Marcus By Goldman Sachs Personal Loans Review [2024]: Pros and Cons

Life was good. Things were easy.

But then something happened –  yadda, yadda, yadda – and bam! Now you need a personal loan.

Sound familiar?

It should. 40% of Americans say they’re struggling to meet household expenses. And even if you don’t fall into that category, you could want a loan for all sorts of reasons. 

Debt consolidation. Home improvement projects. Whatever. 

Step one, then, is to find a lender. 

How about Marcus by Goldman Sachs?

Trustworthy? Check. Good terms? Check. Simple application? You betcha. 

Sound like the lender for you? Then read my Marcus personal loans review to learn more. 

What You Need to Know About Marcus Personal Loans

Marcus personal loans combine low-interest rates with a complete lack of fees. 

That means you can borrow money cheaply – which is the best-case scenario when it comes to personal loans. 

Marcus is part of Goldman Sachs – one of the biggest banks in the world. That’s good news for two reasons:

1. You’re not dealing with some sketchy, no-name lender.
2. The customer service is generally top-notch.

Let me start this Marcus personal loans review with a quick overview. 

The interest rates are from 6.99% to 24.99% APR (starting at 8.99% for NY residents). This is pretty decent, especially if you qualify for a loan on the lower end of that spectrum. 

Personal loans are available from $3,500-$40,000 – a wide enough range to please most consumers. 

And then there’s the lack of fees. Oh, the lack of fees!

With Marcus from Goldman Sachs, there aren’t even late fees. In fact, they’ll even pay you a reward just for making your payments on time. Where most lenders use the “stick,” these folks are using the carrot. Not a bad deal, is it? 

But here’s where things get tricky. Qualifying for a Marcus personal loan is hard – like, really hard. Like, you-better-have-a-great-credit-score hard. 

Some reviews place the minimum credit score needed at 740. Others suggest a more reasonable 660. The lender itself doesn’t give a specific number, but you get the idea.

So if your score isn’t where you’d like it to be, you should consider a lender that accepts lower credit scores. 

If you need help fixing your credit, check out our comparison of Credit Saint vs Lexington Law, or see if working with the best tradeline companies could be the right credit repair solution for you. 

Meanwhile, learn how to budget for non recurring expenses so you can be prepared for unexpected costs going forward. 

How to Qualify for a Marcus Personal Loan

Qualifying for a Marcus personal loan is difficult. First, you’ll need a good credit score – and even then, rejection is possible.   

Let’s get the basics out of the way. Marcus by Goldman Sachs has some general eligibility requirements:

1. You must be 18 or older
2. You must have a U.S. bank account
3. You must have a Social Security Number or an Individual Tax ID Number

All good there? Great! Now let’s talk about credit… 

On its website, Marcus says it straight up: Credit scores are really important for qualification.

They suggest checking your credit score before applying and then taking steps to improve your score if it’s not as high as you’d like. 

But credit score isn’t the only thing that affects your chances of qualifying. According to Marcus, they also consider the following:

• Employment status and income
• Desired loan amount
• Desired loan duration
• Credit usage
• Credit history
• Planned loan purpose

Another unfortunate fact is that Marcus by Goldman Sachs doesn’t accept joint applications. That means you can’t apply alongside someone who has better credit.  

How to Apply for a Marcus Financial Personal Loan

Marcus by Goldman Sachs has an online application – and it seems to run smoothly.

Time for this Marcus personal loans review to break down the application process:

Step 1: Go to the Marcus Website and Enter Some Basic Info 

This is where you’ll choose your desired terms and share your annual income. 

Step 2: Check Your Available Options

You’ve got to hand it to Marcus – they don’t waste your time if you don’t have a chance. They’ll show you right away what loans they’re offering.

Step 3: Fill Out a Formal Application

This is where things get more serious. You’ll need to submit some documents – including proof of income. 

Step 4: Wait for Approval

At this point, Marcus digs a little deeper into your credit history. One side effect: The “hard credit pull” could cause a minor dip in your credit score – but that happens with almost any lender. 

Step 5: Sign and Get Your Money!

Once you’ve agreed to a loan and signed the paperwork, you can expect to receive the funds in 1-4 business days. 

And that’s it for the application! 

But there’s more to know about how to get a personal loan. There’s also the careful planning, the strategizing – oh yeah, and the discipline to make sure you pay off your debts. 

So – make sure you take this process seriously and think your way through it.

Is Marcus by Goldman Sachs Legit? 

When it comes to banks, Goldman Sachs is about as legit as it gets. The Federal Reserve ranks it as the 8th biggest bank in the United States. You’ve probably heard the name in the news – and that’s because it’s a serious player on the global stage. 

