2024 Marcus by Goldman Sachs Personal Loans Review
Updated: December 28, 2023
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Marcus by Goldman Sachs offers personal loans that can be used for debt consolidation, weddings, vacations, home improvement, relocation and more. With this lender, you can take advantage of an autopay discount. You can also avoid origination, late and prepayment fees.
At a Glance: Marcus by Goldman Sachs Personal Loans
MoneyGeek Breakdown - Marcus by Goldman Sachs Personal Loan Details
Is Marcus by Goldman Sachs Right for You?
Before deciding on a lender, it’s essential to consider various factors since every personal loan company offers different personal loan products. Below, MoneyGeek explains which type of individuals would benefit the most from the loans provided by Marcus by Goldman Sachs.
Who Marcus by Goldman Sachs Is Perfect For
Personal loans from Marcus by Goldman Sachs are a good fit for individuals who are looking to avoid the high fees other lenders charge. This lender does not charge origination, late or early payment fees. Other lenders may charge these fees.
If your primary purpose for taking out a loan is debt consolidation, Marcus by Goldman Sachs is a great choice since the lender offers direct disbursement of funds to the creditors.
Who Should Not Choose Marcus by Goldman Sachs
Since Marcus by Goldman Sachs requires borrowers to have a solid credit history, it’s not the best option for individuals with a poor credit score. These individuals are less likely to get approval. The lender also does not allow co-signers or co-applicants, making it difficult for individuals with bad credit to get approval.
Marcus charges a high APR, which is why individuals with excellent credit scores should look elsewhere since they are more likely to find better rates with other lenders.
How to Apply for a Marcus by Goldman Sachs Personal Loan
MoneyGeek outlined the following steps that you can follow when applying for a Marcus by Goldman Sachs personal loan.
Prequalify
You can fill out a prequalification form on the Marcus by Goldman Sachs website to see if you’re eligible for a personal loan. This process won’t affect your credit scores as it involves a soft credit inquiry.
Fill Out Application Form
Once you determine that you’re eligible, you can fill out an application form with your personal information, income and employment details. At this stage, the lender will conduct a hard credit inquiry.
Wait for Approval
After submitting the application, you will wait to get loan approval. It may take less than 24 hours to get approval for the loan.
Review Loan Agreement
Once you get the approval, it’s important to carefully read the lender's loan agreement to understand the various fees and interest rates charged by Marcus by Goldman Sachs.
Sign Loan Agreement
After you’ve read and understood the loan agreement, you can sign it online.
Receive or Direct Funds
Typically, it takes about one to four business days to receive the funds in your account after you sign the loan agreement.
Make Payments
You have to start making monthly loan payments in accordance with your payment due date.
What to Do if You Are Rejected From Marcus by Goldman Sachs
It’s possible that Marcus by Goldman Sachs may reject your loan application. You shouldn’t worry if that happens. The lender can reject your application for various reasons, including a low credit score, high debt-to-income ratio, incomplete application, insufficient income or unstable employment.
Marcus by Goldman Sachs will typically tell you which factors caused the denial of your application. The best way to proceed is to improve those factors and then reapply for the loan. For instance, if Marcus by Goldman Sachs denied your loan due to a low credit score, you can get a credit-building loan or a secured credit card to rebuild your credit history. You can also negotiate the loan terms with the lender, like selecting a different loan term or loan amount.
It may be tempting to reapply for a loan with a different lender. However, MoneyGeek advises against this as you’re less likely to get approval without taking care of the factor that caused the denial in the first place. You may also negatively affect your credit score if you reapply multiple times.
Frequently Asked Questions About Marcus by Goldman Sachs Loans
MoneyGeek answered the following frequently asked questions about Marcus by Goldman Sachs personal loans to help you decide if this lender could be the best fit for your needs.
Marcus by Goldman Sachs generally allows the use of its personal loans for debt consolidation, home improvement, weddings, relocation, vacations and more.
This lender requires borrowers to have at least a 660 credit score for personal loan approval.
The lender will typically let you know the decision about your personal loan application in about 24 hours.
Yes, Marcus by Goldman Sachs offers a mobile app that you can use to manage your loan.
Marcus by Goldman Sachs offers unsecured personal loans.
Marcus by Goldman Sachs lets you borrow up to a maximum of $40,000. This is less than most other lenders.
Marcus by Goldman Sachs does not charge an origination fee for its personal loans.
No, Marcus by Goldman Sachs offers online prequalification, which does not affect your credit score since it involves a soft credit inquiry.
Marcus by Goldman Sachs offers a 0.3% discount to borrowers for setting up automatic payments.
No, Marcus by Goldman Sachs does not accept co-signers on personal loans.
sources
- Marcus. "Personal Loan FAQs." Accessed March 26, 2022.
- Marcus. "Apply For a Personal Loan." Accessed March 26, 2022.
- Marcus. "Financial Calculators." Accessed October 23, 2023.
The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.
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