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Marcus by Goldman Sachs Review

Marcus by Goldman Sachs personal loans allow you to customize your monthly payments. You’ll never pay fees, and you can skip a payment once you’ve paid on-time for 12 months. Marcus loans are a great option for someone who wants flexibility without fees.

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3.8
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Min. Credit Score
Min. Credit Score 660+
Loan Amounts
Loan Amount $3.5K-$40K
Est. APR
Loan Repayment Up to 72 months
Lindsay Frankel
Written by:Lindsay Frankel
Personal Finance Expert

Reviewed by: Carrie Pallardy, Freelance Writer and Editor

Marcus by Goldman Sachs offers personal loans for a variety of purposes, including debt consolidation loans and home improvement loans. If you need to consolidate debt, you’ll have the option for Marcus to pay your creditors directly. We’ll go over the details of these options  in our Marcus by Goldman Sachs review. 

Summarized Rating

This parameter considers loan term lengths, loan minimums and maximums, and the extent of loan use limitations. Each of these features was evaluated using the five-point scoring system. Then, the various scores were aggregated and averaged to establish an overall loan features score.

Marcus gets a below average 3.3 for Loan Features. This reflects the lender’s highly flexible term lengths and fairly restrictive loan limits. The absence of any loan use limitations provides a boost to the rating.

Goldman Sachs Pros
No prepayment penalties
No origination fees or late fees
0.25% autopay discount
On-time payment reward
Customizable monthly payment
Direct payment to creditors
Online prequalification option
Seven-day customer support
Goldman Sachs Cons
Up to three days to fund
Higher APR range than some competitors
No co-signed loans or joint applications
No secured options
Minimum $3,500 loan amount
Can’t be used for educational expenses

Types of Personal Loans Offered by Marcus by Goldman Sachs

Marcus by Goldman Sachs personal loans can be used for home improvements, weddingsvacations,and other major purchases. If you’re using the loan for debt consolidation, you even have the option for Marcus to pay your creditors directly. It’s okay to select “Other” as the  reason for your personal loan as well.Note that you can’t use Marcus personal loans to pay for any educational expenses. 

Common Loan Uses

Prohibited Loan Uses

  • Debt consolidation

  • Major purchase

  • Special occasion

  • Vacation

  • Moving and relocation

  • Home improvement

  • Student loans

  • Educational expenses

Marcus by Goldman Sachs Loan Features

While many lenders only offer a handful of loan term options, Marcus by Goldman Sachs lets you customize your monthly payment with nine term options. 

Repayment begins within a month of loan disbursement, but Marcus lets you skip a payment once you’ve paid on time for twelve consecutive months. This gives you some flexibility during times of hardship. 

 

Loan terms

36, 39, 42, 45, 48, 54, 60, 66, or 72 months

Repayment period

Begins within 30 days

Loan amount

$3,500 to $40,000

Loan use limitations 

Can’t be used for educational purposes

Marcus by Goldman Sachs Interest Rates and Fees

No fees are a significant benefit of Marcus by Goldman Sachs personal loans However, you should still make your payments on-time to avoid hurting your credit. 

Several online lenders offer lower starting rates, and many credit unions have a lower maximum APR. Also, note that longer terms come with higher APRs. Still, it’s worth prequalifying to compare Marcus’s rates with other lenders. It won’t hurt your credit to check your rate. 

Borrowing/origination fees

None

Prepayment fees

None

Late payment fees

None

Other fees

None

Interest rates

6.99% to 24.99%

Marcus by Goldman Sachs Qualification Requirements

Borrowers need good credit to qualify for a personal loan from Marcus by Goldman Sachs, which the lender considers to be a FICO score of 660 or above. The lender will also review your income to ensure it is sufficient for loan repayment. One drawback is that co-signed loans and joint applications are prohibited. 

Membership requirement

None

Minimum Credit Score

660

Income requirements

Not disclosed

Co-signer/joint application requirements

No co-signers or joint applications allowed

Marcus by Goldman Sachs Application Process

The first step is to review your options. This requires a soft credit check, which won’t impact your credit score.If you decide to apply for a loan, Marcus will run a hard credit check. This will cause a small decrease in your score temporarily. 

After clicking “Review My Options,” you’ll be asked how much you want to borrow and what you want your monthly payment to be. Use the sliders to choose these amounts, and then fill out the rest of your information.

You’ll need to select a reason for your loan and enter your name, address, date of birth, income information, and monthly housing payment. From there, click “Find My Loan Options.”

Your options for terms will be on the next page. If you’re happy with your estimated rate and monthly payment, continue by providing the requested documentation to verify your identity. You’ll also need to provide your social security number or your individual tax ID number and your bank account information. 

Approval should happen within 24 hours. Then, you can sign and accept online. It can take up to three days for you to receive the funds in your account. If you need the cash in an emergency, keep in mind that some other lenders offer same-day or next-day funding. 

