No, Marcus by Goldman Sachs does not offer credit-builder loans. Alternatives to credit-builder loans from Marcus by Goldman Sachs include personal loans and credit cards, though they may be difficult to get if you have fair credit.
If you’re set on getting a credit-builder loan, there are some options available from other companies. Most major banks and credit unions do not offer them, however.
To apply for a Marcus by Goldman Sachs personal loan, first check for pre-qualification and decide which way you will apply (online or by phone), then enter your personal and financial information on the application. Next, verify the accuracy of the information, submit the application and wait to receive a decision.… read full answer
How to Apply for a Marcus by Goldman Sachs Personal Loan
Check for pre-qualification.Pre-qualification is a way to check your approval odds and potential rates before applying for a Marcus by Goldman Sachs personal loan. It doesn't hurt your credit. You can check for pre-qualification on the Marcus by Goldman Sachs website or WalletHub's pre-qualification tool.
Decide which way to apply.You can apply for a Marcus by Goldman Sachs personal loan online or by phone. Applying online is the best way because it typically offers the fastest decision.
Enter your personal information on the application.Marcus by Goldman Sachs requires the following personal information on the application: your name, address, Social Security number or Individual Tax ID number and proof of identity.
Enter your financial information on the application.Marcus by Goldman Sachs requires the following financial information on the application: your annual income and proof of income and/or employment.
Double check the application for accuracy.To ensure that your Marcus by Goldman Sachs personal loan application gets processed as quickly as possible, make sure that all the information is correct and complete before you submit it.
Submit your application.Marcus by Goldman Sachs will typically provide a decision on your application within 1 business day.
If you are approved for a Marcus by Goldman Sachs personal loan, you will generally receive the funds within 1 to 3 business days after approval. After that, it's your responsibility to make monthly payments until you have fully paid back your loan, including interest.
Yes, a Marcus by Goldman Sachs personal loan does affect your credit score, both when you apply and during the entire time that you are paying the loan off. Initially, a Marcus by Goldman Sachs personal loan will affect your credit score in a negative way, but the long-term impact can be very positive, assuming you repay the loan on schedule.… read full answer
How a Marcus by Goldman Sachs Personal Loan Affects Your Credit Score
Hard pull: When you apply for a Marcus by Goldman Sachs personal loan, Marcus by Goldman Sachs will do a hard inquiry into your credit history, which will temporarily drop your credit score by about 5-10 points in most cases.
Increased debt level: Taking out a Marcus by Goldman Sachs personal loan will naturally increase the amount of debt that you have. Since your debt level is one of the components of your credit score, you can expect that to have a negative impact initially.
Account diversity: One positive way that getting a Marcus by Goldman Sachs personal loan can impact your score right away is by adding more diversity to the types of accounts you have open. Your "credit mix" is one of the components of your credit score, and the more types of accounts you have, the better - as long as you handle them responsibly.
Payments: The biggest factor in how a Marcus by Goldman Sachs personal loan affects your credit score is whether you pay on time. If you make on-time payments, your score should steadily increase as a result. If you pay late or fail to make payments altogether, you can expect your credit score to drop.
The bottom line is that while a Marcus by Goldman Sachs personal loan does affect your credit score, most of the way that your score changes depends on how responsible you are with the loan. If you'd like to estimate how certain actions might affect your credit score, you can use WalletHub's free credit score simulator.
No, Marcus by Goldman Sachs does not allow cosigners on personal loans, unlike some personal loan providers. A cosigner is a second person who serves as a guarantor on the loan, and thus promises to pay the loan back if the primary applicant cannot.
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