Marcus by Goldman Sachs Review (2024)

At a Glance:

• Loans between $3,500 and $40,000
• Best for debt consolidation
• Highly customizable loan terms with nine payment length options
• There are absolutely no fees associated with Marcus by Goldman Sachs loans
• Funding can take up to one week but in exchange you get a great interest rate and other perks

What is Marcus by Goldman Sachs?

Marcus by Goldman Sachs is a long running financial institution that was created by a man named Marcus Goldman in 1869. Their services and offerings have adapted with the times and today they offer loans, banking, and more. Marcus by Goldman Sachs specifically aims to help every kind of person achieve their financial goals through a simple and efficient system.

Marcus Rates and Fees

What type of personal loans does Marcus by Goldman Sachs offer?

Personal loans from Marcus by Goldman Sachs can be used for many things including but not limited to:

• Debt consolidation
• Vacations
• Moving and relocation expenses
• Weddings
• Home improvement

Marcus by Goldman Sachs Pros and Cons

PROS

• No fees
• Discounts for setting up autopayments
• Debt consolidation options
• Repayment term lengths range anywhere between three and six years

CONS

• No co-signed, joint, or secured loan options
• No fast funding option
• Limited customer service

Who should use Marcus by Goldman Sachs?

Marcus by Goldman Sachs is the best option for anyone who is seeking a loan for debt consolidation and would like a set of loan repayment terms that are customizable.

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What are some of the benefits of using Marcus by Goldman Sachs?

You may be able to receive discounts for setting up autopayments.

Although a discount for setting up autopayments is a great way to incentivize borrowers to make payments on time, not all lenders will offer this.

There are no fees.

You read that right - Marcus by Goldman Sachs does not charge any fees to borrowers which can be a huge benefit, especially for those interested in debt consolidation and tackling financial hardships. Throughout your loan repayment term with Marcus by Goldman Sachs you will not deal with any origination fees, prepayment fees, or late fees - although late payments would still be a negative mark on your overall credit history.

You may be able to enjoy a reward for making a series of on-time payments.

You can defer one payment after making 12 consecutive monthly payments as long as you've made all of your previous payments in full and on schedule. The loan period is subsequently lengthened by one month if a payment is postponed but during this time you will not be forced to pay interest.

You can choose from a variety of repayment terms between three and six years.

There are nine repayment term lengths to choose from when you take out a loan with Marcus by Goldman Sachs: 36, 39, 42, 45, 48, 54, 60, 66 or 72 months.

Marcus by Goldman Sachs can pay your creditors directly and help you consolidate debt efficiently.

Borrowers may use a balance transfer loan from Marcus by Goldman Sachs to pay off credit cards and consolidate debt. They will automatically distribute the funds from your loan to multiple lenders, paying off your debts and making the debt consolidation process easier.

What are some of the downsides to using Marcus by Goldman Sachs?

There are no co-signed, joint, or secured loan options.

Secured loans are those that require collateral such as a home or a car as security. If you take out a secured loan, the lender will be able to seize your assets if you default on your payments. Secured loans may be the less appealing alternative, but they usually have cheaper interest rates and a wider range of applications in exchange for that higher risk to you. Co-signed or joint loans can allow someone with poor credit to receive a better offer if applying alongside someone with a better financial history but Marcus by Goldman Sachs does not offer this option.

Funding is slower than most personal lenders.

There are many reasons to choose a personal loan from Marcus by Goldman Sachs but the speed of funding is not one of them. In many cases, your funds will take up to a week to be deposited into your bank account.

You have limited options for customer service support compared to similar lenders.

Although customer support is available by phone seven days a week, the lack of a chat support feature may make Marcus by Goldman Sachs a less desirable option. The phone service allows Marcus by Goldman Sachs to provide a more personal connection when they assist their customers but may prove to be inconvenient for some.

Do I need a credit check to take out a loan with Marcus by Goldman Sachs?

Marcus by Goldman Sachs will run a hard credit check when you are ready to accept an offer, but this will not happen until you are committed to taking out a loan with them. During the prequalification process, they will do a soft credit check that will have no impact on your credit score.

Do Marcus by Goldman Sachs personal loans cost any money?

There is no cost associated with taking out a loan with Marcus by Goldman Sachs. Borrowers are not charged any fees by Marcus by Goldman Sachs, which is a big benefit, especially for individuals looking to consolidate debt and overcome financial difficulties. You will not be charged any origination costs, prepayment fees, or late fees during the life of your loan with Marcus by Goldman Sachs, although it's important to note that late payments will still have a negative impact on your credit score.

Where does Marcus by Goldman Sachs operate?

Figure.com personal loans are available to all residents of the United States as they operate in all fifty states.

How is Marcus by Goldman Sachs’s customer service and support?

Customer support through Marcus by Goldman Sachs is decent and you do have the option for a text based support system with their website and email help line. They do want to encourage their clients to make a phone call to them so they can offer customer service with that personal touch. The lack of a robust chat feature may be a turnoff for some as it can be inconvenient to spend time on hold for a customer service representative or waiting for a response to an email. Although you will likely have to call Marcus by Goldman Sachs to get a quick answer to your question, the reviews for their customer service line are positive and most reviewers note that they were quick, easy to talk to, and easy to get in touch with.

Marcus by Goldman Sachs offers a streamlined mobile app where borrowers can efficiently manage their loan and do things like payments and see their current balances.

Phone customer support for Marcus by Goldman Sachs loans is available seven days per week during extended business hours. The hours may vary but generally are as follows:

• Monday through Friday: 8:00 AM - 10:00 PM EST
• Saturday and Sunday: 9:00 AM - 7:00 PM EST

How to qualify for a Personal Loan through Marcus by Goldman Sachs

Although the exact requirements that you will need to qualify for a personal loan through Marcus by Goldman Sachs has not been disclosed and varies depending on several factors, most successful applications will have at minimum:

• A minimum credit score of 660
• Proof of income such as pay stubs or bank statements
• Identification such as a photo ID card or social security number

How to Apply for a Marcus by Goldman Sachs Personal Loan

The application process for a personal loan through Marcus by Goldman Sachs is quick and easy - their website states many applicants can receive an answer within five minutes. Potential borrowers will start out by inputting some basic personal information so Marcus can curate a selection of personal loans that will fit your needs. Once you see your options you will be able to select the one you like the most and once you make your choice, Marcus will collect some more information about you and verify your information.

Is Marcus by Goldman Sachs Legit and Trustworthy?

Yes, extremely. Goldman Sachs is a well established company that has always updated their security procedures and standards when necessary - they always adhere to the highest industry standards when it comes to keeping your data safe. They outline their privacy policy on their website so you can see in detail what information they collect and what they do with it.

Conclusion

Although the personal loans through Marcus by Goldman Sachs require a high credit score and have a high barrier to qualify, if you are able to qualify, it will likely be one of the best loan options you get. The complete lack of fees and the streamlined and transparent process will make sure there are no nasty surprises along the way and you can efficiently pay off your loan and continue forward towards a better financial future.