Marcus by Goldman Sachs Customer Support

Marcus by Goldman Sachs offers seven-day, extended customer service hours. You can call 1-844-627-2872 on weekdays from 8 am to 10 pm ET or weekends from 9 am to 7 pm ET. However, Marcus doesn’t offer live chat support for personal loans like some lenders do. 

While most Credit Karma reviews of the loan process are favorable, some customers who needed assistance with their application were unhappy with the response time from Marcus by Goldman Sachs. For example, one customer said, “This company is horrible at getting back to their potential clients. I had to call Marcus back after every step to check in on the status of the entire loan process. Was approved and the lender took so long for the approval process that the loan lapsed and was no longer valid.”

Marcus by Goldman Sachs Online Reviews

Most reviews on Trustpilot are related to Marcus by Goldman Sachs banking products, not its personal loans. Marcus by Goldman Sachs has 3.9 out of 5 stars on Consumer Affairs; more than 500 customers rated the lender. Many of the Consumer Affairs reviews refer to the lender’s banking products as well.    

However, the process seems to take longer for some customers. As one person said, “Website says 1-2 days for application process but that is wrong. I’m on 9 business days now and keep calling with the same response. Check back in a couple days. They hit you with a hard pull instantly so you are stuck.”

We also found it concerning that one customer reported not being able to schedule a large payment on a loan without calling customer service. Managing your loan should be easy, and there shouldn’t be any barriers to prepayment. 

The positive reviews are related to

The negative reviews are related to 

Easy loan application process

Process taking longer than expected

Reasonable rates and no fees

Difficulty reaching customer service

Quick receipt of funds

Denial  after being pre approved

Marcus by Goldman Sachs Perks and Bonuses

Flexibility

Marcus by Goldman Sachs loans are designed with flexibility in mind, allowing you to customize your monthly payments and terms. However, once you’ve accepted a loan offer, you won’t be able to change your term or refinance the loan. Marcus does allow you to change your due date up to three times over the life of your loan as long as your loan is current. You can pay the loan off early without penalty. 

In addition to the autopay discount, Marcus offers an on-time payment reward. If you make your payments on-time for 12 consecutive months, you have the opportunity to pause your loan payments for one month at any time. This can be helpful during a time of hardship, but you won’t need to prove hardship to take advantage of the reward. 

Transparency

Marcus by Goldman Sachs maintains a website that is transparent about fees and interest rates. The application process clearly indicates when a hard credit check will take place. However, one customer reviewer reported being denied an amortization schedule. 

Technology

Marcus by Goldman Sachs offers both an online dashboard and a mobile app you can use to manage your loan and set up automatic payments. 

Marcus by Goldman Sachs Compared to Other Lenders

Compared to other lenders, Marcus by Goldman Sachs offers a wider choice of terms. APRs start higher but are capped lower compared to some of the other lenders we reviewed. If you need a small loan or have bad credit, Marcus may not be able to serve you. 

On the other hand, if you have excellent credit, you might find better rates elsewhere. It’s always a good idea to prequalify with a few lenders to get an idea of where you can apply for the lowest APR. 


Marcus by Goldman Sachs

Upstart

Avant

SoFi

Loan terms

36, 39, 42, 45, 48, 54, 60, 66, or 72 months

36 or 60 months

24 to 60 months

24 to 84 months

Loan amount

$3,500 to $40,000

$1,000 to $50,000

$2,000 to $35,000

$5,000 to $100,000

Interest rates

6.99% to 24.99% APR

5.6% to 35.99%

9.95% to 35.99% APR

7.99% to 23.43%

Min. credit score

660

300 (or no credit history)

580

680

Co-signer requirement

No co-signers

No co-signers

No co-signers

Co-signers allowed

Final Thoughts

Marcus by Goldman Sachs is a great option for borrowers who want to customize their monthly payments. APRs start higher than at some other lenders but are in a range worth comparing. 

While there’s no formal hardship protection program, the on-time payment reward is a nice bonus. 

Marcus by Goldman Sachs is not the right choice for borrowers with fair or poor credit who can’t qualify without a cosigner or borrowers who need a small loan that they plan to repay quickly. For everyone else, Marcus by Goldman Sachs is a lender worth consideration. 


 

About the Author

Lindsay Frankel

Lindsay Frankel

Personal Finance Expert

Personal finance expert with 3 years experience specializing in researching, writing, and editing insurance, loans, and credit cards content.

More about me
Somer G. Anderson

Fact checked by: Somer G. Anderson Ph.D., CPA

Accounting and Finance Professor

Somer G. Anderson has been working in the Accounting and Finance industries for over 20 years as a financial statement auditor, a finance manager in a large healthcare organization, and a Finance and Accounting professor at Maryville University.

More about me
Carrie Pallardy

Reviewed by: Carrie Pallardyy

Freelance Writer and Editor

Carrie Pallardy has six years of experienceas as a dedicated freelance writer and editor. She covers a wide variety of topics, including personal finance, insurance, and cybersecurity. Carrie has written for Investopedia, Policygenius, and more.

More about me