Updated: October 29, 2024
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Marcus by Goldman Sachs offers personal loans that can be used for debt consolidation, weddings, vacations, home improvement, relocation and more. With this lender, you can take advantage of an autopay discount. You can also avoid origination, late and prepayment fees.
Marcus by Goldman Sachs was founded in 2016. The lender offers personal loans, savings accounts and other financial products. You need to have a good credit history to get approval for a personal loan with Marcus. It doesn’t allow co-signers or joint loans.
The lender offers personal loans ranging from $3,500 to $40,000 with repayment terms ranging from 36 to 84 months, making it a good option for those looking for a loan with flexible terms. Once Marcus approves your loan, you can possibly receive the funds on the same day. The lender does not have origination or late payment fees. It also does not charge a penalty on the early payment of your loan.
With Marcus by Goldman Sachs, borrowers who make payments on time for the last twelve months can skip a month’s payment without accruing interest. However, their loan term will increase by one month.
Pros
Cons
APR | Marcus by Goldman Sachs charges an APR of 6.99%–19.99% on its personal loans. |
Credit Score Requirements | You need to have at least a 660 credit score to get approval for a Marcus by Goldman Sachs personal loan. |
Income Requirements | Marcus by Goldman Sachs does not specify a minimum income requirement for its personal loans. |
Loan Amounts | With Marcus by Goldman Sachs, you can get a loan ranging from $3,500 to $40,000. |
Loan Terms | Marcus by Goldman Sachs offers a wide range of repayment terms, which are typically between 36 and 84 months. |
Permitted Uses | This lender allows the use of loan funds for debt consolidation, weddings, relocation, vacation and home improvement. |
Prohibited Uses | Marcus by Goldman Sachs prohibits the use of loan funds for student loan refinancing, business expenses or any illegal activity. |
Time to Receive Funds | Once your Marcus by Goldman Sachs loan is approved, you can possibly receive the funds in your account on the same business day. |
Origination Fees | This lender doesn’t charge an origination fee to its borrowers. |
Late Fees | Marcus by Goldman Sachs doesn’t charge a late payment fee to its borrowers. |
Prepayment Penalty Fees | You don’t have to pay a prepayment penalty with Marcus by Goldman Sachs if you pay off your loan early. |
Co-signers and Co-applicants | This lender doesn’t allow co-signers or co-applicants. |
Perks | If you have consistently made payments for the last 12 months, Marcus by Goldman Sachs allows you to skip one month’s payment without accruing interest. |
Mobile Application | Marcus by Goldman Sachs offers a mobile app that can be used to manage your loan online. |
Before deciding on a lender, it’s essential to consider various factors since every personal loan company offers different personal loan products. Below, MoneyGeek explains which type of individuals would benefit the most from the loans provided by Marcus by Goldman Sachs.
Personal loans from Marcus by Goldman Sachs are a good fit for individuals who are looking to avoid the high fees other lenders charge. This lender does not charge origination, late or early payment fees. Other lenders may charge these fees.
If your primary purpose for taking out a loan is debt consolidation, Marcus by Goldman Sachs is a great choice since the lender offers direct disbursement of funds to the creditors.
Since Marcus by Goldman Sachs requires borrowers to have a solid credit history, it’s not the best option for individuals with a poor credit score. These individuals are less likely to get approval. The lender also does not allow co-signers or co-applicants, making it difficult for individuals with bad credit to get approval.
Marcus charges a high APR, which is why individuals with excellent credit scores should look elsewhere since they are more likely to find better rates with other lenders.
MoneyGeek outlined the following steps that you can follow when applying for a Marcus by Goldman Sachs personal loan.
You can fill out a prequalification form on the Marcus by Goldman Sachs website to see if you’re eligible for a personal loan. This process won’t affect your credit scores as it involves a soft credit inquiry.
Once you determine that you’re eligible, you can fill out an application form with your personal information, income and employment details. At this stage, the lender will conduct a hard credit inquiry.
After submitting the application, you will wait to get loan approval. It may take less than 24 hours to get approval for the loan.
Once you get the approval, it’s important to carefully read the lender's loan agreement to understand the various fees and interest rates charged by Marcus by Goldman Sachs.
After you’ve read and understood the loan agreement, you can sign it online.
Typically, it takes about one to four business days to receive the funds in your account after you sign the loan agreement.
You have to start making monthly loan payments in accordance with your payment due date.
It’s possible that Marcus by Goldman Sachs may reject your loan application. You shouldn’t worry if that happens. The lender can reject your application for various reasons, including a low credit score, high debt-to-income ratio, incomplete application, insufficient income or unstable employment.
Marcus by Goldman Sachs will typically tell you which factors caused the denial of your application. The best way to proceed is to improve those factors and then reapply for the loan. For instance, if Marcus by Goldman Sachs denied your loan due to a low credit score, you can get a credit-building loan or a secured credit card to rebuild your credit history. You can also negotiate the loan terms with the lender, like selecting a different loan term or loan amount.
It may be tempting to reapply for a loan with a different lender. However, MoneyGeek advises against this as you’re less likely to get approval without taking care of the factor that caused the denial in the first place. You may also negatively affect your credit score if you reapply multiple times.
MoneyGeek answered the following frequently asked questions about Marcus by Goldman Sachs personal loans to help you decide if this lender could be the best fit for your needs.
Marcus by Goldman Sachs generally allows the use of its personal loans for debt consolidation, home improvement, weddings, relocation, vacations and more.
This lender requires borrowers to have at least a 660 credit score for personal loan approval.
The lender will typically let you know the decision about your personal loan application in about 24 hours.
Yes, Marcus by Goldman Sachs offers a mobile app that you can use to manage your loan.
Marcus by Goldman Sachs offers unsecured personal loans.
Marcus by Goldman Sachs lets you borrow up to a maximum of $40,000. This is less than most other lenders.
Marcus by Goldman Sachs does not charge an origination fee for its personal loans.
No, Marcus by Goldman Sachs offers online prequalification, which does not affect your credit score since it involves a soft credit inquiry.
Marcus by Goldman Sachs offers a 0.3% discount to borrowers for setting up automatic payments.
No, Marcus by Goldman Sachs does not accept co-signers on personal loans.
About Christopher Boston
Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.
Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.
The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.
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