Marcus by Goldman Sachs Personal Loan Review

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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
Terms
Fees and Penalties
  • Term lengths: 36 to 72 months
  • APR range: 5.99% – 28.99%*
  • Loan amounts: $3,500 – $40,000
  • Time to funding: 1 to 4 business days after loan approval
  • Credit check: Soft Pull to check rates; hard pull when you apply.
  • Origination fee: No origination fee
  • Prepayment fee: $0
  • Late payment fee: No
  • Other fees: $0

*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.

Eligibility requirements

  • 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
Pros
Cons
  • On-time payment reward: You can defer one loan payment if you meet Marcus by Goldman Sachs’ requirements.
  • No fees: There are no origination, application, late or prepayment fees.
  • High loan amounts: You can apply for a loan as high as $40,000, which is on par or higher than many personal loan companies.
  • High APR: Your rate could be as high as 28.99%*, which is on par or higher than credit card APRs.
  • No joint applications: Marcus by Goldman Sachs doesn’t allow cosigners.
  • No clear qualification information: There is nothing on its website that indicates certain requirements for loan approval, including minimum credit history.

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

  • 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.

Upgrade

  • 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?

Lendingtree allows you to compare rates from multiple lenders by filling out one easy form. Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

RATES (APR)loan amount
5.75% – 16.24%1 $5,000 to $100,000
7.46% – 35.99% $1,000 to $50,000
7.99% – 35.89%* $1,000 to $50,000
5.99% – 24.99%3 $5,000 to $35,000
5.99% – 29.99%4 $7,500 to $40,000
6.79% – 20.89% $5,000 to $50,000
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1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.990% APR to 16.240% APR (with AutoPay). Variable rates from 5.75% APR to 14.60% APR (with AutoPay). SoFi rate ranges are current as of March 18, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.75% APR assumes current 1-month LIBOR rate of 2.50% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
  2. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
    See Consumer Licenses.
  3. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  4. SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
  5. If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.
  6. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
3 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.
4 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 5.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 5.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available.
* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

* Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.

** 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.

 Important Disclosures for Citizen.

Citizens Bank Disclosures

  1. Personal Loan Rate DisclosureFixed interest rates from 6.79% – 20.89% (6.79% – 20.89% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

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