Marcus by Goldman Sachs® has taken the online personal loan industry by storm. Since its launch in 2016, Marcus has already issued $5 billion in loans to borrowers who apply directly through its website. It's easy to see why Marcus is so popular with borrowers, given its low interest rates and promise of "Truly, no fees. Ever." These consumer-friendly features make Marcus loans some of the best personal loans available to qualifying applicants.
Read our detailed Marcus by Goldman Sachs® personal loan review to see if you should consider applying.
|Lending Partner||Best For||Rating||Min. Credit Score||Loan Amounts||APR Range||Next Steps|
Low overall APR
Rating image, 5.0 out of 5 stars.
5.0 starsWe want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Min. Credit Score:
$3.5k - $40k
6.99% - 19.99%
On Secure Website.
No fees: Marcus by Goldman Sachs® operates under the motto "Truly, no fees. Ever." Thus it doesn't charge an application fee, origination fee, or even late payment fees (though paying late could cost you more in interest and harm your credit score). Best of all, Marcus doesn't charge a prepayment fee, so you can pay off a Marcus loan early without penalty. This lack of fees makes Marcus one of the more borrower-friendly lenders out there.
Payment deferral: Once you've made 12 consecutive monthly payments in full and on time, Marcus allows you to defer one monthly payment. This can be advantageous if you encounter some unexpected expenses that temporarily affect your ability to make monthly payments -- you'd be able to skip a payment without taking a credit score hit.
Low APRs: Marcus has some of the best low interest personal loans on the market. The most creditworthy borrowers can qualify for an APR as low as 6.99%, a particularly good rate for an unsecured loan.
Large loan sizes and lengthy repayment terms: Whereas other lenders max out at $25,000 loans and four- or five-year repayment terms, Marcus offers loans as large as $40,000 for periods as long as six years. This makes it a good choice for people who need a larger loan and more time to pay it off.
Simple debt consolidation: If you go to Marcus for a debt consolidation loan, you can disburse funds directly to your existing creditors and Marcus will send the amounts you specify. So if you have three credit cards with combined balances of $10,000, you could get a $10,000 loan from Marcus and have it send a check to each of them. Not only is this more convenient than paying three separate creditors, but it helps you pay off your debts once and for all.
Flexibility: Loans are available from $3,500 to $40,000. One nice perk is that you can customize your loan to target a certain monthly payment that you know you can afford and a repayment date by which you'd like to have the loan paid off in full.
Get a quote without hurting your credit score: This advantage isn't unique to Marcus, but it's one worth highlighting. Marcus can give you a quote for a loan by doing a soft credit check, which won't hurt your credit score. Only upon accepting a loan will it do a "hard pull" to verify your information, so you can shop around for a loan with no impact on your credit score.
The upper-end interest rate: At 19.99%, it is definitely in your best interest to apply when your credit score is high enough to snag you the lowest rate.
No joint applications accepted: If you are hoping to build credit with a spouse or partner, this is not the place to do it. Marcus does not accept joint applications.
The interest rate is tied, in part, to the loan term: The longer the repayment period, the higher the interest rate. You benefit most by taking out the shortest term you can afford to repay.
You can apply for a Marcus by Goldman Sachs® personal loan online or by phone. Initially, a soft credit check is conducted, meaning that your credit score won't take a hit when you get a quote.
Later, you may be asked to supply financial documents, such as recent pay stubs, bank statements (or W-2s), your full Social Security number, Individual Tax ID Number, or a photo ID issued by a U.S. state or territory. You will also need to choose the amount you want to borrow and your ideal monthly payment. It's only when you decide to proceed with the loan that a hard credit check is conducted. Finally, you will sign a loan agreement and funds are disbursed (generally within five days).
Not every lender is perfect for every borrower. Factors like your income, FICO® Score, and even the length of your loan term may sway you toward one lender over another. Do yourself the favor of comparing personal loans from some of our lending partners. For example:
A Marcus by Goldman Sachs® personal loan may be a good fit for you if the following statements apply to your personal situation:
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.
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