So Goldman Sachs is the real deal – but what’s this “Marcus” business all about?

Well, Marcus is just an online, consumer-focused part of Goldman Sachs. 

So when you’re dealing with Marcus, you’re really dealing with Goldman Sachs – which is totally legit.

Is Marcus by Goldman Sachs Safe?

Marcus by Goldman Sachs is completely safe. 

The loans are legitimate and backed by one of the world’s largest, most reputable banks. 

This isn’t some online scam. In fact, it’s the farthest thing from it. This is the type of institution you choose when you really want to go with a name you can trust. 

You may have seen rumors that Marcus could stop offering personal loans – and I can imagine alarm bells ringing in your head. 

But here’s the thing – Marcus’ website continues to offer personal loans. And no matter what happens, you won’t have to worry about becoming a victim of the changing policy. 

Come what may, Goldman Sachs will continue to service existing loans as planned. 

Pros and Cons of Marcus Personal Loans

This Marcus personal loans review wouldn’t be complete without a simple list of pros and cons. 

Here are the strengths and weaknesses you can expect from Marcus by Goldman Sachs:

Pros

• Excellent rates. 6.99% to 24.99% APR is a really solid range.
• No fees – even for late payments. *Warning – missing payments can still have consequences because interest will accrue. This is true for any loan.
• Direct payment for debt consolidation. Is your loan meant to consolidate debt from credit cards or somewhere else? Marcus can send the money straight to your creditors – taking an annoying task off your to-do list.

Cons

• Hard to qualify. This is the major downside to Marcus personal loans. Average credit simply won’t cut it.
• Doesn’t allow co-applicants. Planning to apply alongside someone who has better credit? You’ll have to find a different lender. 

Marcus by Goldman Sachs Reviews 

I searched for Marcus personal loan reviews online. As expected, responses varied. 

On Reddit, one person wondered if their offer for a Marcus personal loan was “too good to be true.” 

Commenters assured that it wasn’t a sham – although one person was disappointed with Marcus’ customer service. 

Of course, every service has its detractors. This reviewer on Consumer Affairs wrote that inflexibility and moodiness from employees ruined their experience. 

So does everyone have something good to say about Marcus by Goldman Sachs? Of course not.

But good luck finding a lender with only positive reviews. No institution can please all its customers – especially in the world of personal finance. 

Commonly Asked Questions About Marcus Personal Loans

Alternatives to Marcus Personal Loans?

Here are the top alternatives to Marcus personal loans:

• ZippyLoans (read this ZippyLoan review)
• Upgrade (read this full Upgrade personal loans review) 
• AmOne (read this full AmOne review)
• SoFi
• CashUSA (read this full Cash USA review)
• OneMain Financial (read this full OneMain Financial personal loans review)
• LendingClub (read this full LendingClub personal loans review) 
• LightStream (read this full LightStream personal loans review) 
• Happy Money (read this full Happy Money personal loans review)
• Discover (read this full Discover personal loans review)
• Best Egg (read this full Best Egg personal loans review)

How Hard is it to Get a Loan From Marcus?

Applying for a Marcus personal loan is easy – but qualifying is hard. You’ll need a good credit score, especially to qualify for a better rate.

What Credit Score Do I Need to Get a Marcus Loan?

Marcus doesn’t specify a minimum credit score, but experts have speculated that at least a 660 would be necessary. Some even suggest a minimum of 740.

How Long Does It Take to Get a Loan From Marcus? 

People report getting their Marcus personal loan approved the same day they apply – or sometimes the next day. It then takes 1-4 business days for the funds to arrive. 

Can I Trust Marcus by Goldman Sachs?

Goldman Sachs is one of the world’s largest banks and a totally trustworthy institution. That doesn’t mean everybody has a positive experience – but it means you’re not dealing with crooks. 

What Range of Loan Amounts Are Available For a Marcus Personal Loan?

Marcus offers personal loan amounts in the range of $3,500-$40,000. This makes it a good choice for a wide variety of borrowers. 

Does Marcus Call Your Employer? 

Marcus by Goldman Sachs sometimes contacts employers directly. They do this to confirm your employment status, not to discuss your application.  

What Types of Loans Does Marcus by Goldman Sachs Offer?

In addition to general personal loans, Marcus by Goldman Sachs offers debt consolidation loans and home improvement loans. 

What are the Marcus by Goldman Sachs Personal Loan Fees? 

Marcus by Goldman Sachs doesn’t charge any fees for personal loans. That includes no origination fees. It also means no late fees for missed monthly payments – although missed payments will cost you in the form of interest accrual. 

Who is Marcus Best For? 

Marcus is best for people with good credit who want a personal loan. It’s especially ideal for debt consolidation and home improvement projects.