Marcus Personal Loans: 2018 Review

Launched in 2016, Marcus by Goldman Sachs offers no-fee, fixed-rate personal loans, high-yield online savings accounts and certificates of deposit to help people achieve financial well-being. Once an elite advisor to big companies and millionaires, Marcus by Goldman Sachs now caters to regular consumers who can open a savings account with as little as $1.

With 148 years of proven expertise, Marcus started out offering personal loans of a few thousand dollars – primarily to refinance credit card debt to help customers meet their financial goals. Before it’s launch, Goldman Sachs considered several names before settling on naming the company after the firm’s founder, Marcus Goldman.

Marcus loan rates & terms

APR range: 6.99% – 24.99%
Available loan terms: 36 to 72 months
Loan amounts: $3,500 – $40,000
Time to fund: 1 – 4 business days
Origination fee: None
Credit needed: 660+
Income needed: Varies
Best for: Borrowers with good or excellent credit

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Marcus personal loan review

The company knows that consumer expectations are rising, and they demand an intuitive digital experience – that’s why there are fewer loan underwriting costs and the screening process for loans is almost entirely virtual. all loans thus offering complete product transparency.

Marcus offers a variety of loans types:

  • Debt consolidation
  • Credit card consolidation
  • Online loans
  • Unsecured loan
  • Home improvement loans

While Marcus can’t step in completely for a traditional bank (no branches, checking account or ATMs), their competitive personal loan terms, CD and savings rates make them an attractive option for those who want to rid themselves of debt and grow their wealth.

The biggest benefits

One of the biggest selling points of Marcus they only make only make money on interest, not origination, prepayment and late fees. And while there are no late or returned check fees, keep in mind that your loan will get higher as interest accumulates.

Marcus only performs a soft credit pull – so your score won’t be affected. Your credit history is evaluated before Marcus provides you with a set of loan options you qualify for – and you pick the option that best fits your budget.

Other perks include:

  • No prepayment fees
  • No sign-up fees
  • No late fees
  • Terms ranging from 24-72 months
  • Rates as low as 5.99%

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The drawbacks

With no ATMs or corresponding checking accounts, transferring money will be more difficult. Having an external bank checking account or savings account is the main way to move money in and out of a Marcus account. And you will only be able to use your savings account as an external place to park your cash from your everyday money flow.

How Marcus compares

In less than two years, Marcus has been awarded Best CD Account by GoBankingRates.com and Best Savings Account by NerdWallet. Marcus offers savings and personal loans that are on par, if not better, than the top banks. Consumers do not have to have an existing relationship with Goldman Sachs to qualify for a loan. Find out how Marcus compares to PNC Bank.

Should you apply?

If you’re looking to pay off high-interest debt and have good-to-excellent credit – Marcus loans are a great option. Also, if you want to park your money at a high savings rate – consider their attractive CD and savings rates. Remember that your debt-to-income ratio is considered when applying for a loan, not just your credit score.

You cannot use a Marcus loan for educational expenses or to refinance existing student loans. Marcus is available in all states except Maryland.

How to apply for a Marcus loan

Applying for a loan is quick and easy. Simply enter your email address to get started on the loan application. You’ll need to answer a few basic questions – such as your loan amount, loan purpose and your physical address. You will enter a password, so you can sign back in to finish your application at your convenience.

As you continue through the application process, Marcus will need to know your employment status, gross income, and household income – in addition to your housing payment and Social Security number to process your loan. Remember, Marcus only runs a soft inquiry to verify your information and show you loan offers.

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Marcus Disclosure

Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. 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.

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Disclaimer

Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. 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.

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