MoneyGeek’s Take: Marcus by Goldman Sachs Personal Loan Review

Marcus by Goldman Sachs offers unsecured personal loans for many different purposes. You need to have at least a 660 credit score to get approved for a loan. MoneyGeek’s Marcus by Goldman Sachs personal loan review can help you determine if this lender is a good choice for your needs.

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Last Updated: 11/1/2022
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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


  • Marcus by Goldman Sachs
    • 6.99% to 19.99%APR Range
    • 660Minimum Credit Score
    • $3,500 to $40,000Loan Amount Range
    • 36 to 84 monthsRepayment Terms
    • Same DayTime to Receive Funds
OUR REVIEW - A DEEPER DIVE INTO MARCUS BY GOLDMAN SACHS

MoneyGeek Breakdown - Marcus by Goldman Sachs Personal Loan Details

  • APR

    Marcus by Goldman Sachs charges an APR of 6.99%–19.99% on its personal loans.

  • Credit Score Requirements

    You need to have at least a 660 credit score to get approval for a Marcus by Goldman Sachs personal loan.

  • Income Requirements

    Marcus by Goldman Sachs does not specify a minimum income requirement for its personal loans.

  • Loan Amounts

    With Marcus by Goldman Sachs, you can get a loan ranging from $3,500 to $40,000.

  • Loan Terms

    Marcus by Goldman Sachs offers a wide range of repayment terms, which are typically between 36 and 84 months.

  • Permitted Uses

    This lender allows the use of loan funds for debt consolidation, weddings, relocation, vacation and home improvement.

  • Prohibited Uses

    Marcus by Goldman Sachs prohibits the use of loan funds for student loan refinancing, business expenses or any illegal activity.

  • Time to Receive Funds

    Once your Marcus by Goldman Sachs loan is approved, you can possibly receive the funds in your account on the same business day.

  • Origination Fees

    This lender doesn’t charge an origination fee to its borrowers.

  • Late Fees

    Marcus by Goldman Sachs doesn’t charge a late payment fee to its borrowers.

  • Prepayment Penalty Fees

    You don’t have to pay a prepayment penalty with Marcus by Goldman Sachs if you pay off your loan early.

  • Co-signers and Co-applicants

    This lender doesn’t allow co-signers or co-applicants.

  • Perks

    If you have consistently made payments for the last 12 months, Marcus by Goldman Sachs allows you to skip one month’s payment without accruing interest.

  • Mobile Application

    Marcus by Goldman Sachs offers a mobile app that can be used to manage your loan online.

Is Marcus by Goldman Sachs Right for You?
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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.

1

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.

2

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.

3

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.

4

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.

5

Sign Loan Agreement

After you’ve read and understood the loan agreement, you can sign it online.

6

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.

7

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.

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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.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity.