Marcus by Goldman Sachs personal loans review
Online loans with no fees built on over 150 years of banking experience.
finder.com’s rating: 4.1 / 5.0
Bottom line: Marcus by Goldman Sachs offers solid midsize loans for borrowers with good to excellent credit. It’s upfront about its terms, but for those looking for larger loans, it may not be the right choice.
- No fees to apply or take out a loan
- On-time payment reward
- Service member rates as low as 4%
- Late payments penalized with interest
- Income from self-employment might not count
- Only offers loans up to $40,000
Marcus by Goldman SachsMarcus by Goldman Sachs rates, fees and terms
Marcus by Goldman Sachs personal loans come with rates between 6.99% to 19.99% APR. There are no fees to apply, so the interest is the same as the APR. And if you set up autopay from a bank account, you can take advantage of a 0.25% discount off your APR.
If you’re a military service member, you can qualify for a 4% APR. In some cases, spouses or domestic partners of service members can also qualify for a 4% rate.
You can borrow between $3,500 and $40,000. And you’ll have three to six years to repay the loan. Use our calculator to find out how much you would pay at different rates, terms and loan amounts.
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How Marcus by Goldman Sachs compares to other lenders
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Marcus by Goldman Sachs reviews and complaints
|BBB customer reviews||1.4 out of 5 stars, based on 87 customer reviews|
|BBB customer complaints||265|
|Trustpilot score||3.4 out of 5 stars, based on 136 customer reviews|
|Customer reviews verified as of||15 July 2021|
Customers give Marcus by Goldman Sachs mixed reviews. Many report the most frustration with the poor quality of customer service and reported inconsistencies in information given by representatives. Some also reported trouble with the online loan application.
It’s not all bad, however. Reviews in other online forums mainly praise Marcus for its speed and convenience. It also came in second place in the 2020 J.D. Power Consumer Lending Customer Satisfaction Survey — though it didn't rank in 2021. The survey ranked lenders based on the terms and conditions, application process and how the lender managed the loan after approval. Many online lenders lost rankings in 2021, due in part to to COVID-19.
How to qualify
To be eligible for a loan, you must meet a few minimum requirements:
- Valid US bank account
- Social Security number or individual tax identification number
- Age of majority in your state
There are no hard credit requirements, but the average borrower has a credit score between 700 and 740. It also doesn’t have any minimum income requirements, though you must prove you can pay back your loan.
How the application works
Marcus offers both online and paper applications. For its online application, you will need to visit its website and enter information about yourself — and you may be required to enter your Social Security number or upload other loan documents to complete the application process.
After applying, Marcus by Goldman Sachs will review your finances and conduct a hard credit check. If approved, you’ll be able to look over your final offer before you accept.
The whole process can take as little as three business days, depending on how involved your application is. If your loan application is denied, Marcus will mail you a letter that explains why you didn’t get the loan — if you’re able to improve your personal finances, you can reapply after six months.
What sets it apart
Marcus by Goldman Sachs offers relatively competitive rates — especially for service members. Its lack of late fees can also be appealing for some, although the increase in APR could cost you more than a single fee. But beyond these points, there isn’t much that sets Marcus apart. It offers similar loan amounts and terms as other lenders, and it doesn’t receive the best reviews from other customers.
Is Marcus by Goldman Sachs legit?
Yes, Marcus By Goldman Sachs is part of Goldman Sachs Bank, an investment bank that has been around since 1859. It protects your information with SSL encryption and multi-factor authentication. It might share your information with affiliates and third-party service providers for business purposes. You can get clarification on how your information is being shared by reaching out to customer service.
Frequently asked questions
Our answers to questions about Marcus by Goldman Sachs.
What is the relationship between Marcus and Goldman Sachs?
Goldman Sachs USA owns the Marcus brand, and all loans are issued by Goldman Sachs’ Salt Lake City Branch.
Can I change the day of the month my loan payment is due?
If your account is in good standing, you can defer one repayment after 12 months of consistent, on-time repayments. If you have outstanding payments, are in deferral or are in the last month of your loan term, you may be stuck with your original payment date.
Marcus By Goldman Sachs® Offer Terms and Conditions
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. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. 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. Receive an APR reduction when you enroll in AutoPay. This reduction will not be applied if AutoPay is not in effect. When enrolled, a larger portion of your monthly payment will be applied to your principal loan amount and less interest will accrue on your loan, which may result in a smaller final payment. See loan agreement for details.
Personal loan ratings
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Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
Marcus by Goldman Sachs is ideal for service members looking to take out a personal loan with competitive rates — APRs start at just 4% for military members. Its loans come without any fees, and terms up to six years. And if you make on-time repayments for a year, you can defer one payment without accruing any interest.
But you need to have good to excellent credit, usually a 660 FICO score or higher, to qualify. And it might be hard to meet income requirements if you’re self-employed. You also can’t borrow more than $40,000 — not ideal if you’re looking to fund a big project or purchase. And instead of charging late fees, you’ll pay more in interest if you miss your due date.
Not sure about Marcus by Goldman Sachs? Explore more options by using our lender comparison table.