Personal Loans » Personal Loan Lender Reviews » Marcus Personal Loan Review 2022: What To know Before Apply?
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Marcus Personal Loan Review 2022: What To know Before Apply?

Marcus is for borrowers with high-interest debt, solid credit, and strong cash flow who are interested in consolidation.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Marcus logo

On Credible Website

Marcus is for borrowers with high-interest debt, solid credit, and strong cash flow who are interested in consolidation.

APR

6.99% – 24.99%

Loan Amount

$3,500 – $40,000

Term

36-72 months

Min score

660 (FICO)

Marcus logo

Marcus is for borrowers with high-interest debt, solid credit, and strong cash flow who are interested in consolidation.

Marcus LOGO

APR

6.99% – 24.99%

Loan Amount

$3,500 – $40,000

Term

36-72 months

Min score

660 (FICO)

On Credible Website

Marcus is an online-only product suite offered by Goldman Sachs. It offers personal loans with no fees including late fees, prepayment fees or sign-up fees. Since you’re only required to pay the principal loan sum and interest, the interest rates are a little higher than the competition. However, Marcus is considered one of the best personal loans for good credit.

Where Marcus personal loans are a little different is that there is the option of prequalification. If you’re not sure if you will be eligible for a loan, you can complete a basic, short form. This only involves a soft check, so you can avoid triggering a hard credit check and potentially compromising your credit score. Prequalification will allow you to check and compare your loan options.

Marcus personal loans are available from $3,500 – $40,000 with fixed APR rates ranging from 6.99% – 24.99% . You can also receive a 0.25% discount if you opt for autopay. This involves a larger portion of your monthly payment being applied to the loan principal, so less interest will accrue on your account. You can have a loan with a term from three to six years.

  • Soft Pull Inquiry
  • Simple Application Process and Average Turnaround Times
  • Competitive Interest Rates
  • No Fees
  • More than One Loan
  • Multiple Payment Options
  • One Time Payment Deferment
  • 7 Days a Week Customer Support
  • High FICO
  • No Joint Applicants
  • Pre-Approval Does Not Mean Approval
  • Limits on Loan Amount for Loan Use
  • Poor or Limited Credit

Does Marcus personal loans verify income?

When you apply for a Marcus personal loan, you may be required to verify your income in the form of bank statements or recent pay stubs.

While this may not apply to all applications, you do need to be prepared to verify your income and employment status.

Can I pay off a Marcus loan early?

One of the attractive features of a Marcus personal loan is that this financial institution does not charge early repayment fees.

This means that you can pay off your Marcus loan at any time without needing to plan for an additional charge or penalty should your financial circumstances change before the end of your loan term.

Does Marcus personal loans offer prequalification? 

Marcus has a three-step application process for its personal loans and one of these steps is prequalification. Before you submit your formal application, you can use the online eligibility tool to select how much you would like to borrow and your preferred monthly payment to determine if you qualify.

This step only uses a soft credit inquiry and Marcus will only run a hard credit check if you decide to proceed.

Can I add a cosigner to Marcus personal loan?

Unfortunately, Marcus does not allow joint or co-signed loans. There are no options to add a co-signer to secure your loan or obtain a better rate.

This means that you will need to qualify for the loan on your own merits. So, if you have less than ideal credit circumstances, Marcus may not be the best option for you.

In this Review..

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Requirements & Repayment Options

Marcus by Goldman Sachs has several different loan options depending on your needs:

  • Debt Consolidation: $3,500-$40,000
  • Home Improvement: $3,500-$40,000

There aren’t any fees applied to this loan option but there are some caveats to Marcus. It requires a good to excellent credit score, so you can’t borrow from them if you have bad credit. Along with that, there’s a limit to the amount you can borrow too.

Marcus does not impose any late fees or prepayment penalties. If you have consolidated your debt, it also allows you to make direct payments to your creditors. There is also the option of deferring payments after meeting your repayments for a period of 12 months. Marcus, unlike Upstart, offers a 0.25 percent autopay discount.

