In this Comparison
For those individuals who are seeking a personal loan, there is a great collection of online lenders that can cater to your needs. The focus for this article is going to be on what Discover, Marcus, and Axos has to offer you in this regard.
Marcus is one of the best in the business, being a Goldman Sachs offshoot. It is most suitable for people with good credit and those who want flexibility with their repayments. Discover is another high-quality lender that is known for its lack of origination fees and fats funding. Axos is an online bank that caters to people who have excellent credit and aims to process quick access to funds.
Axos | Marcus | Discover | |
|---|---|---|---|
APR | 7.15% – 17.99%
| 6.99% – 24.99%
| 5.99% – 21.74%
|
Terms | 36-72 months
| 36-72 months
| 36 to 84 months
|
Range | $5,000 – $50,000
| $3,500 – $40,000
| $2,500 – $35,000
|
Minimum Score | 700
| 660 (FICO)
|
720
|
When to Consider Axos Personal Loan?
Axos gives you the ability to change the payment date for your personal loan obligations, as well as offering refinancing options, and soft credit checks. Finally, Axos will usually give you access to your borrowed money within three business days.
There is an origination fee charged by Axos and there are no secured loans, joint loans, or co-sign loans that you can get. Finally, you will not be able to get an autopay discount.
Axos personal loan can be better choice than Marcus and Discover if you want to have the ability to change the due date of your repayments and want quick access to your borrowed funds.
When to Consider Marcus Personal Loan?
Marcus has a great reputation in the lending space, so it will give you great peace of mind. There are no origination fees charges, and there is great flexibility when it comes to the repayment options. Finally, you can get an autopay discount.
There are no secured, co-signed, or joint loans that you can get through Marcus. It can also take up to one week before you get access to your money.
Marcus personal loan can be better choice than Axos and Discover if you want a low-cost personal loan lender that provides you with flexible repayment options and has a great reputation in the space.
.
When to Consider Discover Personal Loan?
You will not have to pay an origination fee when you are using Discover. There is also fast time to funding, with the next business day usually being the time when you will get your funds. You also have a flexible range of loan sizes and repayment terms open to you.
There is a somewhat limited range of loan types from Discover. There is no way for you to obtain a secured, joint, or co-signer loan. You also will have to pay a late fee if you do not make your payments on time, while you cannot get a discount for setting up autopay.
Discover personal loan can be better choice than Marcus and Axos if you are looking for ultra-fast funding, have good credit, and do not want to pay any sort of origination fee.
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Requirements
Marcus can grant you a personal loan of between $3,500 and $40,000, which is similar to Discover’s range of $2,500 to $35,000. Finally, Axos will give you a loan of $5,000 to $50,000. Marcus requires you to have a credit score of 660 or more to get a loan, which is lower than the 720 score that Discover requires. Finally, Axos needs you to have a 700 or greater credit score.
Marcus has not publicized the debt-to-income (DTI) ratio it requires borrowers to have in order to get a loan. Discover requires you to have an annual income of at least $40,000 in order to get a loan. The max DTI for an Axos loan is 40% and you need to show proof of continuous employment for at least two years.
All of these lenders are going to need borrowers to be 18 years old at least and to either be a resident, citizen, or visa holder in the US.
Repayment Options
Marcus provides you with a 0.25% discount if you enact the autopay function. For those who are consolidating debt, you can send payments directly to your creditors. There are plenty of different payment term lengths to choose between, while there is also a payment deferral option if you have made your payment on time for at least a year.
A late fee will be levied on you for missing a Discover personal loan payment. There is also no way for you to change the repayment due date. Finally, there is no autopay discount available for Discover borrowers.
Axos give you the chance to change the due date for your payments. It will also charge you a late fee and you are unable to directly send payments to creditors.
Customer Service
Axos | Marcus | Discover | |
|---|---|---|---|
iOS App Score | 4.7 | 4.9 | 4.9 |
Android App Score | 4.6 | 4.4 | 4.6 |
BBB Rating | A+ | A+ | A+ |
WalletHub Rating | 3.4 | 2.9 | 4 |
Contact Options | phone/chat | phone | phone |
Availability | 24/7 | 8 am – 10 pm | 24/7 |
Marcus has a help center and a range of financial education resources that can guide you through your personal loan process. The customer support team is reachable every day of the week during certain hours. You have access to a top-tier mobile app and Marcus has an A+ Better Business Bureau rank.
Discover has a high-quality website that provides you with all of the information you could ever need. The support team works seven days a week and you can use the app to carry out key account management functions. Finally, the Better Business Bureau has given Discover an A+ rating.
Axos has plenty of handy resources if you a relooking to educate yourself a bit more when it comes to personal loans. The support is reachable five days a week and there are numerous ways to contact this support team. Finally, the Axos app provides you with the ability to manage your loan, while the Better Business Bureau has given Axos an A+ rank.
Which Personal Loan Lender Wins?
Discover, Axos, and Marcus generally provide you with quick access to your borrowed funds. Discover is more suited to people with better credit scores, with Marcus being an ideal low-cost option. Axos provides you with some flexible repayment options, while also having refinancing options.
 | |  | |
|---|---|---|---|
APR Range
The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
| 7.15% – 17.99%
| 6.99% – 24.99%
| 6.99% – 24.99%
|
Term
The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
| 36-72 months | 36-72 months
| 36 to 84 months
|
Loan Amount | $5,000 – $50,000
| $3,500 – $40,000
| $2,500 – $35,000
|
on Credible website |
on Marcus website |
on Credible website |
FAQs
Is Axos good for debt consolidation?
