The company also has the advantage of being available in 49 states (with the exception of Maryland), as well as being backed by a banking powerhouse with over a century of experience in the field.
One of the biggest selling points for a Marcus personal loan is that it is completely fee-free, and it comes with some unusual perks. These include the ability to change your due date a few times, rewards for consistently on-time payments, and a particularly forgiving approach to repayment. Marcus loans are fixed rate exclusively, and they’re more suited to users who have stronger credit and overall healthy finances. With a quick disbursement time, a fast application process, and great customer service courtesy of Goldman Sachs, Marcus personal loans are a great way to finance a variety of events that may surprise you in life.
Marcus Pros and Cons
- No signup, prepayment, or even late fees on loans
- Flexible payments let you stay ahead, even with surprises
- Get rewarded for consistent consecutive payments
- Customer support and loan servicing by Goldman Sachs
- Loan amounts are lower than some competitors
- Generally aimed at users with higher credit scores
Why Get a Personal Loan from Marcus?
Perhaps the most obvious benefit of taking a personal loan from Marcus is the backing of Goldman Sachs. The bank has over a century of experience in the field, and unlike some lenders who have murkier backgrounds, it must be fully compliant with banking and lending regulations, adding protection for consumers. Moreover, it means that your loans are serviced directly in-house, which makes customer support much easier.
Additionally, Marcus loans come with excellent perks that benefit you over the lifetime of your repayments and can help make your life easier. For one, the company offers you the ability to change the due date on your payments up to three times during the lifetime of your loan. Additionally, Marcus personal loans reward borrowers who pay consistently for 12 consecutive months. If you meet the requirement, you’re granted one month you can defer a payment on without incurring additional interest. That month gets added to the end of your loan term.
What Does Marcus by Goldman Sachs Offer?
Unlike other Goldman Sachs loans, Marcus offers borrowers smaller amounts than a traditional loan would for a variety of purposes. Even so, all of Marcus’ loans are disbursed and serviced by Goldman Sachs itself, providing a transparent and reliable support for your repayments. Marcus personal loans tend to have smaller amounts than some competitors, but they’re meant for more specific uses than a wide ranging loan.
While the company doesn’t offer loans for education, or student loan refinancing, it does let you take out a personal loan for the following:
Marcus also offers a no-fee environment for your loans, and offers unsecured loans, so you won’t have to worry about putting up collateral to get your funds. Additionally, the company can disburse funds in as quickly as two days once you’re approved.
What Are Marcus’ Eligibility Requirements?
Overall, a Goldman Sachs personal loan comes with a slightly higher threshold for approval than other companies. However, this means that borrowers who are approved have access to more competitive rates and loan terms. Marcus usually offers loans to borrowers who have a minimum credit score of 660, as well as a debt-to-income ratio below 40%. Additionally, you’ll need to meet the following requirements:
- Be older than 18 years
- Proof of income such as pay stubs, bank statements, or W2 documents
- A valid Social Security or Individual Tax ID
- A valid ID issued by a US state or territory.
How to Apply for a Marcus Personal Loan?
It’s easy to apply for a Marcus Goldman Sachs personal loan, and it only takes a few minutes. To get started, you’ll be asked to provide basic contact and financial information, as well as your desired loan amount and monthly payment. You’ll also have to choose the purpose of the loan before seeing the available options for you.
Once you’ve selected the loan you like, your information will go through a final check, and you may be asked to provide some verifying documents such as proof of income and tax identification. Once you’re approved, you’ll see your loan within a few days.