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 APR||6.99% - 24.99%|
|Time to funding||1 - 4 business days|
|Repayments||Monthly 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||
|Best for||Borrowers with good or excellent credit, 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
How to apply for a Marcus loan
You can fill out an application on 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
- Learn how personal loans work
- 4 steps to pre-qualify for a personal loan
- Read more personal loan reviews
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.
— Among the very best for consumer-friendly features
— Excellent; offers most consumer-friendly features
— Very good; offers many consumer-friendly features
— Good; may not offer something important to you
— Fair; missing important consumer-friendly features
— Poor; proceed with great caution