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Marcus Loan Pros & Cons

As we know, each lender has its own pros & cons – here are the relevant things we found for potential borrowers:

Marcus does an initial soft pull inquiry so the borrower can get an idea of the options for which they may qualify.

Marcus has a quick and simple application process and you could receive the funds as little as 3 days.

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Interest rates are competitive for borrowers with good credit histories and strong cash flow.

Marcus loans have no origination or late fees. They also do not have a prepayment penalty so the loan can be paid off early without additional costs.

The borrower can get multiple loans at a time from Marcus.

A Marcus loan can be paid online, automatically, by phone, or by mail. Many online personal loan providers only allow for online payment and in many cases will charge processing fees for payments not done online.

Once a borrower has made 12 consecutive on-time payments, the borrower is eligible to defer a payment. So if there is a month where money is short, you can call up Marcus and ask them to defer the payment that month.

You can call Marcus any day of the week and talk to someone who can help.

Marcus has a higher minimum FICO than many personal loan lenders.

The application is based on the applicant alone. Marcus does not allow for joint applicants.

Marcus does mass mail marketing and sends many pre-approval letters out to potential borrowers. Be aware that this does not mean you will be approved for a Marcus loan, it is just an invitation to apply.

Depending on the loan use, Marcus may limit the amount you can borrow to $20,000. See loan uses above – any loan for weddings, moves, or vacation expenses can be limited to $20,000.

Marcus is not the lender for borrowers who do not have good to excellent credit.

Customer Experience

The Marcus support team is available seven days a week, and the mobile app can be used to manage your loan. The Marcus website contains a wealth of useful resources, such as FAQs and financial education. Marcus has received an A+ rating from the Better Business Bureau.

Marcus
iOS App Score
4.9
Android App Score
4.4
BBB Rating
A+
WalletHub Rating
2.9
Contact Options
phone
Availability
8 am – 10 pm

What Can a Marcus Personal Loan Be Used For?

Marcus personal loans can be used to consolidate debt, pay for home improvements, wedding expenses, moving costs or vacations. It cannot be used for any post-secondary education expenses.

  • Home Improvement –  Marcus home improvement is for home repairs or projects. The advantage of using a personal home improvement loan for this is the promptness of receiving the funds. 

You can use a Marcus loan to start your home improvement project immediately. Marcus has a home addition calculator that can give you an idea of how much your home project could possibly increase the value of your home.

  • Debt Consolidation – Marcus debt consolidation and/or credit card consolidation takes one or more loans and pays them with the new Marcus personal loan. 
  • Relocation – Marcus personal loans can be used for wedding expenses, relocation costs, and vacations. Marcus reviews the benefits and uses of using their product for these expenses on its website. There is a cap of $20,000 for this type of loan.

How to Apply For a Personal Loan With Marcus

You can apply for a Marcus loan online or by paper. You can call Marcus at 1-844-627-2871, and have a paper application sent.

If you would like to check your options online with Marcus, you first choose the loan amount you want with the associated potential payment. If after checking this you want to move forward, click “find my options.”

Then you enter some basic personal and financial information as well as the loan purpose. Marcus will then do a soft pull. A soft pull does not affect your credit.

After the soft pull, Marcus will then present a few loan options for you based on the information you provided. If there is a loan you see as a good fit, you can then apply for that loan and Marcus will do a hard credit pull.

 They will usually let you know within a day if you are approved or not. If not, you will get a letter in the mail outlining the reasons for the decline.

Marcus may need additional information after the application is filled out. This is common. They may request verification items like paystubs, bank statements, W-2s, social security card, or state ID. Marcus typically does a good job of verifying information through automated systems, so you may not have to provide any of this information.

You can sign loan documents online and it then takes 1 to 4 days for your funds to be deposited into your banking account.

