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Marcus by Goldman Sachs personal loans review

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Online loans with no fees built on over 150 years of banking experience.

finder.com’s rating: 4.1 / 5.0

★★★★★

  • Best for service members looking for exceptionally low rates.
  • Pick something else if you don’t have good to excellent credit.

$40,000

Max. Loan Amount

6.99% to 19.99%

APR

Good to excellent credit

Min. Credit Score

Details

Product NameMarcus by Goldman Sachs personal loans
Min. Loan Amount$3,500
Max. Loan Amount$40,000
APR6.99% to 19.99%
Interest Rate TypeFixed
Min. Credit ScoreGood to excellent credit
Loan Term3 to 6 years
Check my rate

Expert review

Anna Serio

Review by


Anna Serio is a trusted loans expert who's published more than 800 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 CNBC, Business Insider and The Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.

Expert review

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 670 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.

How much will this loan cost me?

Marcus by Goldman Sachs personal loans come with rates from 6.99% to 19.99% APR. There are no fees to apply, so the interest is the same as the 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 the calculator below to find out how much you would pay at different rates, terms and loan amounts.

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How it works

Your loan amount, rate and term depends on factors like your credit score, income and cash flow. You typically need to have a credit score over 740 to qualify for the most competitive rates and enough income to support monthly repayments.

Your rate can also vary depending on your loan term, with longer terms bringing higher rates. And you might take longer than expected to repay the loan. It offers one month of deferment for every 12 consecutive months of consistent repayments as an on-time payment reward.

What do I need to qualify?

For eligibility with Marcus by Goldman Sachs, you need to meet a few minimum requirements:

  • Valid US bank account
  • Social Security number or individual tax identification number
  • Age of majority

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.

If you’re currently paying off a high-cost installment or payday loan, you could be denied — even if you have excellent credit.

What information do I need to apply?

Get these documents together before you apply:

  • Proof of income
  • Photo ID
  • Individual or joint bank statements

Pros and cons

Marcus by Goldman Sachs might offer a good deal to some — but it isn’t right for everyone.

Pros

  • No fees to apply or take out a loan
  • On-time payment reward
  • Service member rates as low as 4%

Cons

  • Late payments penalized with interest
  • Income from self-employment might not count
  • Having a high-cost loan could disqualify you

Compare other online lenders

Data indicated here is updated regularly
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
Credible Personal Loans
4.99% to 35.99%
Fair to excellent credit
$100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Fiona personal loans
4.99% to 35.99%
Good
$100,000
Get loan offers from multiple lenders at once without affecting your credit score.
Monevo personal loans
3.49% to 35.99%
None
$100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
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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.

Do Marcus by Goldman Sachs personal loans get good reviews?

BBB accreditedYes
BBB ratingA+
BBB customer reviews1.7 out of 5 stars, based on 69 customer reviews
Trustpilot score3.7 out of 5 stars, based on 1 customer reviews
Customer reviews verified as of27 May 2020

Not exactly. Customers 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.

How do I apply?

You can apply online or by paper. To apply with Marcus by Goldman Sachs online, follow these steps:

  1. Click the green Go to site button on this page to get started.
  2. Select the amount you’d like to borrow and a monthly payment you can afford, and click Find your loan options.
  3. Select the reason you’d like to borrow, and follow the directions to entire basic personal information about yourself.
  4. Read the terms and conditions. Click Find my loan options to submit your application.

You may be required to enter your Social Security number or upload other loan documents to complete the application process.

To submit a paper application, call customer service and ask to have one sent to your address.

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What happens after I apply?

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 two 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.

How do repayments work with Marcus by Goldman Sachs?

You can repay your loan by check or money order, but it’s typically far more convenient to set up autopay with a bank account. Borrowers who consistently make on-time repayments for a year can defer one payment without accruing any extra interest.

If you find yourself unable to make a payment, contact Marcus immediately. You won’t pay a fixed fee every time you’re late, but you will pay more interest, making for a more expensive loan overall. Late payments can also affect your credit score.

Before you make a decision, you may want to compare more personal loan options. There could be a better loan out there for your needs — including lenders with offers similar to Marcus.

Frequently asked questions

Important information

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.

Personal loan ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.

Read the full methodology of how we rate personal loan providers.

Image source: marcus.com

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2 Comments

  1. Default Gravatar
    Sid
    August 28, 2018

    Can I repay my entire loan back in 2 to 4 payments to avoid 48 months of interest?

    • Default Gravatar
      joelmarcelo
      August 29, 2018

      Hi Sid,

      Thanks for leaving a question on finder.

      Yes. You can do arrange that. When you apply for a loan with Marcus by Goldman Sachs, you can browse loan options based on different loan and/or monthly payment amounts — just use the sliders on their homepage to see your options so you can customize your payment.

      You can make one-time payments each month, or for added convenience, you can set up AutoPay on marcus.com. They also accept payments by phone and check/money order payments by mail.

      Cheers,
      Joel

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