Marcus by Goldman Sachs

• No Account Fees
• Fixed Rates
• Flexible Repayment Terms
• On-Time Payment Reward
• Customer Support
• Company Reliability
• Marcus Mobile App

No Account Fees

Marcus by Goldman Sachs doesn't charge any fees — no sign-up fee, origination fee, prepayment fee, or late payment fee. 

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.

Fixed Rates

Marcus by Goldman Sachs only offers fixed rates, offering borrowers with stability throughout the life of their loan since their monthly payment will never change. 

Marcus' rates are higher than you might see with other personal loan lenders - 6.99 percent to 19.99 percent APR — but this is common for fixed rates.

Flexible Repayment Terms

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. 

On-Time Payment Reward

Customers who consistently pay on time over the course of 12 consecutive months can skip one month of payment. You must request this payment deferral at least 16 days before payment is due. During the deferral period, interest won't accrue and your loan will be extended for one month.

Customer Support

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. 

Company Reliability

Is Marcus by Goldman Sachs legit? Goldman Sachs is as legitimate and trustworthy as they come. A well-respected and long-standing financial institution with more than 100 years of experience. All personal loans are issued by Goldman Sachs Bank USA, 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 loan requests. They may also take comfort in the financial security of this large company.

Marcus Mobile App

Marcus by Goldman Sachs makes banking easier with its mobile app. On the app you can quickly and easily access your bank account and personal loan information. 

The app is available for both iOS and Android devices.

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• Potentially High Rates
• Low Maximum Loan Amount
• High Credit Score Requirement
• No Cosigner Option
• Not Available in Maryland

Potentially High Rates

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. 

Low Maximum Loan Amount

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. 

High Credit Score Requirement

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. 

No Cosigner Option

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.

Not Available in Maryland

Marcus by Goldman Sachs lending products are not available to people that live in Maryland.