Our Rating: 91.2%
Marcus by Goldman Sachs Personal Loan Review
Loan Amount:
$3,500 - $40,000
Minimum Credit Score:
640
APRs From:
6.99% - 19.99%
Funding Speed:
1-5 days
Pros
- No fees
- Rate discount with autopay
- Flexible loan terms
- See your pre-approved loan offers with a soft credit check
- Offers direct payments to creditors with debt consolidation
Cons
- No joint loans or option to add co-signers
- Reports payments to only one of the three major credit bureaus
- Undisclosed eligibility requirements
- Requires a minimum FICO Score of 640
About Marcus by Goldman Sachs Personal Loans
Marcus by Goldman Sachs is ideal for borrowers with good to excellent credit. You do not need an existing relationship 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.
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 Our Rating: 92% |  Our Rating: 92% |  Our Rating: 92.0% |  Our Rating: 94% |
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Est. APR 6.95% - 35.99% | Est. APR 5.99% - 24.99% | Est. APR 3.49% - 19.99% | Est. APR 7.24% - 17.65% |
Loan Amount $2,000 - $40,000 | Loan Amount $35,000 - $5,000 | Loan Amount $5,000 - $100,000 | Loan Amount $2,500 - $5,000 |
Loan Terms 3-5 Years | Loan Terms 2-5 Years | Loan Terms 2-7 Years | Loan Terms 1/2-4 Years |
Min. Credit Score 640 | Min. Credit Score 640 | Min. Credit Score 660 | Min. Credit Score Not Specified |
Marcus by Goldman Sachs Personal Loan Snapshot
Loan Amount:
$3,500 - $40,000
APR:
6.99% to 19.99%
Minimum Credit Score:
640
Time to Funding:
1-5 days
Has Origination Fee:
No
Origination Fee: Not Applicable
Pros and cons of Marcus by Goldman Sachs Personal Loans
Before signing up for a loan with Marcus by Goldman Sachs, take a look at this breakdown of some of its benefits and drawbacks.
Pros:
Flexible loan terms: Loan terms range from 36 to 72 months.
No fees: Marcus is truly 100% fee-free. Marcus does not charge application fees, origination fees, and prepayment fees. This will save you money on the overall cost of the loan and allows you to pay off your loan early without penalty.
Direct payment to creditors: With debt consolidation loans, Marcus offers direct payment to creditors. In some cases, debt consolidation customers may be required to send part of the loan directly to creditors.
Rate discount with Autopay: If you enroll in autopay, Marcus will cut your loan's annual percentage rate by 0.25%.
Cons:
No co-signers or joint loans: Marcus does not allow multiple borrowers on a single loan or allows you to add a co-signer.
Undisclosed eligibility requirements: Marcus doesn’t list any specific credit score, income or debt-to-income ratio requirements to help you learn whether the lender is a good option for you.
Reports payments to only one of the three major credit bureaus: Marcus only reports loan payments to TransUnion and does not report to Experian or Equifax. This is a drawback because on-time loan payments may not increase your credit score.
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Loan Terms
Marcus personal loans can range from $3,500 to $40,000 with a fixed annual percentage rate between 6.99 percent and 19.99 percent.
Your individual rate will depend on multiple a number of factors, including credit history, the amount you’re asking for and the length of time you’re looking to pay it off.
The application process for a Marcus personal loan is done entirely online. This enables Marcus to offer competitive rates and quick loan processing. After final approval, it takes as little as five days to receive the funds in your bank account.
Marcus also offers an on-time payment reward after a full year of not missing a single payment. After earning this reward you can defer one loan payment, thereby skipping one month of payments. This sounds great however the skipped payment will be added to the end of your loan, during which time interest will continue to accrue.
Fees and penalties
Marcus by Goldman Sachs is one of the few personal loan providers that does not charge any origination fees to process your loan. There are also no late fees, however, you’ll continue to accumulate interest on the past-due amount, and the final payment will increase as a result.
Late payments, missed payments, partial payments and loan defaults will show on your credit report. However, Marcus only reports to TransUnion.
There are also no prepayment penalties, allowing you to pay off your loan early and save on interest.
How to get a Personal Loan with Marcus by Goldman Sachs
Getting a Marcus personal loan can be done compeletely online at the Marcus website. In order to get started, you'll need to know your desired loan amount, the loan purpose, and your yearly individual income.
During the application process, Marcus conducts a soft credit check, which won’t impact your credit rating. After approval, you will be able to review your options, including the possible fixed monthly payments and what the APR might be.
Before finalizing the loan, Marcus will conduct a hard credit check, which will impact your credit score.
Marcus Personal Loan Requirements
- 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 Tax ID Number
- Have a 680 or higher credit score