Marcus by Goldman Sachs Personal Loans: 2021 Review

Marcus personal loans stand out with consumer-friendly features like mobile app capabilities, a deferral option and direct payment to creditors.

Jackie VelingNovember 25, 2020
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

Our Take

5.0

NerdWallet rating 

The bottom line: With low rates, zero fees and a wide range of repayment terms, Marcus offers one of the best personal loans for borrowers with good or excellent credit.

Marcus by Goldman Sachs

on Goldman Sachs's website

on Goldman Sachs's website

Min. Credit Score

660

Est. APR

6.99 - 19.99%

Loan Amount

$3,500 - $40,000

Pros & Cons

Pros

  • No fees.

  • Competitive rates among online lenders.

  • Wide variety of repayment term options.

  • Rate discount for autopay.

  • Offers direct payment to creditors for debt consolidation loans.

Cons

  • No co-signed, joint or secured loan options.

  • Funding could take up to four business days.

Compare to Other Lenders

Marcus by Goldman Sachs
Lightstream
Payoff
NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Est. APR

6.99 - 19.99%

Est. APR

4.49 - 20.49%

Est. APR

5.99 - 24.99%

Loan Term

3 to 6 years

Loan Term

2 to 7 years

Loan Term

2 to 5 years

Loan Amount

$3,500 - $40,000

Loan Amount

$5,000 - $100,000

Loan Amount

$5,000 - $40,000

Min. Credit Score

660

Min. Credit Score

660

Min. Credit Score

640

Compare estimated rates from multiple lenders

Compare Rates

Get more smart money moves — straight to your inbox

Become a NerdWallet member, and we’ll send you tailored articles we think you’ll love.

Full Review

To review Marcus’ personal loans, NerdWallet collected more than 40 data points from the lender, interviewed company executives 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 the online-only consumer banking and lending arm of investment bank Goldman Sachs. The company offers unsecured personal loans with competitive rates and zero fees.

Marcus loans are aimed at borrowers with good and excellent credit. Some of its personal loan features, like flexible loan terms, were added specifically because of customer feedback. Marcus reports payments to all three credit bureaus.

Marcus is also one of the few lenders to offer its own mobile app. In the app, you can view your remaining principal balance, manage your payments and enroll in autopay.

Marcus is best for borrowers who:

  • Have good or excellent credit (680 or higher FICO score).

  • Want highly customizable terms.

  • Want to consolidate debt.

Marcus at a glance

Credit building

  • Soft credit check to pre-qualify.

  • Reports payments to three credit bureaus.

Affordability

  • APRs are consistent among lenders targeting similar borrowers.

  • No fees.

  • Rate discount for autopayments.

Loan flexibility

  • Offers only unsecured loans.

  • Funds loans within one week.

  • Offers direct payment to creditors for debt consolidation loans.

  • Available in all 50 states, Washington, D.C., and Puerto Rico.

Transparency

  • Discloses rates, fees and terms on website.

  • Offers FAQ that answers key borrower questions.

Customer experience

  • Offers limited customer contact channels.

  • Offers mobile app to manage loan.

  • Provides financial education.

Where Marcus stands out

No fees: Marcus doesn't charge fees on its personal loans, including origination, prepayment or even late fees. However, if you miss a payment, you must still pay the interest that accumulates during this period, and late or partial payments may be reflected on your credit report.

Direct payment to creditors: The lender will pay your creditors directly if you get a loan for debt consolidation. This direct pay feature is free and can apply to credit cards and retail cards (for a maximum of 10 cards total) and other personal loans.

Wide variety of loan terms: Marcus offers highly customizable repayment terms. Though terms range from three to six years, there are nine options: 36, 39, 42, 45, 48, 54, 60, 66 or 72 months. Your term is determined by the amount you wish to borrow and your desired monthly payment.

Payment deferral option: After making 12 consecutive monthly payments, you can defer one payment as long as you've made all your prior payments in full and on time. Deferring a payment extends the loan term by one month. You won't be required to pay interest while your payment is being deferred.

Where Marcus falls short

Funding time: While many lenders promise to fund a loan the same or next day, Marcus personal loans can take up to four days to be funded after an applicant is approved.

No co-signed, joint or secured loan options: Marcus offers only unsecured personal loans, meaning there’s no option to add a co-borrower or secure the loan with collateral in order to get a more competitive rate or be approved for a larger amount.

Limited customer service channels: Marcus offers only a phone number for customers to contact it. Unlike other lenders, there's no chat tool or social media account dedicated solely to customer service. However, loan specialists are available seven days a week with extended business hours.

How to qualify for a Marcus loan

Marcus doesn’t disclose many borrower requirements, but here are a few must-haves to qualify:

  • Minimum credit score: 680.

  • Must be 18 or over, 19 in Alabama and 21 in Mississippi and Puerto Rico.

  • Must have a valid U.S. bank account and Social Security or Individual Tax ID number.

  • May need to provide proof of income, including recent pay stubs or bank statements.

Loan example: A four-year, $13,000 loan with a 13.9% APR would cost $355 in monthly payments. You’d pay $4,040 in total interest on that loan.

Pre-qualify on NerdWallet

NerdWallet recommends comparing loans to find the best rate for you. Click the button below to pre-qualify on NerdWallet. You may receive personalized rates from multiple lenders that partner with us, including Marcus. Pre-qualifying won't impact your credit.

Apply on Marcus

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, and your loan offer is based on the information you provided. You can browse other loan options with different monthly payments or total loan amounts before accepting an offer and submitting a more detailed application.

Personal Loans Rating Methodology

NerdWallet's ratings for personal loans award points to lenders that offer consumer-friendly features, including: soft credit checks, no fees, transparency of loan rates and terms, flexible payment options, accessible customer service, reporting of payments to credit bureaus, and financial education. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. This methodology applies only to 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.