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.
Marcus by Goldman Sachs Personal Loan Details | ||||
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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.
Eligibility requirements
- Minimum credit score: Not specified
- 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 | ||||
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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
Upstart
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.
Upgrade
You can borrow from $1,000 to $35,000 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 Bank
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?
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How Student Loan Hero Gets Paid
Student Loan Hero is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). Student Loan Hero does not include all lenders, savings products, or loan options available in the marketplace.
Student Loan Hero Advertiser Disclosure
Student Loan Hero is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.
Lender | RATES (APR) | loan amount | |
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5.99% – 19.16%1 | $5,000 to $100,000 | ||
8.27% – 35.99% | $1,000 to $50,000 | ||
6.94% – 35.97%* | $1,000 to $35,000 | ||
99.00% – 199.00%2 | $500 to $4,000 | ||
5.99% – 24.99%3 | $5,000 to $40,000 | ||
7.99% – 29.99%4 | $7,500 to $40,000 | ||
compare rates on Lendingtree now | |||
1 Includes AutoPay discount. Important Disclosures for SoFi. SoFi Disclosures
Opploans DisclosuresDirect Deposit required for payroll. Opploans currently operates in these states: . *Approval may take longer if additional verification documents are requested. Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications processed and approved before 7:30 p.m. ET Monday-Friday are typically funded the next business day.
Payoff Disclosures
FreedomPlus Disclosures
Upgrade Bank DisclosuresPersonal loans made through Upgrade feature APRs of 6.94%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds should be available within four (4) business days. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor. Personal loans issued by Upgrade’s lending partners. Information on Upgrade’s lending partners can be found at https://www.upgrade.com/lending-partners/. |