Genuinely, Marcus by Goldman Sachs® has dominated the market for online personal loans. Marcus by Goldman Sachs® is well-liked among borrowers due to its cheap interest rates and unwavering commitment to waive all fees. You can read our complete review of Marcus personal loans to determine if you should apply.
List of Contents
Marcus Personal Loan

Loan amounts: $3,500 to $40,000
APR range: 6.74% to 19.74%
Minimum credit score: N/A
Why We Selected It
The Goldman Sachs Group, Inc. owns Marcus by Goldman Sachs. It provides personal loans to clients with good credit and concentrates on debt consolidation and home improvement loans. However, other loan purposes are permitted. Loans from $3,500 to $40,000 are offered for three to six years. Marcus does not impose fees for origination, prepayment, sign-up, or late payments.
Who Benefits Most from Marcus Personal Loans?

Marcus’ fee-free structure, paired with flexible loan terms and large possible loan amounts, makes this a versatile alternative for borrowers with good credit. Although Marcus does not disclose its minimum credit score requirements, a score of at least 660 is recommended to boost your chances of approval. Significantly, Marcus loans are still available to many borrowers at rates close to those offered by other top lenders. However, it does not allow for co-signers or co-borrowers.
Purposes of Marcus Personal Loans

Details of Marcus’ Personal Loan

Perks & Features
Marcus borrowers can enjoy the following benefits in addition to saving 0.25% APR by registering in autopay:
- Flexible payment date
Borrowers can adjust their due date up to three times during the loan’s term. Borrowers cannot use this service if their payments are past due.
- On-time payment reward
Marcus gives a bonus to borrowers who routinely make payments on time. If borrowers pay their debt on time and in total for 12 consecutive months, they can skip a price. In addition, no interest will accrue, and the loan duration will be extended by one month.
Loan Amounts & Terms
- Loan amounts
Marcus provides personal loans between $3,500 and $40,000. However, the maximum loan amount varies based on the customer’s loan purpose, income, and creditworthiness.
- Loan terms
Personal loans are available with payback terms ranging from 36 to 72 months. The most extended payback terms are allocated for candidates with the highest creditworthiness. Additionally, interest rates are often higher for loans with lengthier repayment terms.
Loan Costs
- Prepayment penalty fees
There are no prepayment penalties for borrowers who pay off their loans early.
- Late fees
Marcus does not incur late payment fees. Nevertheless, debtors must still pay the interest accrued during a missed payment period, resulting in an increased final payment.
- Origination fees
Marcus requires no origination costs.
- APR.
APRs for Marcus’s personal loans range from 6.99% to 19.99%. Like many other top lenders, Marcus offers a rate discount for autopay enrollment, in this case, 0.25 percent, which is larger than what some other lenders offer.
Qualification Requirements

Co-signers and Co-applicants
Marcus only accepts applications from persons. Co-applicants and co-signers are not authorized.
Income Requirements
Marcus requires that customers have sufficient income to repay their loans. However, neither the minimum income criteria nor the average income of Marcus borrowers is disclosed.
Credit Score Requirements
Marcus does not disclose its minimum credit score criteria. However, we recommend a score of at least 660 to qualify for a personal loan with Marcus. Applicants with higher scores, however, will have access to cheaper interest rates and more advantageous loan terms. Additionally, Marcus does not reveal the average credit score of its consumers.
Customer Reviews

Customers are pleased with the speed with which the lender handles loan applications and deposits loan funds. However, there have been multiple complaints of borrowers who could only secure a high-interest rate, needed help contacting customer service, and struggled to obtain a loan deferral in the aftermath of Covid-19.
Application Procedure for a Marcus Personal Loan

Marcus’s loan application procedure consists of three steps as follows:
1. Prequalify by submitting your details
Before submitting a formal application, potential borrowers can utilize Marcus’ online loan eligibility tool to determine the amount they wish to borrow and the monthly payment amount. This slider allows applicants to personalize a quote. Nevertheless, conditions may vary based on loan purpose, creditworthiness, and other variables. Marcus will also want information regarding your residence, income, and other aspects of your ability to repay.
2. Select a personal loan
This application stage is limited to a soft credit inquiry, so your credit score will not be affected. After completing this initial step, Marcus will generate a list of loan choices based on the information you entered. You can select your selected loan and continue with the application procedure.
3. Submit your application
After selecting a personal loan, Marcus will require you to verify your identity and complete the application process. Marcus will do a comprehensive credit check, confirm your income information, and may seek extra paperwork to support your application. After approval, you must sign the loan agreement and other paperwork required to obtain the loan cash.
Pros & Cons
Pros
✔ Be able to adjust the payment date
✔ Provides direct payment to third-party creditors
✔ No origination, late payment, insufficient fund, or prepayment fees
Cons
✘ Requires excellent credit scores
✘ Not eligible for refinancing an existing student loan
✘ Not authorize co-applicants or co-signers
Conclusion
Marcus could be a good alternative if you have decent to excellent credit and can wait a few days to receive your funds. It offers reasonable interest rates, autopay reductions, and direct payments to creditors for debt consolidation. Most of Marcus’ loan reviews are excellent, with users applauding the company’s usability. However, Marcus has limited lending limits, and loan processing and disbursement can take several days.
FAQs
Marcus personal loan is a Goldman Sachs Bank USA unsecured personal loan that offers fixed-rate, no-fee loans for debt consolidation, home repair, and other personal costs.
Marcus personal loans range from $3,500 to $40,000 in loan amount, based on your creditworthiness and income.
Marcus personal loans include interest rates that start at 6.99% APR for borrowers with good credit and may go up to 19.99% APR for customers with less-than-perfect credit.
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Source: Forbes