Marcus FAQs

Marcus is part of the Goldman Sachs group. It offers access to personal loans at affordable rates, particularly if you use autopay. However, the lowest rates are only available if you have excellent credit.

Another reason why Marcus is a good place to get a loan is that this lender doesn’t charge any fees. There are no origination fees, prepayment penalties, or even late fees. So, the price you’re quoted on your loan agreement is what you will pay, regardless of whether you pay off your loan early or you miss making a payment on time.

If you're still not sure, you can always keep comparing personal loan lenders or take a look at our best personal loans for good credit.

In order to make a lending decision, Marcus does require you to specify your total annual income. The lender asks that while it does not need to be an exact figure, it should be as accurate as possible.

Marcus  may also ask for personal bank statements, recent pay stubs, tax transcripts and W-2s as supporting documentation for your application.

If you can't meet the minimum requirements, you can review other personal loan lenders. Keep in mind to pre-qualify so your credit score won't hurt. 

Best Egg is a solid alternative to Marcus for your personal loan. This lender does have a higher maximum loan amount, you can also qualify with a lower credit score. However, the maximum loan term is five years, rather than six with Marcus.

However, what really makes Marcus better than Best Egg is the loan rates. While Best Egg has a lower starting rate, at the higher end of the scale, Marcus has a lower maximum rate.

On the surface, Upgrade offers similar services to Marcus and appears to have the edge. You can borrow similar amounts with a similar credit score.

However, the Upgrade APR rates are generally higher. Another reason why Marcus has the edge over Upgrade is that Upgrade is not available throughout the US.

Like LightStream, Marcus don’t charge any origination, application or early repayment fees. However, Marcus does have a higher starting interest rate. The available loan amounts are also less compared to LightStream maximum loan amount.

So, if you are looking for a larger loan, LightStream is a better option.

Alternative Low Interest Personal Loans

sofi logo
FIGURE logo
lightstream
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.
7.99% – 23.43% (with discounts)
5.99% – 22.94%
5.73%-19.99% (with autopay)
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.
24-84 months
3 or 5 years
Flexible
Loan Amount
$5,000 – $100,000
$5,000 – $50,000
$5,000 – $100,000
Minimum Score
680
680
660
Funding Time
Up to 7 days
2 days
As soon as same day (conditions apply), within 30 days of approval (conditions apply)

Review Personal Loan Top Lenders

Compare Alternative Lenders

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

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

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 is a Goldman Sachs offshoot who is one of the best in the business. It is best suited to people with good credit and those who want repayment flexibility. Discover is another high-quality lender known for its low origination and fats funding fees. Axos is an online bank that caters to people with excellent credit and aims to process funds quickly.

Read Full Comparison: Axos Vs Marcus Vs Discover: Which Personal Loan Suits You Best?

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Credible

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Bankrate

  • Get prequalified loan offers
  • 2 minutes or less
  • NOT affect your credit score

Personalloans.com

  • $1,000 to $35,000
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The product offers that appear on this site are from companies from which this website receives compensation. 

Get prequalified loan offers in 2 minutes or less. This will NOT affect your credit score

Advertiser Disclosure

The product offers that appear on this site are from companies from which this website receives compensation. 

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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.

Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann's areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
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Loan Reviews Methodology

When it comes to choosing personal, student or car loans, we make sure that we evaluate all of the different products and services that are available for the lender we review. 

The Smart Investor’s selection of loan providers for inclusion here was made based on key areas we evaluated: loan types and loan products offered, fees, and APR. We also considering customer satisfaction and reliable external ratings such as J.D power/Trustpilot.

Cutting fees is now table stakes in the personal and student loans market. In addition, the most valuable loan products tend to offer a deep bench of options that meet a wide array of customer needs. These include a diverse range of loan amounts and terms, as well as loan structures. We also make sure that you’re going to save money by cutting down on the APR that goes along with the loans offered.