What is Marcus by Goldman Sachs?
Marcus by Goldman Sachs®, an offshoot of Goldman Sachs Bank USA, offers financial services and products, including high-yield online savings accounts and personal loans. Its loans offer fixed rates and no fees, meaning you only pay the principal and interest. Loans are issued by the Salt Lake City branch of Goldman Sachs Bank USA.
Launched in October 2016, Marcus by Goldman Sachs was named after one of Goldman Sachs’ founders, Marcus Goldman. The team took feedback from thousands of consumers to create its personal loan product. This includes transparency and simplicity with its products, such as letting you know how the company makes money.
Not sure which personal loan company is the right one? Read our Marcus by Goldman Sachs personal loan review.
Marcus by Goldman Sachs personal loan highlights
- No fees: Marcus by Goldman Sachs doesn’t charge late, prepayment or sign-up fees. If you pay your loan after the due date, you’ll simply accumulate more interest.
- On-time payment reward: If you make at least 12 consecutive monthly payments on time and in full, you can defer one of your loan payments.
- Customizable payment due date: You can change your loan due date up to three times during the lifetime of your loan. Marcus by Goldman Sachs will tell you when the new due date will take effect.
- APR range: 5.99% – 28.99%*
- Minimum credit requirement: Varies
- Terms: 36 to 72 months
Marcus by Goldman Sachs Personal Loan Details
*For New York residents, rates range from 5.99% to 24.99% APR as of March 4, 2019.
Marcus by Goldman Sachs product details
One of the main perks of this loan is that you don’t have any late payment fees. But if you make a late payment, your final payment may be larger because you’ll accumulate more interest. Also, any loan activity will appear on your credit report. Your loan may go into default if you don’t make full or on-time payments.
Marcus by Goldman Sachs also offers an on-time payment reward. Customers who make at least 12 consecutive payments on time and in full can defer one loan payment. To redeem the reward, you’ll need to call a loan specialist at 844-627-2872 at least 16 days before your payment due date.
Once your request is approved, Marcus by Goldman Sachs will extend your loan by one month, and you won’t be charged any interest during the deferral. If you make another 12 consecutive months of on-time and in-full payments, you’re eligible for another on-time payment reward.
- Minimum credit score: Varies
- Minimum credit history: Not specified
- Maximum debt-to-income ratio: Not specified
While it’s simple to go through the application process, it’s best to find out if you’re eligible to apply. Marcus by Goldman Sachs welcomes applications from adults over 18 (19 if you’re in Alabama or 21 if you’re in Mississippi or Puerto Rico). You’ll also need to have a Social Security or Individual Tax Identification Number and a valid U.S. bank account.
Applying for a personal loan from Goldman Sachs Bank USA
You can apply for a Marcus by Goldman Sachs personal loan by heading to its online application form and filling out details such as your name, address and annual income. You’ll also need to indicate how much you want to borrow, as well as a preferred monthly payment amount.
You’ll then be presented with loan options, including total loan amount, monthly payments and your APR. If you decide to continue the application, choose an offer. Before approval, you may need to provide additional documentation such as proof of income, employment status and a copy of your state-issued photo ID.
To submit documents, you can upload them using the camera from your mobile device or photo library. You can also upload documents on your computer. You’ll need to make sure the document is clear when submitting; otherwise, you may be required to resubmit. Once your loan is approved, you can e-sign your loan documents and provide details for your U.S. bank account to receive your funds, which can take anywhere from one to four business days.
Pros and Cons of a Marcus by Goldman Sachs Personal Loan
Who’s the best fit for a Marcus by Goldman Sachs personal loan?
A Marcus by Goldman Sachs personal loan may be best for those with excellent credit who are looking to consolidate high-interest loans. That’s because those with higher credit scores will most likely qualify for lower rates, which will help if you plan on consolidating other loans that have a much higher APR. Also, if you can make on-time payments, you could take advantage of the on-time payment reward that Marcus by Goldman Sachs offers.
If you need to borrow a large sum of cash, such as for a home improvement project, Marcus by Goldman Sachs may be a good fit since you can borrow up to $40,000. Since there are no prepayment fees, those who want the option to pay back their loan quickly without getting penalized may want to consider a Marcus by Goldman Sachs loan.
But if you need a larger loan amount or want to shop around for a lower APR, check out some other personal loan options or alternatives below.
Alternative personal loan options
- APR range: 7.46% – 35.99%
- Credit requirements: 620 (580 in California)
- Terms: 36 & 60 months
- Origination fee: 0.00% - 8.00%
Created by ex-Googlers, Upstart offers personal loans from $1,000 to $50,000. But you may have a larger minimum loan requirement depending on your state of residence. Like Marcus by Goldman Sachs, there are no prepayment fees. You can check your rate in as little as five minutes. Upon loan approval, you can receive funds in as little as one business day.
- APR range: 7.99% – 35.89%
- Credit requirements: 620 minimum credit score
- Terms: 36 or 60 months
- Origination fee: 1.50% - 6.00%
You can borrow from $1,000 to $50,000 with Upgrade. It can be a good alternative if you’re looking for a fast approval process since you can receive funds in as little as one day after you sign all the paperwork. You also get a free credit health tool, which can help you monitor your credit score. But you can only submit an individual loan application, and there are origination and late fees. You’ll also need to enroll in autopay to be eligible for the lowest rates.
Discover Personal Loans
- APR range: 6.99% – 24.99%
- Credit requirements: 660 minimum credit score
- Terms: 36 to 84 months
- Origination fee: No origination fee
Discover Personal Loans may be a good option if you’re looking for a longer repayment term since you can choose from 36 to 84 month term. You can borrow between $2,500 and $35,000. Like Marcus by Goldman Sachs, there are no origination or prepayment fees, but you do get charged a $39 late fee.
Interested in a personal loan?Here are the top personal loan lenders of 2019!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.
†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at reviews.lendingclub.com
**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.
7 Important Disclosures for Earnest.
8 Important Disclosures for Avant.
* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.
** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33
* Important Disclosures for Upgrade Bank.
Upgrade Bank Disclosures
** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.
|5.75% – 16.24%1||$5,000 - $100,000|
|7.46% – 35.99%||$1,000 - $50,000|
|7.99% – 35.89%*||$1,000 - $50,000|
|5.99% – 24.99%2||$5,000 - $35,000|
|5.99% – 29.99%3||$7,500 - $40,000|
|6.79% – 20.89%4||$5,000 - $50,000|
|9.99% – 35.99%5||$2,000 - $25,000|
|6.95% – 35.89%6||$1,000 - $40,000|
|6.99% – 18.24%7||$5,000 - $75,000|
|9.95% – 35.99%8||$2,000 - $35,000|