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Marcus is the online lending arm of Goldman Sachs. Its competitive interest rates run from 6.99% to 19.99% APR with no fees — ever. But it has a limited range of loan amounts and it could be difficult to qualify if you’re self-employed or have an open payday loan.
These alternatives all offer online applications. Some at a lower cost, others with more flexible requirements. And a few even have the backing of a bank.
SoFi is an online lender that offers lower starting interest and more borrower benefits than you’ll find with Marcus. Borrowers get access to perks like free financial advice and career coaching. It’s also a true no-fee lender — unlike Marcus, it doesn’t charge extra interest if you’re late on a repayment. But loans start at a high $5,000 and it can take a month to get your funds.
Loan Amount | $5,000 – $100,000 |
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APR | 5.99% to 18.85% |
Interest Rate Type | Fixed |
Min. Credit Score | 680 |
Min term | 24 months |
Max term | 84 months |
Turnaround Time | Up to 30 days |
LightStream is the online lending arm of Truist Bank — formerly SunTrust. It has some of the lowest rates available, plus a program that can beat a competitor’s APR offer, as long as it meets certain conditions. You can also get your funds the same day you apply. But it’s tough to qualify if you don’t have good or excellent credit — usually around 670 or higher — and there’s no preapproval process.
Loan Amount | $5,000 – $100,000 |
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APR | Varies |
Interest Rate Type | Fixed |
Turnaround Time | Varies |
Truist Bank is an Equal Housing Lender. © 2020 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
Prosper is a peer-to-peer platform that may be more friendly to fair credit borrowers. Its rates are higher than Marcus, starting at 7.95% — and everyone pays an origination fee of 2.41% to 5%. But you can qualify with a credit score as low as 640, and it offers loans as low as $2,000.
Loan Amount | $2,000 – $40,000 |
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APR | 7.95% to 35.99% |
Interest Rate Type | Fixed |
Min. Credit Score | 640 |
Min term | 36 months |
Max term | 60 months |
Turnaround Time | Up to five business days |
Upstart could be a better fit than Marcus if you’re just starting to build your credit. It looks at your education and career to help offset a less-than-perfect credit score. It also offers a wider range of loan amounts, from $1,000 to $50,000. But skip this one if you can easily qualify with Marcus. Its rates start at a high 8.27% and origination fees run as high as 8%. And it requires a lower DTI ratio than other lenders, so it isn’t ideal for debt consolidation.
Loan Amount | $1,000 – $50,000 |
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APR | 8.94% to 35.99% |
Interest Rate Type | Fixed |
Min. Credit Score | 600 |
Min term | 36 months |
Max term | 60 months |
Turnaround Time | 1 to 3 business days |
This online lender offers lower starting rates than Marcus and accepts fair credit borrowers. Best Egg’s customers seem to love their experiences: It gets rave reviews on sites like the Better Business Bureau and TrustPilot. But its origination fees are on the high end, running up to 5.99%. And it can be hard to qualify if you’re self-employed
Loan Amount | $2,000 – $50,000 |
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APR | 5.99% to 29.99% |
Interest Rate Type | Fixed |
Min. Credit Score | 600 |
Min term | 36 months |
Max term | 60 months |
*Trustpilot TrustScore as of November 2019. Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. “Best Egg” is a trademark of Marlette Funding, LLC. All uses of “Best Egg” refer to “the Best Egg personal loan” and/or “Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan,” as applicable. The term, amount and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000–$35,000. Residents of Massachusetts have a minimum loan amount of $6,500 ; New Mexico and Ohio, $5,000; and Georgia, $3,000. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $50,000. Annual Percentage Rates (APRs) range from 5.99%–29.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–5.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest APR. To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.
Discover Bank may offer the closest alternative to Marcus. Its rates range from 6.99% to 24.99% APR with loans from $2,500 to $35,000. It also sends funds directly to creditors if you want to consolidate debt, and offers a 30-day money back guarantee. But there’s no discount for autopay and it charges high late fees of $39 with no grace period.
Loan Amount | $2,500 – $35,000 |
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APR | 6.99% |
Interest Rate Type | Variable |
Min term | 36 months |
Max term | 84 months |
Turnaround Time | 1 to 7 days |
You can read our review of Marcus by Goldman Sachs personal loans to get an overview of what this lender offers. But here are the highlights:
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