Marcus Personal Loan Review

Personal loans with borrower-focused benefits

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Marcus by Goldman Sachs Logo

Marcus is a lending and banking brand of Goldman Sachs, a long-established financial institution. Marcus operates entirely online and it specializes in just a few types of financial products, which it does very well: CDs, high-yield savings accounts, and personal loans. If you need to borrow some money, a Marcus personal loan review may be able to help. Marcus personal loans have a wide range of uses for customers. You can use the money for just about anything, as long as you’re not using the funds to pay off a student loan. People commonly use Marcus personal loans for debt consolidation, home improvement, weddings, and vacations.

  • APR Range 6.99% to 19.99% with autopay (6.99% to 24.99% for New York residents)
  • Recommended Minimum Credit Score 660
  • Loan Amounts $3,500 to $40,000
  • Loan Terms 36 to 72 months
  • Pros and Cons
  • Fees
Pros and Cons
Pros
  • No fees

  • Competitive top-end APR

  • On-time payment reward

  • Choose your own payment date

  • Direct payment to your old lender for refinanced loans

Cons
  • No joint applications

  • Doesn’t offer loans for bad credit

Fees

Marcus charges zero fees on its personal loans.

Pros of Marcus Loans

  • No fees: There are no fees of any kind for Marcus personal loans. That doesn’t mean there aren’t consequences if you don’t pay (it’ll still be recorded on your credit report), but at least you won’t be slapped with an additional fee. 
  • Competitive top-end APR: Marcus personal loan rates aren’t the absolute lowest out there. But, its high-end APR of 19.99% is far below the average high-end rate, which is a benefit if your credit isn’t strong enough to secure the best rates. 
  • On-time payment reward: If you make all of your payments on time for 12 consecutive months, you can choose to skip a payment without hurting your credit score.
  • Choose your own payment date: You can choose your own payment due date up to three times over the course of the loan. 
  • Direct payment to your old lender for refinanced loans: If you’re refinancing credit card debt for a lower interest rate, Marcus will even pay off your old lenders for you (up to 10 credit cards). Keep tabs on your old credit cards until you’re sure they’re paid off, though—you don’t want to miss a payment. 

Cons of Marcus Loans

  • No joint applications: You’ll have to apply on your own; your spouse or partner can’t sign with you.
  • Doesn’t offer loans for bad credit: Marcus recommends you having a credit credit score of at least 660 in order to get a personal loan. Remember, though, that other factors like income play a part in your approval that could disqualify you even if you meet the 660 suggestion.

Marcus Personal Loan Rates & Terms

If you’re looking for the lowest personal loan rates, Marcus probably won’t be your first choice. As low as its rates are, you can probably find lenders with better rates. However, Marcus’ starting rates are still better than some lenders, and its other features might be enough to win you over. 

  • Interest rates: 6.99% to 19.99% APR with autopay (6.99% to 24.99% APR for New York residents)
  • Term lengths: 36 to 72 months

If your application is accepted and you’re approved for a Marcus personal loan, you’ll need to connect your bank account. Once that is done, you should receive your funds via direct deposit within one to four days.

How Much Can You Borrow With Marcus?

You can borrow anywhere from $3,500 to $40,000. Remember, though—just like with the rate and term lengths that you’re offered, the exact amount Marcus approves you for depends on things like your income, credit score, and the information on your credit report. 

Marcus Personal Loan Fees

The biggest thing that sets Marcus apart from many personal loan lenders is that it doesn’t charge any fees. You won’t pay any origination, late, prepayment, or transfer fees. Your incentive for paying on time is that Marcus may report late payments to the credit bureaus and that you can earn an on-time payment reward. 

Though Marcus charges no fees for late payments, any payments you miss will accrue interest.

How to Get a Personal Loan From Marcus

The application process for Marcus works just about the same as most other personal loan lenders. You can check to see if you prequalify without affecting your credit score. Once you’re ready to apply, you can do so online or by phone at 1-844-627-2871. You’ll need to be at least 18 years of age unless you live in Alabama (minimum age 19), or in Mississippi or Puerto Rico, where the minimum age is 21.

Final Verdict

There’s a lot to like about Marcus personal loans. The fact that you can skip a payment after 12 consecutive on-time payments helps you preserve your good credit if a temporary emergency pops up. Being able to choose your own due date also helps you to budget better because you can choose to make your payments shortly after you’re paid each month. Perhaps the biggest draw is its no-fee structure, which can help save you hundreds or even thousands of dollars compared to lenders that charge an origination fee.

Still, if you’re a deal-seeker, you’ll probably want to check out other options first. Marcus has low starting rates, but they’re not the lowest out there. Furthermore, there’s no option for co-signers, collateral, joint applications, or any other tools to help borrowers with bad credit qualify for a loan at a decent rate. Thus, if your credit could use some work, you might want to consider other options

Article Sources

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  1. Marcus by Goldman Sachs. "Personal Loans." Accessed May 13, 2020.

  2. Marcus by Goldman Sachs. "Frequently Asked Questions." Accessed May 13, 2020.

  3. Marcus by Goldman Sachs. "How to Change the Payment Due Date on Your Marcus Personal Loan." Accessed May 13, 2020.