Marcus by Goldman Sachs Personal Loan Review

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Important points:

  • Marcus from Goldman Sachs is a loan option for borrowers with fair credit or better.
  • You need at least a 660 Creditworthiness and a $ 40,000 Qualify annual income.
  • Marcus does not charge any fees.

on Marcus’ secure website

Prices (APR) 5.99%28.99%
Credit terms 3 – 6 years
Loan amounts $ 3,500$ 40,000
fees Issuing fee: None

Early repayment penalty: None

Late fee: None

Goldman Sachs is a well-known financial company that has been in business for approximately 150 years. When a lot of people hear the name, they think of investment banking and Wall Street.

In recent years, however, Goldman Sachs has introduced more consumer-friendly banking products. Now the company is leveraging its clout to provide personal loans named after one of its founders, Marcus Goldman.

This Marcus by Goldman Sachs personal credit rating covers everything you need to know to decide if this lender is right for you.

In this review:

Marcus von Goldman Sachs: At a glance

Marcus personal loan
Loan amounts $ 3,500$ 40,000
Terms 36 – 72 months
Effective interest rate 6.99% – 19.99%
Origination fee $ 0
Late Pay Fee $ 0
Prepayment fee $ 0
Minimum creditworthiness 660
Minimum annual income $ 40,000

Advantages and Disadvantages of Marcus Loans

  • Low interest rate: With Marcus you can get a loan from just one interest rate 6.99% Effective interest rate. That is a competitive personal loan rate. If you are looking to consolidate debt, this installment can save you a lot of money.
  • Gentle credit pull: Your credit’s initial drag is low, so you can compare loans. However, a hard query later is used to finalize your loan terms.
  • Credit flexibility: You can choose a monthly payment amount on the website when you apply. As long as you qualify for the loan, Marcus will attempt to tailor your loan options to suit your needs, with loan terms of up to 72 months.
  • No fees: Marcus by Goldman Sachs loans are truly royalty-free loans. No need to worry about deployment, prepayment, or late payment.
  • Skip a payment: One of the great things about Marcus by Goldman Sachs is that after 12 months of on-time payments, you can skip a payment without incurring additional interest. Instead, simply make the payment at the end of your loan term.
  • Customer service: Marcus provides customer support seven days a week so you can talk to a human on the phone if necessary.
  • Finance dashboard: The Marcus dashboard is easy to manage and if you have a savings account with Marcus you can see all of your financial accounts with the company in one place. If you already have an account, this can help you better manage your options and keep track of your money.

  • Not for bad borrowers: According to the company, more than 80% of Marcus borrowers have a credit score of at least 660, and this is generally the minimum score the lender looks for when approving loans. Based on our own assessment, we have found Marcus to be best Personal loans with fair credit. Borrowers with both bad and good credit can find better options elsewhere.
  • Minimum income: Marcus demands an annual salary of $ 40,000 to qualify. If you don’t meet this requirement, you should look for another lender.
  • Loan Amounts: Another problem to be considered is the fact that the minimum loan amount on loan $ 3,500. If you don’t have to borrow that much, you should look for a lender with a lower minimum loan amount, such as: upstart. If you want a higher maximum loan amount, you should also consider a lender LightStream or SoFi.

>> Read more: Personal loans for bad borrowers

Applying for a Marcus personal loan

Getting a loan from Marcus by Goldman Sachs is pretty easy. You start out by sharing basic information, including:

  • Surname
  • address
  • Social security number
  • birthday
  • Annual income with evidence such as tax returns or bank statements
  • Monthly housing expenses.
  • How much you want to borrow and your desired monthly payment.

During this process, Marcus will ask what you use the personal loan for before offering various loan options.

Note, however, that your final loan offer will depend on your credit report, as well as your income and other factors that Marcus can only assess if you proceed with a complete application.

Where can I find Marcus personal loan alternatives

Marcus is an excellent option if you have at least fair credit. If you qualify for the lowest tariffs, you can a Personal loan for credit card consolidation and save thousands. The sign up process is simple and the fixed rate and lack of fees make these loans predictable.

Before making your choice, however, research your options and compare offers from different lenders to ensure you are getting the best deal for your needs. Our guides for the best personal loans and best fair credit loan are excellent resources for comparing your options.

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