IN-DEPTH ANALYSIS

Marcus by Goldman Sachs Personal Loans: 2022 Review

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Written By
G. Dautovic
Updated
September 08, 2022
Some or all of the products/services listed on this page are from our affiliate partners from which we receive commissions. This, however, does not influence the evaluations in our reviews. Learn more by reading our Advertiser Disclosure.

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. 

Before taking a loan, it’s always a good idea to find out as much as you can about the lender and the terms it offers. To spare you from browsing the web for Marcus personal loans reviews, Fortunly has collected all the necessary information on your behalf. So continue reading to learn about the maximum loan amount, the minimum credit score, etc.

APR:
6.99% to 24.99%

Competitive interest rates for borrowers with excellent credit scores

Check Your Rate

Fortunly Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Loan Term:
36 to 72 months
APR:
6.99% to 24.99%
Monthly fee:
No
Credit Score:
660 and up
BBB rating:
A+
Loan Amounts:
$3,500 to $40,000
Origination Fee:
No
Marcus App:
Yes
pros thumb up Strengths
  • AutoPay discount
  • On-time payment reward
  • Fee-free Marcus financial loans
  • Personal loans suitable for various purposes
  • Quick and simple application and approval process
  • Competitive interest rates for borrowers with excellent credit scores
pros thumb up Weaknesses
  • Clients with poor or fair credit scores can’t apply

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

To learn whether you should consider taking a personal loan from Marcus and if you qualify, read on to find out about Marcus personal loan details. 

Personal Loan Details

Marcus Goldman Sachs personal loans range from $3,500 to $40,000, and you can get approved in as little as several minutes. Plus, Marcus 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.

Now, you’re likely wondering how to qualify for a Marcus personal loan, so let's check out the requirements.

Marcus Personal Loans Requirements

Personal loans are unsecured loans that don't require collateral, such as a borrower's home or vehicle. The loan company 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 Marcus credit score requirement, 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:

Credit Score

Range

Poor

300 to 579

Fair

580 to 669

Good

670 to 739

Very Good

740 to 799

Excellent

800 to 850

In line with that, you need to have a credit score that’s at least a 660 in order to be eligible for a Marcus 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 Marcus 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 Marcus personal 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 Marcus personal loan:

  1. Provide initial input with details about yourself, so Marcus by Goldman Sachs 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.

Interest Rates

Now, let's briefly go over Marcus 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 Marcus personal loans 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 of Marcus by Goldman Sachs personal loans isn't publicly available. However, when doing research for our Marcus personal loans 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 Marcus loan payment rates.

Loan Amount

Credit Score

Loan Term

Pay Interest (APR)

Monthly Payment

$3,500

Good (660 to 690)

36 months

13.71%

$119

$3,500

Very Good (700 to 739)

36 months

11.15%

$115

$3,500

Excellent (740 to 850)

36 months

9.48%

$112

$40,000

Good (660 to 690)

72 months

13.97%

$824

$40,000

Very Good (700 to 739)

72 months

13.26%

$808

$40,000

Excellent (740 to 850)

72 months

12.48%

$792

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 Marcus personal loan features you should know about before applying, regardless of the loan purpose, are:

  • The Marcus 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.
  • Marcus' 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 for personal loans you get from Marcus by Goldman Sachs.

Marcus Personal Loans Are Best For

So, who is Marcus best for, and which clients are likely to benefit the most from Marcus loans? It’s certainly those 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 Marcus by Goldman Sachs personal loan 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

Many prospective clients ask themselves "Is Marcus legit or not?" before applying for a personal loan from this lender. If you are one of them, you have absolutely no reason to worry. Specifically, FDIC insures all of its accounts, so you can rest assured your funds are safe with Marcus.

Marcus Personal Loans 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 Marcus personal loans 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 Marcus lending options for customers with a poor or fair credit score

How Marcus Compares to Other Personal Loan Providers

Marcus by Goldman Sachs Logo
Marcus by Goldman Sachs
APR:

6.99%-24.99%

Loan Term:

36 to 72 months

BBB Rating:

A+

Loan Amounts:

$3,500-$40,000

Self Logo
Self
APR:

15.65%-15.97%

Loan Term:

12 or 24 months

BBB Rating:

B+

Loan Amounts:

Unspecified

LightStream Logo
LightStream
APR:

3.49%-19.99%

Loan Term:

24 to 84 months

BBB Rating:

A+

Loan Amounts:

$5,000-$100,000

Bottom Line

Since we’ve now learned how to calculate Marcus 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.

FAQ

Is a Marcus loan hard to get?

+

A Marcus loan isn't hard to get if you have an excellent credit score.

What credit score do you need to get a loan from Marcus?

+

Our research and Marcus personal loans reviews we referred to point out that you need a 660 credit score to qualify for this loan.

How long does it take to get approved for a Marcus loan?

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You can get approved for a Marcus personal loan by Goldman Sachs within 24 hours.