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Marcus by Goldman Sachs Personal Loans 2022 Review
Raija Haughn is an associate writer for Bankrate.com specializing in personal and home equity loans. She is passionate about helping people make financial decisions that will benefit them long term. Updated on Jan. 1, 2022 Advertiser Disclosure Advertising Disclosure
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Marcus by Goldman Sachs in the details
Loan Amount $3,500 – $40,000 APR from 6.99% – 24.99% (with autopay) Term lengths 36 to 72 months Funds available in As few as three days Marcus is best for borrowers looking for online lenders
For borrowers looking for an online loan, Marcus by Goldman Sachs could be a great fit. The application and approval process can take as little as 5 minutes and borrowers will receive their funds in as few as 3 days. Marcus does not charge any fees for its personal loans and offers a reward for on-time payments. If you pay your loan on time every month for 12 consecutive months, you can skip a month of payment without accruing interest. Bankrate rates Marcus by Goldman Sachs an overall 4.8 out of 5, assessing availability, affordability and customer experience. Marcus received perfect scores for both affordability and customer experience. With a reasonably low minimum APR of 6.99, $0 in fees, and a 0.25 percent APR discount for enrolling in autopay, this lender provides an affordable and easy option for borrowers looking for an online loan. Lending terms
Marcus personal loans can range from $3,500 to $40,000 with a fixed annual percentage rate between 6.99 percent and 24.99 percent (borrowers who use auto-pay get a 0.25 percent discount). The quote you receive is based on multiple factors, including credit history, the amount you’re asking for and the length of time you’re looking to pay it off. The screening process for a Marcus personal loan is almost entirely virtual. This means that there are fewer loan underwriting costs. As a result, Marcus by Goldman Sachs may offer better interest rates and quicker turnaround times than brick-and-mortar lenders. Once you’re approved for a loan, it takes as few as three days to receive the funds in your bank account. If you make 12 payments on time, equaling a full year of repayments, Marcus rewards you by offering an “on-time-payment reward.” This means that you can defer one loan payment, thereby skipping one month of payments. Your skipped payment will be added to the end of your loan, during which time interest will continue to accrue. Once you’ve paid an additional 12 times in a row, you’ll qualify for another deferment month. Fees and penalties
Unlike some of the other online personal loan companies, Marcus by Goldman Sachs does not charge any origination fees to process your loan. There are also no late fees, but you’ll continue to accumulate interest on the past-due amount, and your total payment amount will increase as a result. Late payments, missed payments, partial payments and loan defaults will show on your credit report. However, you won’t be penalized for paying your loan off early. How to apply for a loan with Marcus by Goldman Sachs
To apply for a Marcus personal loan, you'll have to enter some basic information on the Marcus website, including the loan amount, the loan purpose and your yearly individual income. Marcus then will conduct a "soft" credit check, which won't impact your credit rating. Upon approval, you will be able to review your options, including the possible fixed monthly payments and what the APR might be. Before finalization, Marcus will do a "hard" credit check (which will impact your credit score). The minimum requirements to apply for a loan are as follows: Proof of employment, loan purpose, income and creditworthiness Applicant over the age of 18 (19 in Alabama and 21 in Mississippi and Puerto Rico) Valid U.S. bank account and Social Security number or Individual Taxpayer Identification Number Get Prequalified for a Personal Loan
Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it How Bankrate rates Marcus by Goldman Sachs
Overall Score 4.8 Availability 4.5 Same-day approval and funding within a few days Affordability 5.0 No fees and low minimum APR Customer Experience 5.0 7-day customer service, highly rated mobile apps and online access Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information. On This Page
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