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Marcus by Goldman Sachs Personal Loans: 2018 Review

April 2, 2018
Loans, Personal Loans, Personal Loans Reviews
At NerdWallet, we adhere to strict standards of editorial integrity to help you make decisions with confidence. Some of the products we feature are from our partners. Here’s how we make money.
We adhere to strict standards of editorial integrity. Some of the products we feature are from our partners. Here’s how we make money.

5 stars out of 5

NerdWallet rating: 5.0 / 5.0
Good for: Good credit, debt consolidation

Marcus is an online lender owned by Goldman Sachs that makes debt consolidation loans to those with good credit scores.

Marcus may be a good fit for you if:

  • You have a good credit score. More than 80% of borrowers had credit scores greater than 660 as of December 2017, according to Goldman Sachs’ latest annual report.
  • You’re not new to credit. Marcus did not provide a minimum requirement but said its borrowers have an established credit history.
  • You want flexible loan terms. Marcus loans span 36 to 72 months, but the lender offers loan terms between those limits.

Marcus loans terms and rates

Loan amounts$3,500 - $40,000
Typical APR6.99% - 24.99%
Origination feenone
Time to funding1 - 4 business days
RepaymentsMonthly over 36 to 72 months. After 12 consecutive monthly payments, borrower can choose to skip a payment with no repercussions
Soft credit check?Yes
How to qualify
  • At least 18 years old (19 in AL and NE, 21 in MS and Puerto Rico)
  • Valid U.S. bank account, Social Security number or tax ID
  • 660+ credit score
Best forBorrowers with good or excellent credit, debt consolidation
Click "Check Rates" to apply on Marcus by Goldman Sachs.

» MORE: Best loans for debt consolidation

Marcus personal loan review

To review Marcus, NerdWallet collected more than 30 data points from the lender, interviewed company executives, completed the online loan application process with sample data and compared the lender with others that seek the same customer or offer a similar personal loan product. Loan terms and fees may vary by state.

Marcus is investment bank Goldman Sachs’ foray into consumer banking and lending. Loans are commonly used to consolidate debt, but you can borrow money for any purpose.

Marcus has some features that help it stand out among other online lenders NerdWallet has reviewed:

  • No fees: The lender says it doesn’t charge any fees, not even origination fees or late fees for missed payments.
  • Loan flexibility: Marcus lets potential borrowers choose a monthly payment amount and loan term on its website. Once you pick the numbers that suit your budget, the lender tries to design a loan that matches your preferences, provided you qualify for a loan.
  • Skip a payment: After 12 months of making on-time payments, a borrower can skip one loan payment. The loan term is simply extended by one month without additional interest charges.

Loan example: For a borrower with good credit, a $20,000 personal loan with a repayment term of 48 months at 18% APR would carry a monthly payment of $587, according to NerdWallet’s personal loan calculator.

How Marcus compares


APR

6.99% - 24.99%





Min credit score

660





Best for

Flexible loan terms



APR

5.49% - 18.24%





Min credit credit score

660





Best for

Borrowers with little credit history



APR

4.99% - 29.99%





Min credit score

640





Best for

Good personal credit



Compare rates on NerdWallet. Click to see estimated rates from multiple lenders.

How to apply for a Marcus loan

You can fill out an application on the Marcus website and choose the loan term and monthly payment amount that you prefer. Marcus conducts a soft credit check with credit bureau TransUnion to see if you qualify for a loan. Marcus personal loans are not available in Maryland.

NerdWallet recommends comparing loans to find the best rate for you. Click the button below to see estimated rates from multiple lenders on NerdWallet.

 

Before you shop for a personal loan:

Updated April 2, 2018.


PERSONAL LOANS RATINGS METHODOLOGY

NerdWallet’s ratings for personal loans awards points to lenders that offer consumer-friendly features, including: soft credit checks, no origination fees, payment options, short time to funding, interest rate caps of 36%, and absence of prepayment penalties. Features are considered for their positive impact on consumers’ credit history and financial health. We only review lenders that cap interest rates at 36%, the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation of any sort for our reviews. Read our editorial guidelines.

5 stars out of 5 — Among the very best for consumer-friendly features

4.5 stars out of 5 — Excellent; offers most consumer-friendly features

4 stars out of 5 — Very good; offers many consumer-friendly features

3.5 stars out of 5 — Good; may not offer something important to you

3 stars out of 5 — Fair; missing important consumer-friendly features

2.5 stars out of 5 — Poor; proceed with great caution

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