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.
Marcus personal loans review
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:
|Fixed rates||6.99% - 19.99% APR1|
|Loan amount||$3,500 to $40,0002|
|Loan terms||3 to 6 years|
|Min. credit score||660
(TransUnion FICO®️ Score 9)
|Time to get funds||Many Marcus customers receive funds in as little as five days|
|Residency||Any U.S. state|
|Loan use||Credit card refinancing, debt consolidation, home improvement, and other uses|
|Loan servicer||Goldman Sachs|
1Rate reduction of 0.25% when enrolled in autopay.
2You may be required to have some of your funds sent directly to pay off outstanding unsecured debt.
3After making 12 or more consecutive monthly payments, you can defer one payment as long as you have made all your prior payments in full and on time. Marcus will waive any interest incurred during the deferral and extend your loan by one month (you will pay interest during this extra month). Your payments resume as usual after your deferral. Advance notice is required. See loan agreement for details.
4Your 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. 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. 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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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.
See how Marcus compares: The Best Personal Loans
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 two 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.
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 4.99-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.