Marcus by Goldman Sachs Personal Loans Review
Marcus by Goldman Sachs provides consumer banking services with no-fee personal loans that have low interest rates and flexible repayment options.
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Key points:
- Marcus by Goldman Sachs is a loan option for borrowers with fair credit or better.
- You need at least a 660 credit score and a $40,000 annual income to qualify.
- Marcus doesn’t charge any fees.
What we like:
No fees
| Rates (APR) | 5.99% – 28.99% |
| Loan Terms | 3 – 6 years |
| Loan Amounts | $3,500 – $40,000 |
| Fees | Origination fee: None Prepayment penalty: None Late fee: None |
Goldman Sachs is a well-known financial firm that has been in business for about 150 years. When many people hear the name, they think of investment banking and Wall Street.
However, in recent years Goldman Sachs has introduced more consumer-friendly banking products. Now, the company is using its clout to provide personal loans named after one of its founders, Marcus Goldman.
This Marcus by Goldman Sachs personal loan review will cover what you need to know to decide if this lender is right for you.
In this review:
- Marcus by Goldman Sachs: At a glance
- Pros & cons of Marcus loans
- Applying for a Marcus personal loan
- Where to find Marcus personal loan alternatives
Marcus by Goldman Sachs: At a glance
| Marcus personal loans | |
| Loan amounts | $3,500 – $40,000 |
| Term lengths | 36 – 72 months |
| APRs | 6.99% – 19.99% |
| Origination fee | $0 |
| Late payment fee | $0 |
| Prepayment fee | $0 |
| Minimum credit score | 660 |
| Minimum annual income | $40,000 |
Pros & cons of Marcus loans
Pros
- Low interest rate: With Marcus, you can get a loan with a rate as low as 6.99% APR. That’s a competitive personal loan rate. If you’re hoping to consolidate debt, this rate can save you a great deal of money.
- Soft credit pull: The initial pull on your credit will be soft so you can compare loans. However, later a hard inquiry will be used to finalize your loan terms.
- Loan flexibility: You can choose a monthly payment amount on the website when you apply. As long as you qualify for the loan, Marcus will try to fit your loan options around what you’re looking for, with loan terms of up to 72 months.
- No fees: Marcus by Goldman Sachs loans are truly no-fee loans. You don’t have to worry about origination, prepayment, or late payment fees.
- Skip a payment: One of the benefits of Marcus by Goldman Sachs is the fact that, after making 12 months of on-time payments, you can skip a payment without incurring additional interest charges. Instead, you just make the payment at the end of your loan term.
- Customer support: Marcus offers customer support seven days a week, allowing you to speak with a human on the phone when you need to.
- Financial dashboard: The Marcus dashboard is easy to manage, and if you have a savings account with Marcus, you can see all your financial accounts with the company in one place. If you’ve already got an account, this can help you better manage your options and stay on top of your money.
Cons
- Not for bad credit borrowers: According to company data, more than 80% of Marcus borrowers have a credit score of at least 660, and this is generally the minimum score the lender looks for when approving loans. Based on our own assessment, we’ve found Marcus works best as a fair credit personal loan. Borrowers with both bad and good credit can find better options elsewhere.
- Minimum income: Marcus requires an annual salary of $40,000 in order to qualify. If you don’t meet this requirement, you’ll want to look for another lender.
- Loan amounts: Another issue to be aware of is the fact that the minimum loan amount is $3,500. If you don’t need to borrow that much, you should look for a lender with a lower minimum loan amount, such as Upstart. Likewise, if you want a loan with a larger maximum amount, consider a lender like LightStream or SoFi.
>> Read More: Personal Loans for Bad Credit Borrowers
Applying for a Marcus Personal Loan
Getting a loan from Marcus by Goldman Sachs is fairly straightforward. You start by sharing basic information, including:
- Name
- Address
- Social Security number
- Birthdate
- Annual income with proof, such as tax returns or bank statements
- Monthly housing payment.
- How much you want to borrow and your desired monthly payment.
During this process, Marcus will ask what you will use the personal loan for before providing different loan options.
Realize, though, that your final loan offer will depend on your credit report, as well as your income and other factors, which Marcus will only be able to assess if you move forward with a full application.
Where to find Marcus personal loan alternatives
Marcus is an excellent option if you have at least fair credit. If you qualify for the lowest rates, you can use a personal loan for credit card consolidation and save thousands. The sign-up process is easy, and the fixed rate and lack of fees make these loans predictable.
However, before you make your choice, research your options and compare offers from several different lenders to ensure that you are getting the best deal for your needs. Our guides to the best personal loans and best fair credit loans are excellent resources for comparing your options.
For a more direct side-by-side view, you can check out our Marcus vs. SoFi comparison.
