Established in 2016, Marcus by Goldman Sachs is an online lending platform created by Goldman Sachs. It is named after Marcus Goldman, one of the firm's founders. Goldman Sachs, established in 1869, is a multinational company specializing in investing, trading, and other financial services.
Marcus was created using feedback from consumers and seeks to provide a simple and transparent borrowing experience. It offers personal, unsecured loans and high-yield savings accounts (1.7% annual percentage yield), and high-yield certificates of deposit (CDs). It aims to be a financial resource for people looking to consolidate debt. Since its inception in October 2016, Marcus has lent $1 billion in loans.
Basic eligibility requirements for Marcus personal loans:
Unsecured Personal Loans from Marcus by Goldman Sachs:
Marcus reports to all three major credit bureaus (Equifax, Experian, and TransUnion).
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Marcus by Goldman Sachs doesn't charge any fees.
This includes sign-up fees, origination fees, prepayment fees, and late payment fees.
Early payments received more than 15 days before the due date are counted as extra payments and are first applied to accrued and unpaid interest, then to the outstanding principal. The full payment is still due on the assigned date. Though these early payments are not applied to the monthly amount due, customers who pay extra payments will pay less interest and therefore have a smaller final payment.
In addition, customers who pay late, miss payments, or pay less than their amount due, won't be subject to late fees, but will end up accumulating more interest, resulting in a larger final payment. Although late payments do not accrue fees, they may result in a loan default, which can impact a customer's credit report.
Marcus fixed-rate loans offer a variety of flexible repayment options. Customers who apply online can choose from different loan and monthly payment amounts using an online tool. Customers may choose loan lengths ranging from 36 to 72 months (contingent on applicant qualifications). In addition, customers may choose their monthly payment date and change it up to three times during the life of their loan.
Customers who consistently pay on time over the course of 12 months earn the opportunity to defer one payment without accruing additional interest.
Opening a savings account with Marcus by Goldman Sachs is not a requirement for the personal loans process, however it is an additional services that could help you work towards your goal of getting out of debt, or increasing the money in your bank account.
The annual percentage yield (APY) for a typical savings account is around 0.06% — Marcus by Goldman Sachs claims to provide APR rates that are nearly 4x the national average, at an APR of 1.70%. With a savings account working to get you 4x as much money compared to a traditional savings account it is worth the consideration.
Opening an online savings account with the Goldman Sachs Bank includes some great features in addition to the high APR, including —
Marcus does not use an interactive voice response; instead, all calls are answered by an actual loan specialist in the United States. The average wait time is four seconds. Representatives are available Monday to Saturday, 7:00 a.m. to 9:00 p.m. Eastern Time.
In addition, its website also contains a helpful FAQs page outlining many concerns of potential customers. Articles about financial well-being, debt, credit scores, borrowing money are offered on the Insights page.
? Goldman Sachs is as legitimate and trustworthy as they come. A well-respected and long-standing with more than 100 years of experience. All are issued by , Salt Lake City Branch, rather than a peer-to-peer lending club model, meaning customers do not need to wait for lenders to fulfill their requests. They may also take comfort in the financial security of this large company.
Marcus's loan rate APR range is typical for the industry, however some other personal loan companies offer slightly lower minimum and maximum APRs. If you really do have excellent credit, consider applying with a lender that offers really low rates. Among our top-rated personal lenders that may have lower rates are SoFi and Best Egg.
The maximum loan amount is $40,000. Some competitors offer much higher maximum loan amounts. Additionally, Marcus also only allows the customer to take out one loan at a time. Whether you are looking for a debt consolidation loan, but you have more credit card debt than $40,000, this won't be a good choice for you.
When you look at the Marcus Personal Loan calculator to estimate monthly payments, etc, the spot where you select a credit score only goes down to 660 FICO score, at the lowest. So, if you have less than "good" credit history, you probably should look to a different online lender. While Marcus is good for people with excellent credit to consolidate debt, it might not be even possible for other borrowers to get a loan.
If you are wanting to apply with a spouse or partner for better rates, you can't apply with a cosigner. Marcus does not accept joint applications.
Marcus by Goldman Sachs lending products are not available to people that live in Maryland.
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