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

Don’t like variable interest rates or hidden fees? Marcus by Goldman Sachs has neither.
Last updated Jan 3, 2020 | By Larissa Runkle
Marcus Personal Loans

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No fees, ever? We like the sound of that. The Marcus Personal Loan by Goldman Sachs offers a straightforward approach to online lending, with simple loan terms and no hidden fees.

Although the name “Marcus” might not sound familiar, it’s operating bank, Goldman Sachs, will certainly ring a bell. Launched in 2016 as the retail banking brand of Goldman Sachs (think personal lending and high-yield savings accounts), Marcus offers a range of banking products — including its no-fee, fixed-rate personal loans, which we’ll review here.

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An overview of Marcus by Goldman Sachs

Although 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 10,000 unhappy borrowers. That’s why personal loans from Marcus 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 customize their repayment plan by choosing their own payment dates.

Which loan products does Marcus by Goldman Sachs offer?

Marcus by Goldman Sachs 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 consolidate your credit card debt, you can do that by borrowing 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 good credit score — around 660 or higher.

In addition to personal loans, Marcus by Goldman Sachs also offers high-yield savings and CD accounts.

Personal loans at Marcus by Goldman Sachs

Marcus offers three to six year fixed-rate personal loans 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 on to 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.

Since personal loans can be used for so many purposes, this type of debt could be a flexible option for any borrower who qualifies. In addition to a good credit score, 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 or Tax ID number. It’s also important to note that during the application process the company conducts a credit check that may result in a hard inquiry.

Loan amount $3,500 to $40,000
Loan term 36 to 72 months
APR 6.99% to 23.99% (as of December 23, 2019)
Credit needed 660+

Is Marcus by Goldman Sachs a good loan?

Marcus by Goldman Sachs has generally 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 seem 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 8am-10pm ET, and over the weekend from 9am-7pm ET.

FAQs about Marcus by Goldman Sachs

Can you pay off a Marcus loan early?

Marcus has no prepayment fees, meaning you can pay off your loan early without being penalized. Paying off a loan early also lowers the total interest you pay.

How long does a Marcus loan take?

You can apply for a Marcus personal loan in just minutes online. Once approved, you can sign your documents digitally and connect your bank account, after which it should take between 1-4 business days for funds to appear in your account.

What credit score do you need for a Marcus loan?

In order to qualify for a Marcus personal loan, you’ll typically need a credit score of 660 or higher. Marcus by Goldman Sachs will also consider other factors, such as your annual income and monthly housing payment, when reviewing your application.

Is Marcus good for personal loans?

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. With its low fees and competitive APRs, many borrowers can access a low-stress loan with Marcus by Goldman Sachs.

Not sure Marcus is right for you? Check out this list of other high-ranking personal loans.

Disclaimer: All rates and fees are accurate as of December 23, 2019.