Marcus By Goldman Sachs is the online consumer-facing lending division of Goldman Sachs Group subsidiaries. The Marcus platform provides online lending and other products, including investment advisory services, non-penalty CD accounts, and online savings accounts.
This review focuses on available personal loan options, eligibility requirements, and loan features.
Marcus loan types
You can apply for a Marcus personal loan and use it for your different needs and occasions. The lender offers different loan types based on popular uses such as travel, wedding, vacation, or relocation. Selecting the loan purpose during the application process may determine the available loan amount.
Loan terms range from 3 - 6 years and APRs from 6.99 - 19.99%. The loan amounts range from $3,500 - $40,000.
- Debt Consolidation Loan: You can consolidate balances across several credit cards and pay them off with one loan. If you get a lower interest rate, you may end up saving on the interest costs. Marcus can also send the loan funds directly to creditors.
- Home Improvement Loan: The home improvement loan can fund repairs, upgrades, or remodels. It's a good alternative for homeowners without adequate equity in their properties to qualify for Home equity loans (HELOCs). They will only need to demonstrate sufficient income and enough creditworthiness.
- Wedding Loan: Marcus offers wedding loans to cater to expenses associated with weddings. You may use the loan in place of high-interest credit cards and pay off the balance over an extended period.
- Vacation Loan: Marcus vacation loans can help pay travel expenses for you and your family. The costs may include hotel costs, air tickets, or car rental.
- Moving and Relocation Loan: The moving and relocation loan can help fund expenses such as shipping, moving insurance, fuel, movers, and packing supplies. It can also cushion borrowers waiting for their first paycheck after transitioning to a new workplace.
You can apply for the following types of loans: debt consolidation, home improvement, wedding, vacation, moving and relocation loans.
|APR||6.99 - 19.99%
|Amount||$3,500 - $40,000
|Term||3 - 6 years
As you can see from the table the maximum loan amount is $40,000, and the APR starts at 6.99% for the best graded borrowers. The loan period varies from 3 to 6 years.
Marcus: pros and cons
|No origination or late fees: Marcus neither charges an origination fee nor penalizes customers by charging a late fee if they are behind on their repayments.
||Doesn’t accept joint or co-signed applications: Borrowers who can't qualify on their own can't receive a boost from people with higher incomes or better credit.
|On-time payment reward: Customers who have had 12 consecutive months of on-time payments can defer the next month’s payment without accruing extra interest.
||Undisclosed eligibility requirements: While the company has a very informative site, it does not clearly disclose the full eligibility requirements. It’s a good idea to have a 660+ credit score to improve approval odds.
|Custom due date: You can easily log into your account and change the due date up to three times over the life of the loan.
|Affordable loan rates: Marcus has capped its APRs at 19.99%, lower than the upper-limit rates from top competitors such as Lending Club at 35.89%.
|Auto-pay discount: Customers who enroll in auto-pay can receive a discount of 0.25%.
|Flexible repayment terms: Marcus offers repayment terms from 3 - 6 years, which are subject to loan types and amounts.
Eligibility requirements for a Marcus loan
The financial platform has disclosed the following eligibility requirements:
- Be at least 18 years old (19 in Alabama, and 21 in Mississippi & Puerto Rico)
- Have a valid U.S. bank account and Social Security or Tax I.D. Number
- Loan products cannot be used for student loans or educational expenses
Marcus does not clearly disclose the minimum income, debt-to-income ratio, or credit score requirements. A 660+ credit score may be needed to be approved for a loan from Marcus.
Customers may apply with different sources of income, including retirement, investment, gift, benefits, disability, self-employed, and salaried income.
The company offers loans in all states, with customers getting pre-approved with a soft credit check that will not impact their credit score.
How to apply for a Marcus loan
Applying for Marcus by Goldman Sachs online personal loans is relatively easy. First, visit the personal loans page and select “View Your Options.” You will see an application form. Now, follow these steps:
Step 1: Choose a suitable loan amount or monthly payment option. You can either specify the amount you require or the monthly repayment amount you can confidently handle.
Step 2: Choose the loan purpose and provide more details about yourself, such as name, date of birth, total annual income, monthly housing cost, and income source.
Step 3: Get pre-approved for a loan based on the details you have provided.
Step 4: Review the generated loan options and select one that fits your budget and repayment schedule.
Step 5: Finish your application by providing additional details that will be used to verify your identity, income, and banking details.
The approval process may take less than 24 hours. Funding may occur within 1 to 4 business days of the final approval and e-signing of the loan agreement.
You can use the Marcus Loan app to make the loan repayments, manage autopay, or review your progress in paying the principal.
Is Marcus Worth It?
Marcus offers an attractive loan package to its customers. Its most significant benefit is that loans don't have extra prepayment fees, late fees, or sign-up fees. Borrowers only pay the interest charges and principal. Marcus loan rates may be lower than some similar lenders. We like the reward offered to clients with a successful record of 12 months of consecutive on-time payments. Loans also have helpful features such as amendable due dates.
What is the Marcus customer service phone number?
For any inquiries during the loan application process, clients can call the toll-free support number: 1-844-627-2871
Can I use a loan invitation code?
Marcus offers invitation codes, and you can find the code on the top right corner of the mail offer from Marcus.
Can I get an auto loan from Marcus?