Axos offers personal loans for up to $50,000, which should be sufficient to consolidate most debts.
However, this lender does not have many features associated with debt consolidation. For example, you cannot directly pay creditors with the proceeds of your loan. You will need to wait until you receive your loan funds and then make separate payments to each of your creditors.
Can I get an Axos loan with a 600 credit score?
Axos generally looks for applicants with good or excellent credit, so this lender is best suited to those with a credit score of 700+.
It may be possible to obtain a loan with a 600 credit score, but you cannot expect the best rates. With this level of score, you may be better suited to another lender.
Can I negotiate my rate with Marcus?
Marcus does not state unequivocally that it will negotiate settlement figures if you want to pay off your loan.
This is not to say that it is not worthwhile to try to negotiate. Many lenders are open to settlement negotiations, especially if you already have a relationship with the bank.
Is prequalification available for Discover personal loans?
When you apply for a personal loan, you can use Discover's online prequalification to see what interest rate you qualify for. This is a quick process that will only take a few minutes, and Discover will only use a soft credit check that will have no effect on your credit score.
A full credit check will be required only if you decide to proceed with your loan application.
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Axos vs SoFi vs PenFED
Ally has a robust banking product offering that rivals that of a traditional bank. Savings accounts, checking accounts, CDs, investments, retirement products, personal loans, auto loans, and mortgages are all available.
Chime's product line has been simplified. All Chime products are designed to assist customers in rebuilding or establishing credit. There are only two savings accounts, one checking account, and one credit card available.
Read Full Comparison: Ally vs Chime: Which Banking Account Wins?
Marcus vs Best Egg vs Prosper
When it comes to these various lenders, Marcus is clearly the leader. It has the best reputation, no fees, and a lot of flexibility when it comes to repayments. However, the funding process can be a little slow. Prosper offers a wide range of repayment options and accepts lower credit scores, whereas Best Egg provides secured loans and preferable debt consolidation options.
Read Full Comparison: Best Egg Vs Prosper Vs Marcus: Choose The Right Personal Loan For You
Marcus vs Rocketloans vs SoFi
SoFi has been around for a long time and is regarded as one of the best options. It has no fees, a flexible repayment system, and a wide range of loan options. Marcus, a Goldman Sachs subsidiary, is yet another high-quality online lender. It is an excellent choice for anyone with good credit who wants to avoid fees and customize their repayment terms.
Finally, while Rocket Loans does not have a competitive offering in many ways compared to the other two options, it does have an extremely fast funding speed.
Read Full Comparison: Rocketloans Vs SoFi Vs Marcus: Which Personal Loan Is the Best?
Marcus vs Upstart vs Best Egg
Upstart is one of the more notable online lenders because it employs artificial intelligence (AI) to guide the process of evaluating applications. As a result of this system, it frequently deals with people who have relatively low credit scores, or even those who do not yet have a credit score.
Best Egg is an online lender that has received numerous awards in recent years for its service, which includes quick approvals and competitive rates. Marcus, a Goldman Sachs offering, is one of the most reputable online lenders you will come across. It promises no-fee personal loans as well as a variety of loan types.
Read Full Comparison: Upstart vs Best Egg vs Marcus: Compare Personal Loan Lenders
Discover vs Citi vs Wells Fargo
Discover is an online lender with a good reputation that does not charge origination fees. It also provides same-day funding and a variety of excellent repayment options. Citibank is one of the largest financial service providers in the United States today. For many years, the New York-based company has provided personal loans.
It is an excellent choice for those looking for no-fee personal loans as well as access to autopay discounts. Finally, Wells Fargo, like Citi, is a well-established financial services powerhouse in the United States. It is an excellent choice for those seeking large loans with a high degree of flexibility.
Read Full Comparison: Citi Vs Discover Vs Wells Fargo: Which Personal Loan Is Better?
Discover vs SoFi
SoFi has a reputation for being one of the best in the business, with no fees, a wide range of loan options, and a flexible set of repayment terms.
Discover is another high-quality lender that does not charge origination fees, has a wide range of repayment options, and can provide funding the same day. This article will compare and contrast the similarities and differences between SoFi and Discover.
Read Full Comparison: SoFi Vs Discover: Which Personal Loan Suits You Best?
Discover vs Upgrade vs Payoff
Over the years, Discover has earned a good reputation for not charging origination fees, offering flexible repayment options, and providing quick funding. Upgrade has been in the personal loan business for many years, serving over 500,000 customers and originating $7 billion in loans. It gives you quick access to funds as well as flexible repayment terms.
Finally, Payoff is a financial wellness company that wants its customers to have a positive relationship with money.
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Marcus Terms & Conditions
Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose, our evaluation of your creditworthiness, your credit history, if we have recently declined your loan application and the number of loans you already have with us. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. You may be required to have some of your funds sent directly to creditors to pay down certain types of unsecured debt. Receive a 0.25% APR reduction when you enroll in AutoPay. This reduction will not be applied if AutoPay is not in effect. When enrolled, a larger portion of your monthly payment will be applied to your principal loan amount and less interest will accrue on your loan, which may result in a smaller final payment. See loan agreement for details.
