Marcus Personal Loans Review
Top Facts About Marcus
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Marcus is a personal lending solution offered by one of the most well-respected and oldest financial institutions in the US—Goldman Sachs. Although Marcus is a relatively recent offering in the market, it has already made a splash thanks to its streamlined application process and its excellent range of loan terms and interest rates. The company also has the advantage of being available in 49 states (with the exception of Maryland), as well as being backed by a banking powerhouse with over a century of experience in the field.
One of the biggest selling points for a Marcus personal loan is that it is completely fee-free, and it comes with some unusual perks. These include the ability to change your due date a few times, rewards for consistently on-time payments, and a particularly forgiving approach to repayment. Marcus loans are fixed rate exclusively, and they’re more suited to users who have stronger credit and overall healthy finances. With a quick disbursement time, a fast application process, and great customer service courtesy of Goldman Sachs, Marcus personal loans are a great way to finance a variety of events that may surprise you in life.
Marcus Pros and Cons
- No signup, prepayment, or even late fees on loans
- Flexible payments let you stay ahead, even with surprises
- Get rewarded for consistent consecutive payments
- Customer support and loan servicing by Goldman Sachs
- Loan amounts are lower than some competitors
- Generally aimed at users with higher credit scores
Why Get a Personal Loan from Marcus?
Perhaps the most obvious benefit of taking a personal loan from Marcus is the backing of Goldman Sachs. The bank has over a century of experience in the field, and unlike some lenders who have murkier backgrounds, it must be fully compliant with banking and lending regulations, adding protection for consumers. Moreover, it means that your loans are serviced directly in-house, which makes customer support much easier.
Additionally, Marcus loans come with excellent perks that benefit you over the lifetime of your repayments and can help make your life easier. For one, the company offers you the ability to change the due date on your payments up to three times during the lifetime of your loan. Additionally, Marcus personal loans reward borrowers who pay consistently for 12 consecutive months. If you meet the requirement, you’re granted one month you can defer a payment on without incurring additional interest. That month gets added to the end of your loan term.
What Does Marcus by Goldman Sachs Offer?
Unlike other Goldman Sachs loans, Marcus offers borrowers smaller amounts than a traditional loan would for a variety of purposes. Even so, all of Marcus’ loans are disbursed and serviced by Goldman Sachs itself, providing a transparent and reliable support for your repayments. Marcus personal loans tend to have smaller amounts than some competitors, but they’re meant for more specific uses than a wide ranging loan.
While the company doesn’t offer loans for education, or student loan refinancing, it does let you take out a personal loan for the following:
Marcus also offers a no-fee environment for your loans, and offers unsecured loans, so you won’t have to worry about putting up collateral to get your funds. Additionally, the company can disburse funds in as quickly as two days once you’re approved.
What Are Marcus’ Eligibility Requirements?
Overall, a Goldman Sachs personal loan comes with a slightly higher threshold for approval than other companies. However, this means that borrowers who are approved have access to more competitive rates and loan terms. Marcus usually offers loans to borrowers who have a minimum credit score of 660, as well as a debt-to-income ratio below 40%. Additionally, you’ll need to meet the following requirements:
- Be older than 18 years
- Proof of income such as pay stubs, bank statements, or W2 documents
- A valid Social Security or Individual Tax ID
- A valid ID issued by a US state or territory.
How to Apply for a Marcus Personal Loan?
It’s easy to apply for a Marcus Goldman Sachs personal loan, and it only takes a few minutes. To get started, you’ll be asked to provide basic contact and financial information, as well as your desired loan amount and monthly payment. You’ll also have to choose the purpose of the loan before seeing the available options for you.
Once you’ve selected the loan you like, your information will go through a final check, and you may be asked to provide some verifying documents such as proof of income and tax identification. Once you’re approved, you’ll see your loan within a few days.
What are Marcus’ Rates, Terms, and Fees?
One of the benefits of the stricter requirements for a Marcus Sachs loan is that it comes with more competitive interest rates. However, the company also offers some loans to users on the lower end of their qualification standards, though rates can get slightly high. Borrowers are offered loans with APR as low as 6.99%, though the maximum rates available are 28.99%, on the higher end of the spectrum. You can choose repayment terms that range from 36 to 72 months. We were also happy to see that although Marcus’ loans don’t reach the highest amounts offered in the industry, they do give users a good range of options. The company’s minimum loans start at $3,500, but you can borrow up to $40,000 for any of the available loan purposes.
Additionally, we were impressed to see that Marcus personal loans are completely fee free. The company doesn’t charge any signup or prepayment fees, so you can repay your loan in full when you’re able, without concerns. Even better, there are no late fees, though it’s worth mentioning that there are consequences for missed payments. Any amount that you fail to pay will still accumulate interest and expand your total payment amount.
Thanks to support from one of the US’ oldest and most respected financial institutions, Marcus loans are a great and reliable alternative for any borrower. The company’s higher standards for approval mean that you can access lower interest rates, and Marcus loans’ wide range of amounts and repayment terms let you find a financing option that works exactly for your needs and budget.