Marcus by Goldman Sachs Personal Loans Review 2023

Most Marcus borrowers use their loan funds to consolidate debt or for home improvement, says Elisabeth Kozack, former vice president of product strategy and customer experience at Marcus. But you can also use the money for a handful of other options, including:

Note: Marcus is not accepting loan applications unless you receive an invitation, which will contain a code. Marcus by Goldman Sachs will customize loan offers after you supply them with some of your personal information on its online application. Once you pick one that fits your budget and time frame, it will ask you to provide some info to verify your identity and to finalize your loan application. Marcus by Goldman Sachs doesn’t disclose information on disbursement.

Marcus offers fixed-rate personal loans from $3,500 to $40,000. Borrowers can choose a repayment term of 36 to 72 months.

Marcus does not charge any fees, including late fees. “If you pay late, you will incur additional interest, which will result in a larger payment,” says Kozack.

The lender allows borrowers to defer one payment after making 12 or more consecutive on-time payments without any extra interest or fees.

Marcus requires a minimum FICO credit score of 730 to be eligible for a personal loan, and it also evaluates borrowers’ income and employment. “Several factors go into assessing whether someone is eligible to receive a Marcus loan,” says Kozack, “including but not limited to the information on their credit report.”

If you provide basic information, Marcus can conduct a soft credit check and show you what loans you might qualify for. Co-signers are not accepted.

You must also be 18 years or older (19 in Alabama) with a bank account and Social Security number.

Marcus requires a minimum FICO credit score of 730.

Goldman Sachs has branch locations in Georgia, Massachusetts, Colorado, Vermont, Illinois, Texas, Utah, New Jersey, California, Virginia, Florida, New York, Connecticut, Michigan, Pennsylvania, Washington, Delaware, and Washington D.C.

The Goldman Sachs Group, Marcus’s parent company, has a B+ rating with the Better Business Bureau, but it isn’t BBB-accredited. In 2021, the Consumer Financial Protection Bureau received 32 personal-loan-related complaints about Goldman Sachs Bank, which originates Marcus personal loans. The bank provided a timely response for all complaints.

In U.S. News’ ratings of personal loan lenders, Marcus by Goldman Sachs received 4.3 out of 5 stars overall, 4.7 for affordability, 3.7 for eligibility and 4.8 for customer service. The median overall rating for personal loan lenders by U.S. News is 4.0.

Representatives are available to speak about Marcus at 844-627-2872 Monday through Friday from 8 a.m. to 10 p.m. Eastern Time and Saturday through Sunday 9 a.m. to 7 p.m. ET.

Borrowers can complete the entire loan process online, from application, documentation and closing to account management. If you don’t have access to a computer, you can request a paper application by phone. There is also a Marcus app where you can track your loan’s progress and make payments.