus by Goldman Sachs is a trusted and reputable financial institution that has been around for over a century.
Borrower’s personal information is shared with Goldman Sachs affiliates and third-party service providers. They have physical, electronic, and procedural safeguards in place to protect sensitive information of their users.
Another nice detail from their website is that Marcus has a security center page that includes information on staying cyber safe. It also lists out the security features the company has, like firewalls, requiring browsers that support encryption, SSL, multi-factor authentication, and more.
You can get in touch quickly with a Marcus representative via phone. When we reached out, there was no hold and their agent was both friendly and knowledgeable.
The Marcus website has plenty of free resources for visitors, like a FAQs page, resource center, and more information on their personal loans, which is helpful.
If you’ve got good credit, Marcus by Goldman Sachs personal loans are a great choice. They’ve been around for over a century, which is more than most lenders can say, offer competitive rates for their loans, have flexible payment options, and good customer service.
While they don’t offer next-day funding, it may be worth the few days wait if you’re looking for rates on your personal loan.
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Marcus By Goldman Sachs Offer Terms and Conditions:
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. For example, a $402 monthly payment is based on a $15,000 loan with a 12.99% APR and 48 monthly payments. 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.