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Marcus by Goldman Sachs Personal Loans Review
If you’re looking for a personal loan at a competitive interest rate, you might consider Marcus by Goldman Sachs, the lending and personal banking division of Goldman Sachs. The company offers excellent perks like no fees and an interest-free deferment after 12 months of on-time payments. However, there are a few downsides, including the fact that the company doesn’t offer joint loans.
When comparing Marcus’s personal loans to the best personal loans on the market, we considered factors like rates, loan size, customer satisfaction, support, and fees with our SimpleScore Methodology.
Marcus personal loans at a glance
|Eligibility requirements||Not specified|
|Best for||Borrowers who want quality customer service|
|Not for||Borrowers who want to borrow money jointly|
|Standout features||One-month deferment with no interest incurred after 12 on-time payments|
|Marcus customer service||1-844-MARCUS1|
Marcus by Goldman Sachs
P.O. Box 45400Salt Lake City, UT 84145-0400
What we like about Marcus by Goldman Sachs
Competitive interest rates
Marcus personal loans have some of the lowest interest rates on the market. While many lenders have rates that exceed 10%, you can get a Marcus personal loan for a rate as low as 6.99%, and can go lower with a 0.25% autopay discount. Keep in mind that the lowest rates are only available to those with excellent credit. If you have a bad credit score, you can expect to be stuck with a rate at the higher end of Marcus’s scale, around 19.99%.
No origination, prepayment, or late fees
It’s hard to find a lender in the personal loan space that doesn’t charge any fees at all. First, Marcus doesn’t charge origination fees when you take out a loan. It doesn’t have prepayment penalties, meaning you can pay your loan off faster and save money on interest. Finally, Marcus doesn’t charge late fees. So if you forget to get your payment in on time, it won’t cost you more.
High-rated customer satisfaction
Things to consider
No joint loans
Marcus doesn’t offer joint loans. While this might not seem like a problem to some, it can be a huge problem for others. First, it means that married couples can’t apply for a loan together. It also means that if your credit score doesn’t qualify you to get a personal loan on your own, you can’t ask someone to cosign with you.
Marcus doesn’t make its personal loan eligibility requirements known on its website. Instead, you’ll have to fill out the pre-approval form to find out if you apply (though luckily, it only results in a soft inquiry on your credit report). Though the minimum credit score isn’t available, most lenders with low rates require good credit to qualify for a loan. And the best rates are only available to those with excellent credit scores.
Marcus personal loan borrower requirements
- 18 years of age
- Credit score and income requirements aren’t available on the company’s website
[ Next: How Personal Loans Work ]
Marcus personal loans vs. the competition
Marcus by Goldman Sachs debt consolidation loan
Marcus allows borrowers to use their personal loans for debt consolidation. With this type of loan, customers can take multiple debts and consolidate them into just one loan with a single interest payment and, most likely, a lower interest rate. Because Marcus doesn’t charge origination fees, customers can consolidate credit card debt without the upfront costs that typically come with balance transfers.
Can I refinance a personal loan with Marcus?
In addition to consolidating other forms of debt, borrowers can use Marcus’s personal loans to refinance existing personal loans. Doing so may help them to lower their interest rates or extend the life of their loan.
Cheaper alternatives to Marcus personal loans
Marcus by Goldman Sachs offers competitive interest rates with no origination, prepayment or late fees. As a result, Marcus’s personal loans are more affordable than most. That being said, you may be able to find a personal loan for even better rates. Both SoFi and LightStream offer lower interest rates on personal loans with no fees.
Marcus by Goldman Sachs in the news
- In January 2020, Goldman Sachs launched a mobile app for Marcus, it’s online banking division. Before the start of the year, customers could only access their accounts or engage in transactions through the bank’s website.
- At the start of the pandemic, Goldman Sachs made a public decision to suspend company layoffs. The company ended this policy in November 2020, and the company began laying off a small number of employees.
- Goldman Sachs’ consumer banking division grew in the third quarter of 2020. The company reported an increase of $4 billion in deposits, while revenue and earnings per share both increased significantly.
We welcome your feedback on this article and would love to hear about your experience with the personal loans we recommend. Contact us at email@example.com with comments or questions.