Marcus by Goldman Sachs Personal Loans Review

Marcus

No fees and competitive interest rates make Marcus loans worth adding to your personal loans shortlist.

APR
6.99%–19.99%
Loan amount
$3,500–$40K
Terms
36–72 months
SimpleScore
4.8 / 5.0
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SimpleScore
Marcus
4.8
  • Rates
    5
  • Loan Size
    5
  • Customer Satisfaction
    5
  • Support
    5
  • Fees
    5
Marcus by Goldman Sachs is reinventing loans by providing a transparent way to borrow money. Marcus loans don’t have any fees — not even late payment fees — so you know what you’re getting up-front. Marcus by Goldman Sachs reviews are positive, with high customer satisfaction, easy online application and extremely competitive rates, making it one of the best personal loan providers.
Full review

Our Two Cents — Marcus makes borrowing simple and refreshingly pleasant — absolutely no fees is hard to find in the personal lending sphere.

Marcus at a glance

Lender Loan Amount APR Range Terms Key Benefit
Marcus $3,500 to $40,000 6.99% to 19.99% 36 to 72 months No fees whatsoever

Rates accurate as of July 30, 2020

Check Your Personal Loan Rates

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

What we like about it

Marcus claims “Truly, no fees. Ever.” Many lenders charge loan origination fees, application fees, and late fees which often make it hard to find its fee disclosure. You won’t have to worry about the extra charges from Marcus loans.

Another unique feature is Marcus’ deferral program — the lender lets you defer one monthly payment every time you make 12 on-time payments. This could come in handy to set aside some money for savings or if you have a larger bill coming up.

Credit-worthy borrowers will qualify for a competitive 6.99% interest rate and don’t risk their credit score checking — Marcus only performs a soft inquiry on your credit to give you an accurate interest rate.

Things to consider

There are a couple of important factors you should keep an eye on before you sign on the Marcus loans dotted line. Individuals with a lower credit score and/or those who’d like a longer term to repay their loan may end up with a high interest rate of up to 19.99% APR. 

As for couples hoping to pay for a wedding or rebuild credit together, Marcus doesn’t allow for joint loans. If you have a low credit score or need a loan that allows joint borrowers, you’ll need to look at other personal loan alternatives.

What you need to know

Here’s the breakdown on how Marcus loans work. You may borrow an amount between $3,500 and $40,000 for a term of up to 72 months. Marcus provides debt consolidation loans, personal loans or home improvement loans. You may use the funds for nearly anything except student loans or educational expenses.

Individuals with higher credit scores looking for shorter repayment periods are more likely to qualify for the low 6.99% APR. If you have a lower credit score, you may want to shop around for other personal loan offers — Marcus loans come with an APR of as high as 19.99%.

Applying for a loan is simple and you don’t have to worry about impacting your credit score from a hard credit pull. That’s because Marcus performs a soft inquiry to accurately quote you how much it will cost you to take out a loan. The whole process happens online. Here’s how to apply for Marcus loans:

  1. Visit the Marcus loans online application page
  2. Choose the type of loan you need
  3. Enter the desired loan amount and term
  4. Provide your personal details such as name, address, email address, date of birth, income and your rental or mortgage payment amount

You’ll receive a loan quote detailing your interest rate and amount of your monthly payment. If you agree to the offer, you’ll need to upload or email documents, such as your government-issued photo ID, bank statements, banking information for where the funds will be deposited and Social Security number. Verification will take a few days at which point you’ll receive a loan agreement to sign and the funding you asked for.

Collateral and criteria

Marcus doesn’t have a wide range of loan products yet. The financial institution currently only offers unsecured loans. As with all unsecured loans, the approval of your loan is based on your credit score, income and the financial institution’s perception of your ability to repay the loan. You won’t have to put up any assets for collateral, such as a vehicle, home or other valuable to qualify. If you have credit history challenges that would make it hard to qualify for an unsecured loan, you’ll have to look at other lenders that offer secured loans.

Marcus vs. Lightstream

Marcus by Goldman Sachs and Lightstream are two online lenders offering a variety of personal loans. Lightstream ups the ante by providing loans between $5,000 and $100,000 with terms of up to 12 years, compared to Marcus’s $40,000 lending limit. Both lenders provide loans to customers with good credit. If you had to choose between the two, Lightstream may win the better lender title. You’ll be able to borrow higher amounts for longer terms. And customers with the best credit scores will get better rates from Lightstream — its APRs are 3.99% to 19.99%.

Marcus vs. Avant

Avant can also be considered an apples-to-apples comparison of online lenders. You can borrow between $2,000 and $35,000, making it a good option when you need to cover an emergency, such as a car breakdown, or a larger expense. In an Avant vs. Marcus loans comparison, Marcus wins. Marcus has better interest rates — 5.99% to 19.99%, compared to Avant’s 9.95%–35.99%. You have up to 72 months to repay your Marcus loans, compared to Avant’s 60 months. It doesn’t mean Avant should be ruled out; Avant is more accessible due to its lower credit score requirements than Marcus.

Advertiser Disclosure

Too long, didn’t read?

Marcus loans are a great borrowing option for people with good credit who need a debt consolidation loan or money to fund a honeymoon, wedding or other personal expense. The application process is simple and transparent. There are no fees tacked on to the loan and you’ll know exactly how much your interest rate is after a short application that uses a soft inquiry to review your eligibility without affecting your credit score.

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Cynthia Paez Bowman
Cynthia Paez Bowman
Contributing Writer

Cynthia Paez Bowman is a finance, real estate and international business journalist. Her work has been featured in Business Jet Traveler, MSN, CheatSheet.com, Bankrate.com and Freshome.com. She owns and operates a small digital marketing and public relations firm that works with select startups and women-owned businesses to provide growth and visibility. Cynthia splits her time between Los Angeles, California, and San Sebastian, Spain. She travels to Africa and the Middle East regularly to consult with women’s NGOs about small business development

Reviewed by

  • Courtney Mihocik is an editor at The Simple Dollar who specializes in insurance, personal finance, and loans. Previously, she wrote and edited for Interest.com, PersonalLoans.org, Ballantyne Magazine, Thread Magazine, The Post, ACRN, The New Political, Columbus Alive and the Institute for International Journalism.