Marcus Personal Loan Review [2024]: No-Fee Borrowing (Seriously)

Editors Note: Marcus is no longer offering new personal loans as of January 2023. 

No fees? We like the sound of that. The Marcus Personal Loan by Goldman Sachs ¹ <p class="">Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. Rates range from 6.99% to 24.99% APR, and loan terms range from 36 to 72 months. For NY residents, rates range from 6.99%-24.74%. Only the most creditworthy applicants qualify for the lowest rates and longest loan terms. Rates will generally be higher for longer-term loans. 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. Receive a 0.25% APR reduction when you enroll in AutoPay. This reduction will not be applied if AutoPay is not in effect. When enrolled, a larger portion of your monthly payment will be applied to your principal loan amount and less interest will accrue on your loan, which may result in a smaller final payment. See loan agreement for details.</p> offers a straightforward approach to online lending, with simple loan terms and no hidden fees.

Although the name “Marcus” might not sound familiar, its operating bank, Goldman Sachs, will certainly ring a bell. Launched in 2016 as the retail banking brand of Goldman Sachs, Marcus offers a range of banking products, from its Marcus online savings accounts to its no-fee, fixed-rate personal loans, which we’ll review here.

An overview of Marcus by Goldman Sachs

Although the lender Marcus by Goldman Sachs has only been around since 2016, the brand is fully owned and operated by Goldman Sachs Bank USA, which celebrated its 150th year in 2019. While Marcus by Goldman Sachs offers a range of retail banking products, the brand was originally created for the purpose of providing better, more consumer-friendly personal loans.

Within a year of its launch, Marcus reached the $2 billion lending mark, and it’s no wonder why. Its loan products are the result of extensive research and feedback from roughly 100,000 consumers. That’s why when you get a loan from Marcus they offer things like fixed rates, no hidden fees, and a dedicated team of U.S.-based borrowing specialists. Marcus borrowers also enjoy the flexibility of being able to apply online and have payments sent directly to creditors for debt consolidation, which is known as Direct Payment.

Which loan products does Marcus by Goldman Sachs offer?

In terms of loan options, Marcus by Goldman Sachs exclusively offers fixed-rate personal loans. Though this type of debt goes by many names, such as online loans, debt consolidation, unsecured loans, or home improvement loans, a personal loan from Marcus can be used to achieve any of these financial goals. Whether you need some extra cash for a home renovation project or a credit card debt consolidation loan, you can do that by taking out an unsecured personal loan from Marcus.  

All loans from Marcus are unsecured, meaning you won’t be required to provide any collateral. Unlike home equity loans or other forms of collateralized borrowing, this erases the risk that you lose something (like your house or car) if you default on the loan. For that reason, unsecured loans generally require better credit scores, and to qualify for a Marcus loan you’ll need a minimum credit score of around 720 or higher.

In addition to personal loans, Marcus by Goldman Sachs also offers other financial products like high-yield savings accounts. Learn more in this Marcus Online Savings Account review.

Personal loans at Marcus by Goldman Sachs

Marcus offers fixed-rate personal loans with repayment terms of 3 to 6 years in amounts that range from $3,500 to $40,000. In addition to being able to apply online, these loans are also fee-free.

That means no sign-up fees, no prepayment fees, and no late payment fees. If you miss a payment or can only make a partial payment, the company simply tacks it onto your final bill. That doesn’t mean that missing payments doesn’t have consequences, since it can affect your lending agreement, hurt your credit report, and accrue additional interest. But the fee-free borrowing? That’s for real.

Paying on time can also earn you an on-time payment reward. After making 12 consecutive on-time payments, you can choose to defer one payment without penalty. Marcus also offers a discount of 0.25% if you put your loan on autopay, which means loan payments are deducted automatically from your bank account.

In addition to a good credit history, to meet eligibility requirements, you’ll also need to be at least 18 years old (or 19 in Alabama and 21 in Mississippi and Puerto Rico), provide proof of income, and have a valid U.S. bank account and Social Security number or Tax ID number to include on your loan application. It’s also important to note that during the application process the company conducts a credit check that may result in a hard credit pull.

Marcus doesn't allow joint applications, only individual ones. This means you can't apply with a co-signer.

Loan amount	$3,500 to $40,000
Loan term	36 to 72 months
APR	6.99%-24.99% (as of May 31, 2023)
Credit needed	720+ FICO

Is Marcus by Goldman Sachs a good loan?

Marcus by Goldman Sachs generally has positive reviews online and has an A+ rating from the Better Business Bureau.

Although Marcus customers seem happy with the fast and easy application process and competitive interest rates, some complain of being unhappy with customer service. Of these complaints, the most common seems to center around problems with automatic payments that don’t go through properly and being unable to easily rectify these issues with customer service reps.

If you have questions or concerns about personal loans from Marcus by Goldman Sachs, you can reach customer service at 844-627-2871 Monday-Friday from 8 a.m.-10 p.m. ET, and over the weekend from 9 a.m.-7 p.m. ET.

FAQs about Marcus by Goldman Sachs

Is Marcus good for personal loans?

With its low fees, no prepayment penalty, and competitive loan rates, Marcus personal loans by Goldman Sachs could be a great choice for creditworthy borrowers looking to consolidate debt, complete a home improvement project, or borrow a large sum for another reason. 

Not sure Marcus is right for you? Check out our guide for how to get a loan, as well as some of the best personal loans available.