Best for: borrowers with good credit looking for a no fee loan
No fees, including no origination fee
0.25% APR discount with autopay
More flexible loan lengths
Stronger credit history required
Can’t apply with a co-borrower
In-depth Review of Marcus Personal Loans
Marcus is the 151 year old Goldman Sachs’s entry into the mass consumer product. Arguably it is one of the most consumer-friendly products in the personal loan category, with absolutely no fees, more flexible terms, and a discount for enrolling autopay. The product has even won awards from the likes of JD Power & Associates and NerdWallet.
What Makes Marcus by Goldman Sachs Different?
Most of the companies offering personal loans aren’t actually banks. That doesn’t mean they’re not legitimate or trustworthy, but it does impact how they run their business — and the terms of the product they can offer you. Peer to peer lenders (like Lending Club or Prosper) or non-bank lenders (like Avant or Sofi) are more constrained in the personal loans they can offer – and, as a result, may include origination fees, or have less flexible repayment terms. Because Marcus by Goldman Sachs is a bank, it has more flexibility in designing its personal loan products.
Marcus Personal Loan Details
|Loan amount range||$3,500 - $40,000|
|Loan lengths||36 - 72 months|
|Interest rate type||Fixed interest rate|
|APR range||6.99% - 28.99%|
|Fees||Origination fee: None
Late fee: None
Prepayment fee: None
|Can check rate with no impact to score?||Yes|
|Loan uses||Pretty much any reason: refinance credit cards; consolidate debt; major purchase; home improvement; vacation; moving/relocation; medical expenses; etc.|
|Time to fund||Because Marcus by Goldman Sachs funds its own loans, time to fund is typically faster than a peer to peer lender like Lending Club or Prosper.
Many applications are processed completely automatically and instantly. If additional documents are required (like a W-2 or paystubs), they are usually processed within a day of being uploaded.
Once approved, funds are usually available the next business day.
|Joint application (co-borrower) option||No|
|Minimum qualifications||Minimum credit score: 660 (FICO 9.0)|
|Can send loan proceeds directly to creditors (for debt consolidation loans)||Yes|
|Other||0.25% reduction in APR when enrolled in autopay|
Representative Loan Example
Borrow $15,000 for 48 months
Receive $15,000 (no origination fee)
Pay back $402.33 per month for 48 months
Total repaid $19,311.84
Cost of financing $4,311.84
What People Are Saying
CFPB complaint data: 13 complaints in last 24 months (personal loan product)
Trustpilot rating: No rating
Better Business Bureau: Accredited, A+ Rating
A note on reviews
When looking at reviews or complaints, we urge you to think about them in context and take them with a grain of salt. For instance, companies that have more customers are likely to generate more complaints to the CFPB — so the raw number of complaints on its own doesn’t paint the full picture.
Similarly, it’s possible for companies to attempt to game ratings on services like TrustPilot, by timing when they ask borrowers for a review to encourage positive comments and by challenging negative reviews on the platform.
Most of all, borrowers should be cautious in how they interpret a firm being Better Business Bureau (BBB) “Accredited” or having an A+ rating. BBB “Accreditation” means merely that a business makes a commitment to make a good faith effort to resolve customer complaints and follow the BBB’s Code of Business Practices. It’s not clear how closely adherence to these practices is followed or how non-compliance is enforced.
Also note customer reviews are not included in the BBB rating, and it’s possible to have an “A+” rating despite having a poor customer rating.