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Marcus by Goldman Sachs alternatives

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Marcus by Goldman Sachs personal loans
3.8
★★★★★
Finder score
Max. Loan Amount
$40,000
APR
6.99% to 24.99%
Min. credit score
720+ FICO

Summary

This online lender no longer offers personal loans. Compare other options instead.

finder.com's rating: 4.1 / 5.0

★★★★★

Bottom line: Marcus by Goldman Sachs ended its lending program in 2023. But there are several similar alternatives that offer solid midsized loans with low rates and no fees. Read our review to learn more about what Marcus used to offer.

Pros

  • On-time payment reward
  • Speed and name recognition
  • Service member discount
  • No fees

In this guide

  • Review
  • Your reviews
  • Ask a question

Marcus stopped offering personal loans in 2023

Marcus by Goldman Sachs ended to its online lending program as a part of a broader initiative to move away from consumer financing. Marcus, the online banking arm of the 150-year-old investment bank, will be absorbed by an asset and wealth management unit at Goldman Sachs.

If you currently have a Marcus loan, reach out to customer service to find out how repayments will be affected. If you’re looking for a personal loan, consider an alternative. Some online lenders may even offer higher loan amounts and lower rates than previously available at Marcus.

Compare alternatives to Marcus by Goldman Sachs

These lenders offer simple, online loans for debt consolidation and other expenses — similar to what you could find with Marcus. Select your credit score and state, then choose Show me my personalized options to see more loans you could qualify for.

1 – 6 of 6
Name Product Filter Values APR Min. credit score Loan amount
Upstart personal loans
Finder Score: 4.2 / 5: ★★★★★
Upstart personal loans
7.80% to 35.99%
300
$1,000 to $50,000
This service looks beyond your credit score to get you a competitive-rate personal loan.
SoFi personal loans
Finder Score: 4.4 / 5: ★★★★★
SoFi personal loans
8.99% to 29.99%
680
$5,000 to $100,000
A highly-rated lender with competitive rates, high loan amounts and no required fees.
Best Egg personal loans
Finder Score: 3.8 / 5: ★★★★★
Best Egg personal loans
8.99% to 35.99%
640
$2,000 to $50,000
Fast and easy personal loan application process. See options first without affecting your credit score.
Upgrade
Finder Score: 4 / 5: ★★★★★
Upgrade
8.49% to 35.99%
620
$1,000 to $50,000
Check your rates with this online lender without impacting your credit score.
LendingPoint personal loans
Finder Score: 3.3 / 5: ★★★★★
LendingPoint personal loans
7.99% to 35.99%
620
$2,000 to $36,500
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
Happy Money
Finder Score: 3.8 / 5: ★★★★★
Happy Money
11.72% to 24.50%
640
$5,000 to $40,000
Pay down your debt with a fixed APR and predictable monthly payments.
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Our take on Marcus by Goldman Sachs

Marcus personal loans were best for good to excellent credit individual borrowers looking for a competitively priced personal loan. Offering interest rates between 6.99% and 24.99% APR, its rates started lower than many other lenders and you could save an additional 0.25% off your rate by enrolling in autopay.

Marcus also didn’t charge any origination, prepayment or late fees on its personal loans. Other lenders like Lending Club, Upgrade and Avant charge origination fees from 2% to 8% on their loans, which can cost hundreds of dollars depending on the size of the loan. So, if you have good credit, you could have saved on these fees with Marcus.

However, only the best credit borrowers could quality for the lowest rates with Marcus, coborrowers aren’t allowed, and you needed a minimum 720 credit score to qualify. And it only offered loans up to $40,000 and self-employed borrowers may not be eligible.

Rates, fees and terms

Marcus by Goldman Sachs personal loans came with rates between 6.99% to 24.99% APR. There were no fees to apply, no prepayment penalties and no late fees. And if you set up autopay from a bank account, you could take advantage of a 0.25% discount off your APR.

If you’re a military service member, you can have qualify for a 4% APR. In some cases, spouses or domestic partners of service members could also qualify for a 4% rate.

You could borrow between $3,500 and $40,000. And you’d have three to six years to repay the loan. Use our calculator to find out how much you would have paid at different rates, terms and loan amounts.

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Marcus by Goldman Sachs reviews and complaints

BBB accreditedYes
BBB ratingA+
BBB customer reviews1.08 out of 5 stars, based on 160 customer reviews
BBB customer complaints458
Trustpilot score3.5 out of 5 stars, based on 186 customer reviews
Customer reviews verified as of21 June 2022

Customers gave Marcus by Goldman Sachs mixed reviews. On Trustpilot, many ratings were positive, but a large percentage are “poor” or “bad,” too. Unhappy customers reported 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.

But it’s not all bad: Many reviewers praised 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 COVID-19.

How to qualify

To be eligible for a loan, you had to meet a few minimum requirements:

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

There were no hard credit requirements, but the average borrower had a credit score between 700 and 740. Marcus also didn’t have any minimum income requirements, though you had to prove you could pay back your loan.

How the application worked

Marcus offered an online application only. To get started, borrowers could visit the Marcus website and select Review Your Options to fill out the prequalification form. You may have been required to enter your Social Security number.

If you wished to proceed with a loan offer, Marcus by Goldman Sachs would review your finances and conduct a hard credit check. If approved, you may have been asked to upload additional documents to complete the application process. However, you had the chance look over your final offer before you accept.

The whole process could take as little as three business days, depending on how involved your application is. If your loan application was denied, Marcus would mail you a letter that explains why you didn’t get the loan — if you’re able to improve your personal finances, you could have reapplied after six months.

What set it apart

Marcus by Goldman Sachs offered relatively competitive rates, especially for service members. Its lack of late fees were appealing, although the increase in APR on a late payment could have cost you more than a single fee. You could also skip a payment for a month with no interest accrued if you make on-time payments for 12 months. But overall, it offered similar loan amounts and terms as other online lenders and has average customer reviews.

Was Marcus by Goldman Sachs legit?

Yes, Marcus By Goldman Sachs was part of Goldman Sachs Bank, an investment bank that has been around since 1859. It protected your information with SSL encryption and multifactor authentication. It might have share your information with affiliates and third-party service providers for business purposes.

You could get clarification on how your information is being shared by contacting customer service.

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

Our answers to questions about Marcus by Goldman Sachs.

What was the relationship between Marcus and Goldman Sachs?

Goldman Sachs USA owns the Marcus brand, and all loans were issued by Goldman Sachs’ Salt Lake City Branch.

Can I change the day of the month my loan payment is due?

Yes, you’re allowed to change your payment date three times after your first payment, according to a representative at the company.

Can I defer a payment?

If your account is in good standing, you can defer one repayment with no accrued interest after 12 months of consistent, on-time repayments.

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Anna Finder

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Sid

August 28, 2018

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


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joelmarcelo

August 28, 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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