Marcus Review
9.4
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Marcus Reviews

9.4
Bob Phillips

WRITTEN BY

Bob Phillips

Good for individuals with very good-excellent credit
Good for individuals with very good-excellent credit
About Marcus

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.

9.0

LS SCORE

10

CREDIBILITY

10

SUPPORT

10

ACCESSIBILITY

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

LOAN AMOUNT

$3,500 - $40,000

LOAN REPAYMENT TERM

36-72 months

MIN CREDIT SCORE

740

APR FIXED RATE

6.99% - 24.99%

FUNDING TIME

5 days

ORIGINATION FEE

None

PREPAYMENT FEE

None

OTHER FEES

None

SOFT CREDIT PULL

Yes

LENDER TYPE

Direct

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

Loan Purpose

  • Credit Card Refinance
  • Debt Consolidation
  • Medical Expenses
  • Vacation
  • Other

Marcus Personal Loans Terms & Requirements

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.

Qualification 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.

Required Information

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

State Availability

Available in all states

Marcus Online Banking Review

Marcus’s online banking offers one product, an online savings account.

Marcus Online Banking Highlights

APY SAVINGS

Min 3.30%

OTHER FEES

Yes

Account Type

  • Savings

Marcus Savings Highlights

DEPOSIT AMOUNT

No minimum

APY

Min 3.30%

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

Account Types

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

State Availability

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.”

Customer Support

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.

Phone Support
1-844-627-2872
Mon-Fri
8am-10pm Eastern
Sat-Sun
9am-7pm Eastern

In Conclusion

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.

FAQ

Does applying for a loan with Marcus affect my credit score?
Providing your basic information to view loan options does not impact your credit score with Marcus. To determine how much you could qualify for, they conduct a “soft pull” of your credit. If you select a loan option and continue your application, they require a “hard inquiry” to verify the information you’ve provided on the application for final loan approval. This “hard inquiry” will be seen as an inquiry on your credit report.
How long does it take for my loan to be approved and funded?
Marcus’ turnaround time for approval and funding is typically under 5 business days.
What fees are associated with a Marcus loan or savings account?
Marcus does not charge any fees for its personal loans or savings accounts.

Marcus Disclaimer

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.​

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WRITTEN BY

Bob Phillips

Having spent over fifteen years helping people plan their lives financially, Bob has a vast amount of knowledge concerning personal finance. During his career, Bob mastered many different financial products to help people achieve their financial goals, including life insurance, disability insurance, mutual funds, and stocks and bonds. He earned the Chartered Life Underwriter (CLU) designation and held numerous securities licenses. Bob is an internationally published poet and is now a freelance writer living in North Texas with his wife and Doberman puppy.