If you’re in the market for a personal loan and want to compare rates and terms offered by reputable lenders, Marcus by Goldman Sachs is a relatively new option worth investigating.
Marcus personal loans are provided by Goldman Sachs Bank — the Marcus “brand” evokes Marcus Goldman, who in 1869 founded the company that would become Goldman Sachs. Here are the essential details about taking out a personal loan from Marcus by Goldman Sachs.
Marcus personal loans overview
Once known primarily as an investment bank, Goldman Sachs now offers savings accounts, CDs and personal loans to consumers through its Marcus brand. All of these services are available online, and the company’s personal loan application process is thoroughly modern, digital, and paperless.
When Marcus launched in the fall of 2016, its no-fee, fixed-rate loans were touted as a way to pay off high-interest credit card debt. Today, Goldman Sachs markets its Marcus personal loans not only for debt consolidation but as an affordable option for taking care of unexpected expenses or financing home repairs or improvements.
If you decide to take out a personal loan with Marcus, here’s what you should know:
|Types of rates (APR)||Fixed|
|Loan size||$3,500 to $40,000|
|Loan terms||3 to 6 years|
|Loan use||Credit card refinancing, debt consolidation, home improvement, and other uses|
|Key benefits||- Tailored monthly payment options designed to fit your budget
- Option to defer one monthly payment after making 12 or more consecutive in full and on-time monthly payments
|Residency||Can't reside in MD|
|Loan servicer||Goldman Sachs|
How to take out a personal loan with Marcus
Marcus could be a good match for creditworthy borrowers who are looking for transparency, simplicity and value. Since many lenders are competing to provide personal loans, it’s always smart to request rates from a number of lenders to get a broader view of your options.
Borrowers who are shopping for the best rates on personal loans can use Credible to request personalized rates from Marcus and other lenders. It only takes 2 minutes to request rates, and Credible’s process uses a soft credit inquiry that doesn’t affect your credit score when checking to see what rates you prequalify for.
The company above is one of Credible’s approved partner lenders. Because they compete for your business through Credible, you can request prequalified rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting prequalified rates is free and doesn’t affect your credit score. Credible receives compensation if you close a loan with one of our partner lenders. The rates you receive and the fees you pay (if any) are not impacted by this compensation.