Marcus by Goldman Sachs Personal Loans: 2024 Review

Marcus by Goldman Sachs, a subsidiary of The Goldman Sachs Group, Inc., is a personal loan lender that offers loans to consumers with good to excellent credit scores. Its personal loans are suitable for various purposes, including consolidating debt and home improvement projects.

Marcus by Goldman Sachs Overview

Marcus by Goldman Sachs is among the leading personal loan lenders in the US. Its Better Business Bureau rating is A+, and besides personal loans, the company offers investment and savings opportunities. You can also get the following cards from this provider:

• GM Rewards Card
• GM Business Card
• GM Extended Family Card

Personal Loan Details

Marcus loans range from $3,500 to $40,000, and you can get approved in as little as several minutes. Plus, these loans have no sign-up, prepayment, late payment, or other fees. 

What’s more, you get an on-time payment reward if you fully adhere to your monthly payment schedule for 12 consecutive months. It consists of a loan extension for a month without interest accruing if you default on your loan for one month.

Marcus Personal Loans Requirements

Personal loans are unsecured loans that don't require collateral, such as a borrower's home or vehicle. The lender first checks a potential client's credit history and credit report to gauge the risk it’s taking by approving a loan. 

In that regard, the credit score plays a crucial part in whether the lender will finance the borrower or not. Also, the client benefits from lower interest rates and better loan terms if their credit score is favorable, so it's a win-win situation.

When it comes to credit score requirements, we found that loans are approved for clients with credit scores that are good, very good, or excellent. Please refer to the following table for credit score details:

In line with that, you need to have a credit score that’s at least a 660 in order to be eligible for a loan. Although the company doesn't publicly reveal the minimum credit score requirement for getting a loan, you should strive to make it as good as possible.

These are additional loan requirements you’ll need to meet:

• Supply proof of income, such as bank statements and recent pay stubs
• Provide Social Security number and photo ID or Individual Tax ID number

Applying for a Marcus Personal Loan

The loan application process is quite straightforward. When applying for a loan, you have to disclose your personal and credit information, including your name, yearly income, and why you need a loan (debt consolidation, relocation, major purchase), etc.

In a nutshell, this is how to apply for a personal loan:

1. Provide initial input with details about yourself, so Marcus can customize the loan offer
2. The lender presents loan terms and options for you to choose the most favorable one
3. You complete the application form by confirming your identity.

Marcus Interest Rates

Now, let's briefly go over personal loan APR rates.

Marcus by Goldman Sachs, a Goldman Sachs Bank USA brand, has fixed rates for its personal loans ranging from 6.99% to 24.99% APR. So, whatever interest rate you get, it remains the same over the life of the loan.

Besides the credit score, other factors that affect the rate of your personal loan are:

• Purpose of the loan
• Debt-to-income ratio
• Loan term
• Credit history

AutoPay Discount

If you enroll in AutoPay, you get a deduction of 0.25% from your APR. As expected, clients are happy with this feature, and numerous customer reviews corroborated that. Keep in mind that this reduction will take place solely if AutoPay is in effect.

As a result, you benefit from lower expenses and scheduled automatic withdrawals of loan amounts from your bank account. You won’t have to worry about missed payments and related penalties.

Payoff Term

Information about the payoff term isn't publicly available.

However, when doing research for our review, we found that the company typically offers terms ranging between 36 and 72 months.

If you opt for this lender, you should be able to customize monthly payments, whether the loan is intended for debt consolidation or some other purpose. Note, though, that loan terms will depend on the borrowed amount and the monthly payment you prefer.

Monthly Payments

Monthly payments primarily depend on the borrower’s credit score, loan amount, and loan term. Before we dive in, you should note that only creditworthy applicants qualify for extended periods and low interest rates. Be sure to keep in mind that the longer the loan terms are, the higher the rates will be.

Now, refer to the following table to compare loan payment rates.

To compare other variables including the minimum credit score and maximum loan amounts and terms, among others, you should consult the Marcus loan calculator.

When considering a personal loan and assessing how much you can borrow, it is crucial to calculate your monthly payments to ensure you can afford the loan. This step can help you avoid any financial difficulties in the future. 

So, if you aren't sure you can pay the calculated amount, either lengthen the term if you haven't already chosen the most extended loan term or lower the desired loan amount.

Extra Features of Marcus Personal Loans

Some other features you should know about before applying, regardless of the loan purpose, are:

• The app assists you in tracking your personal loan progress and keeping in check the remaining principal amount.
• Marcus by Goldman Sachs makes it easy to pay off your credit cards, retail cards, and other personal loans by sending your funds directly to your creditors when you choose to consolidate debt. This way, you can focus on paying your debt without worrying about managing multiple monthly payments.
• The loan requirements specify that eligible applicants are customers over 18 years of age (19 in Alabama and 21 in Mississippi and Puerto Rico) with a valid Social Security or Individual Tax ID number and a US bank account.
• You pay no origination fees.

Who Are Marcus Personal Loans Best For?

These loans are a good choice for clients who:

• Need to consolidate debt on various accounts
• Prefer to pay off the loan early (in as little as 36 months)
• Have an excellent credit score (740 and above on the FICO scale)
• Like to avoid paying various fees, such as prepayment fees, sign-up, late payment fees, and origination fees

What Can Marcus Personal Loans Be Used For?

The primary objective of many clients who reach out to this lender is consolidating debt. Additionally, our review found that you can also obtain a loan for any of the following purposes: 

• Relocation, to cover the costs of moving
• Wedding and related expenses
• Home improvement to increase the value of your home
• Vacation

Marcus Trustworthiness

FDIC insures all of the Marcus accounts, so you can rest assured your funds are safe.

Benefits and Drawbacks

Are you still unsure whether you should take a personal loan from Marcus and still trying to figure out the minimum or maximum loan amount, credit score, or loan terms? If so, let's summarize the pros and cons to help you reach a decision.

Strengths

• Direct payment benefit for debt-consolidation loans
• Competitive interest rates for borrowers with excellent credit scores
• Wide range of payoff terms (36 to 72 months) for you to choose from
• Absence of prepayment, late payment, sign-up, and origination fees
• AutoPay APR discount and scheduled payments
• Loans suitable for various purposes, including home improvement, relocation, and debt consolidation

Weaknesses

• No lending options for customers with a poor or fair credit score

Bottom Line

Since we’ve now learned how to calculate loan rates and loan terms, you are ready to make an informed decision about taking a personal loan from this lender.

Based on our findings, we can safely say that Marcus by Goldman Sachs is the perfect choice for anyone with an excellent credit score needing extra funds to cover debt consolidation or relocation expenses.

_{Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. Rates range from 6.99% to 24.99% APR, and loan terms range from 36 to 72 months. For NY residents, rates range from 6.99%-24.74%. Only the most creditworthy applicants qualify for the lowest rates and longest loan terms. Rates will generally be higher for longer-term loans. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. 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. Receive a 0.25% APR reduction when you enroll in AutoPay. This reduction will not be applied if AutoPay is not in effect. When enrolled, a larger portion of your monthly payment will be applied to your principal loan amount and less interest will accrue on your loan, which may result in a smaller final payment. See loan agreement for details.}