Marcus offers unsecured fixed-rate personal loans. These loans can be used for any purpose the borrower chooses, from debt consolidation to a vacation. Marcus’s lenders offer loans for as little as $3,500 with repayment terms as short as 36 months.
Marcus Personal Loans Review
Marcus is a personal loan and online banking provider owned by Goldman Sachs. Marcus was launched in 2016 to offer products designed to address consumer pain points regarding personal finance.
Marcus is named after Goldman Sachs’ founder, and its online platform combines digital technology with the financial strength and 150-year history of Goldman Sachs. Marcus has over $50 billion in bank deposits and $5 billion in consumer loan balances in the United States and the United Kingdom, all without the traditional brick-and-mortar branch model.
Marcus Personal Loans Highlights
$3,500 - $40,000
LOAN REPAYMENT TERM
MIN CREDIT SCORE
APR FIXED RATE
6.99% - 24.99%
SOFT CREDIT PULL
Pros & Cons
- No fees of any type
- Competitive APR
- Flexible payment options
- 0.25% APR discount if enrolled in AutoPay
- On-time payment reward
- Co-signers/co-borrowers are not allowed
- No next-day funding is available
Personal Loans Types
- Unsecured Personal Loans
- Credit Card Refinance
- Debt Consolidation
- Medical Expenses
Marcus Personal Loans Terms & Requirements
Marcus has several requirements for someone interested in a personal loan:
- Be at least 18 years of age (19 in Alabama and 21 in Puerto Rico and Mississippi).
- Be a U.S. citizen or permanent resident.
- Have a verifiable income and bank account.
Marcus requires personal information and the loan amount you’re requesting.
Application Steps & Time Frames
- Complete the information form: 2 minutes
- Wait for a decision: typically within minutes
- Funding is released within five business days
Available in all states
Marcus Online Banking Review
Marcus’s online banking offers one product, an online savings account.
Marcus Online Banking Highlights
Marcus Savings Highlights
Pros & Cons
- No fees, no minimum opening deposit or balance requirements
- 24/7 account access
- Live customer care is available 24/7
- Financial security of a Goldman Sachs company
- No ATM card or debit card is issued
- No physical banking locations
Features Benefits & Rewards
- Referral bonus if you refer a new customer to Marcus
- No minimum deposit or balance required
- Online account management
Marcus also offers high-yield CDs, no-penalty CDs, and rate-bump CDs:
- High-yield CD: 4.00% APY, minimum deposit of $500, 10-day CD rate guarantee, minimum term of 12 months
- No-penalty CD: 3.05% APY, $0 early withdrawal penalty, $500 minimum balance, multiple terms available
- Rate-bump CD: 3.60% APY, customer can switch to a higher rate one time during their term, $500 minimum balance
Available in all states
Privacy & Security
Marcus has a complete privacy and security statement on its website. It is based on transparency to the consumer, as evidenced by this statement, “The Goldman Sachs financial services companies endeavor to maintain the highest standards of confidentiality and to respect the privacy of our clients and associated persons, our employees, and other individuals whose personal information we collect and process. Our commitment to privacy includes being transparent about the nature and extent of that processing and the rights that may be available to you with respect thereto.”
Marcus has an excellent reputation for customer support. It is accredited by the Better Business Bureau (BBB) and has an A+ rating. In addition, their customer service hours are longer than the industry average.
Considering how large they are, Marcus’s phone support is very prompt. When we called, we were connected with a customer support representative in under two minutes. They were very professional and happy to answer any questions we had.
Marcus is a customer service-oriented company owned by Goldman Sachs. They offer several financial products (personal loans and savings accounts) and have the financial backing of 150-year-old Goldman. They offer very competitive rates on their loans and savings accounts and are easy to contact and receive assistance from.
Marcus’ Disclaimer: 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.