Personal Loans

Marcus by Goldman Sachs Personal Loan Review 2021

Marcus by Goldman Sachs offers unsecured personal loans for qualified borrowers. Learn more to help you decide if it's the right loan option for you.
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By Rebecca Lake
Updated on: November 28th, 2021
Editor's Rating

Personal loans can be an important source of funding when you need to get caught up on bills or just want to get ahead financially. You can also use personal loans to consolidate debt, pay for home improvements, or cover a large expense such as a wedding or vacation.

Marcus by Goldman Sachs is one option for getting personal loans online. Marcus by Goldman Sachs is a brand of Goldman Sachs USA and Goldman Sachs & Co. LLC, which are subsidiaries of The Goldman Sachs Group. This online platform offers unsecured personal loans with no sign-up fee, no prepayment fee, and in fact, no fees ever.

If you’re looking for a personal loan option, this Marcus by Goldman Sachs review offers a closer look at how borrowing works.

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Pros and Cons of Marcus by Goldman Sachs

When considering any personal loan option, it’s helpful to look at both the benefits and potential drawbacks associated with the lender. Here’s an overview of the pros and cons of choosing personal loans from Marcus by Goldman Sachs.

Pros Cons
Borrow up to $40,000 with an unsecured personal loan that can be used for a wide variety of purposes. Co-sign loans, joint loans, and secured loans are not offered.
Enjoy an interest rate discount when you enroll in the autopay feature. No online chat feature, and customer service is not available via social media.
Pay no fees ever, including no sign-up fees, no late fees, and no prepayment penalties. Borrowers with lower credit scores may find it more difficult to get approved for a loan.
Marcus by Goldman Sachs personal loans are offered in all 50 states. Paying late or missing payments can result in more interest charges, which could increase the final payment on the loan.
Getting prequalified won’t impact your credit score. It can take up to four business days for loan funding to be deposited once you’re approved.

Who Is Marcus by Goldman Sachs For?

Marcus by Goldman Sachs could be a good fit for people who:

  • Want to consolidate credit card debt.
  • Need a loan to pay for wedding expenses, moving expenses, or home improvements.
  • Want to borrow between $3,500 and $40,000.
  • Prefer a personal loan with a fixed interest rate and APR.
  • Want to avoid excessive fees.
  • Don’t need a loan that allows co-signers or co-borrowers.

No minimum credit score or income requirements are disclosed on the Marcus by Goldman Sachs. But as a general rule of thumb, you’ll need to have a good to excellent credit score to qualify for the lowest interest rates on a personal loan.

Also, keep in mind there are some things you can’t do with a personal loan from Marcus. For example, if you’re hoping to refinance or consolidate student loans, you’ll need to look for another lender that offers those services.

Top Features of Marcus by Goldman Sachs

Marcus by Goldman Sachs has some unique features that set it apart from other online personal loan options. Here are some of the most notable things this lender has to offer.

  • Get pre-qualified without impacting your credit. If you want to check your rates with Marcus by Goldman Sachs, you can get pre-qualified for a personal loan without affecting your credit scores. Marcus uses a soft pull for pre-qualification but there is a hard credit check if you decide to submit a full application later.
  • Autopay discount. Enrolling in automatic payments can help you qualify for an autopay discount. The discount is worth 0.25%, which could add up to a decent amount of interest savings over time. And it can help you avoid paying late, which could hurt your credit score.
  • Customizable payments. When you apply for a personal loan with Marcus by Goldman Sachs online, you can browse different payment options and choose the one that works best for your budget. You can also change your loan due date up to three times over the life of the loan.
  • Competitive rates. Personal loans from Marcus by Goldman Sachs feature fixed interest rates. Compared to other online personal loan lenders, rates are competitive though again, you’ll need a higher credit score to qualify for the lowest rate possible.
  • No fees. Marcus by Goldman Sachs helps borrowers save money by taking it easy on fees. You won’t pay a loan origination fee or sign-up fee and there’s no late payment penalty fee. There’s also no application fee or fee to enroll in the autopay feature.
  • Direct payment to creditors. If you’re getting a personal loan from Marcus by Goldman Sachs for debt consolidation, you can simplify things with direct payment. You can ask Marcus to use your loan proceeds to pay off your creditors for you.

How to Apply

You can apply for a personal loan with Marcus by Goldman Sachs online and it only takes a few minutes. You’ll need to complete the application form. You may also be asked to share any or all of the following:

  • Recent pay stubs
  • Recent bank statements
  • Social Security number or Tax Identification Number
  • Government-issued photo ID

Once your loan application is approved, Marcus can deposit the loan proceeds into your bank account. This can take one to four business days and you’ll need to provide Marcus with your bank account number and routing number for verification.

Rating the Features

As mentioned, Marcus by Goldman Sachs has some interesting features that might appeal to your borrowing needs. To wrap up this Marcus by Goldman Sachs personal loan review, here are a few more important details to note.

User Experience

Overall, Marcus offers a user-friendly experience. Applying for a personal loan online is quick and easy and the website itself isn’t difficult to navigate. The longest it can take to fund your loan is four business days after approval, so keep that in mind as some online lenders can offer same-day or next-day funding.

Fees and Rates

As mentioned, there are no fees associated with personal loans from Marcus by Goldman Sachs. So the principal amount you borrow is what you’ll get at loan funding — there are no origination fees or sign-up fees deducted. In terms of interest rates, Marcus offers a competitive APR range with the highest rate still well below what some other online lenders charge. And you can get a discount for enrolling in autopay.

Transparency

Marcus gives you the opportunity to check your rates without impacting your credit scores. You can also browse offers to find the loan payment terms that work best for you. If you have questions about loan options, you can browse the FAQs section or reach out to customer support for help.

Flexibility

Marcus offers unsecured personal loans for single borrowers only. So you can’t get a secured loan, co-signed loan, or joint loan, which may be a disadvantage for some borrowers. But you can change your due date up to three times during the life of the loan, and loans are available in all 50 states, which is a plus.

Customer Support

Once you’re approved for a personal loan from Marcus you can manage it through the Marcus mobile banking app. This may be convenient if you already have a savings account from Marcus. If you need help, customer service is available by phone seven days a week. Unfortunately, Marcus doesn’t offer online chat as a customer support option at this time.

Bottom Line

Marcus by Goldman Sachs could be a good fit if you’re looking for a personal loan of up to $40,000 and you want to pay zero fees to borrow. If you’re interested in getting a loan with Marcus, you can take the next step and get pre-qualified. It takes just five minutes to get your loan options and decide if you’d like to move ahead with a full loan application.