Review: Marcus by Goldman Sachs Personal Loans Are Truly Customizable (If You Have Good Credit)

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. 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 understand what you are buying, and consult 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. Please do your homework and let us know if you have any questions or concerns.

Goldman Sachs logo on a computer screen through a magnifying glass

Are you looking for a personal loan customized to you, such as one where you can choose how much you want to borrow and what your monthly payment will be?

Marcus by Goldman Sachs personal loans could be the solution you’re looking for. With these loans, you can select your desired loan amount and monthly payment. The loan terms will then be customized to your needs.

Personal loans from Marcus by Goldman Sachs are available if you have good credit. But there are a few key things to consider before deciding whether these loans are right for you. Read on to find out everything you need to know.

Review: Marcus by Goldman Sachs personal loans

Marcus by Goldman Sachs personal loans are a good option for borrowers who have good credit, an established credit history, and proof of income. There’s no origination fee or late payment charges and interest rates are competitive. The flexibility in loan amounts and repayment terms also make it easy for borrowers to find a loan that fits their situation.

Marcus by Goldman Sachs even offers a unique benefit: an on-time payment reward. Borrowers who make 12 consecutive payments on time and in full can choose to defer one future payment without being charged additional fees or interest.

Unfortunately, you’ll need excellent credit to qualify for loans through Marcus by Goldman Sachs. Loans aren’t available in all states, and the minimum amount you can borrow is $3,500. That might be more than you need.

Marcus by Goldman Sachs products

Marcus by Goldman Sachs offers personal loans you can use for almost any purpose, including home improvement projects, debt consolidation, and moving costs. However, customers are allowed only one loan at a time. Some of the key features of these personal loans include:

  • You can choose a loan amount between $3,500 and $40,000.
  • Your loan will have a fixed interest rate, so your monthly payments won’t change.
  • Loans come with terms between 36 and 72 months.

Applicants specify their desired loan amount and monthly payment during the application process and are provided with customized loan options. Borrowers can also browse loans based on different monthly payment amounts to choose a repayment schedule that works for them.

Marcus by Goldman Sachs online platform

When you start the process of applying for a loan, here’s what you see:

Marcus by Goldman Sachs loan options

Image credit: Marcus by Goldman Sachs

After selecting your desired loan amount and monthly payment, you’ll input some basic information, including your name and address, details about your income and monthly housing costs, and your Social Security number.

Then, you’ll review options and pick a loan with a payment you can afford. The loan you select will determine the interest rate and repayment term you qualify for.

You can view your loan options online in as little as five minutes without your credit score being affected. Once you’re approved for your loan, you can manage your account, make payments, and track of your balance online.

Marcus by Goldman Sachs interest rates and fees

Interest rates on loans from Marcus by Goldman Sachs are competitive with other personal loan lenders and vary based on your credit score. As of June 4, 2018, the company advertised interest rates ranging from 6.99% to 24.99%. Check the Marcus by Goldman Sachs website for the most up-to-date personal loan rates.

Because all its personal loans have fixed interest rates, you never have to worry about your rate or payment rising. You don’t have to worry about fees, either. The lender’s website promises you won’t be charged fees. That includes late fees, although late payments might be reported to the credit bureaus and hurt your credit score.

Marcus by Goldman Sachs eligibility requirements

You might be eligible for a personal loan from Marcus by Goldman Sachs if:

  • You’re over the age of 18 (at least 19 in Alabama and Nebraska or 21 in Mississippi and Puerto Rico).
  • You have a valid U.S. bank account.
  • You have a valid Social Security number or Individual Tax ID number.
  • You live in a state other than Maryland.

Marcus by Goldman Sachs customer service

Many customers report they’re happy with the customer service offered by this lender:

“I would highly recommend Marcus,” one borrower wrote at Super Money. “The approval process was quick and easy. I supplied all documents in a timely manner and was approved and had my money within 48 hours. When I was unsure of how to get information they needed I called and the operator walked me through the process. Very knowledgable.”

However, several reviewers expressed dissatisfaction at not being approved or due to high interest rates:

“Worst lending company ever,” wrote another borrower. “Applied for a loan to consolidate a few things with a credit score of 830 and no answer back for three days. I finally called them and they said they needed more information. Provided them with it and 30 minutes later I get an email telling me I was denied and would get a letter telling me why.”

If you decide you want to apply and see what loan terms you’re offered, you can submit an online application.

Marcus by Goldman Sachs makes loan specialists available via phone Monday through Saturday from 7:00 a.m. to 9:00 p.m. ET. You can contact 1-⁠844-⁠627-2871 to speak with a specialist. You can also find the company on Facebook or Twitter.

Student Loan Hero has independently collected the above information related to Marcus by Goldman Sachs personal loans. Marcus by Goldman Sachs has neither provided nor reviewed the information shared in this article.

Interested in a personal loan?

Here are the top personal loan lenders of 2018!
LenderRates (APR)Loan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Personal LoansFixed rates from 6.199% APR to 15.365% APR (with AutoPay). Variable rates from 6.145% APR to 14.685% APR (with AutoPay). SoFi rate ranges are current as of June 15, 2018 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 6.145% APR assumes current 1-month LIBOR rate of 1.97% plus 4.175% 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. 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)

2 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate DisclosureFixed interest rates from 6.49% – 19.49% (6.49% – 19.49% 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.

* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

  1. Personal Loan Rate DisclosureFixed interest rates from 6.49% – 19.49% (6.49% – 19.49% 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.
7.73% – 29.99%$1,000 - $50,000
Check rate nowon SLH's secure site
6.15% – 15.37%1$5,000 - $100,000
Check rate nowon SLH's secure site
6.87% – 35.97%*$1,000 - $50,000Visit Upgrade
8.00% – 25.00%$5,000 - $35,000
Check rate nowon SLH's secure site
4.99% – 29.99%$10,000 - $35,000Visit FreedomPlus
5.99% – 18.99%2$5,000 - $50,000Visit Citizens
15.49% – 34.49%$2,000 - $25,000Visit LendingPoint
5.99% – 35.89%$1,000 - $40,000Visit LendingClub
5.49% – 18.24%$5,000 - $75,000Visit Earnest
9.95% – 35.99%$2,000 - $35,000Visit Avant
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. 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 understand what you are buying, and consult 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. Please do your homework and let us know if you have any questions or concerns.