No, Marcus by Goldman Sachs does not offer joint personal loans, unlike some personal loan providers. A joint application allows two people to put their names on the loan and apply together, as well as share responsibility for paying back the loan.
Though Marcus by Goldman Sachs does not do joint personal loans, there are quite a few lenders out there that do. You can check out WalletHub's picks for the best personal loans that allow joint applications or cosigners to find some good offers. You can also use WalletHub's free personal loan pre-qualification tool to see which loans you might be able to qualify for individually.
You can have 1-3 personal loans from the same lender at the same time, in most cases, depending on the lender. But there is no limit to how many personal loans you can have at once in total across multiple lenders. The number of loans you can have is really only limited by your income relative to your expenses, including existing debt obligations.… read full answer
Every loan application you submit will also temporarily lower your credit score, due to a hard inquiry on your credit report, potentially making it harder to get approved for the next loan you decide apply for. So the more loans you have open, the more difficult it will become to open any more.
Assuming you have good enough credit and income to get more than one personal loan, it’s helpful to know just how many of them different lenders will allow you to have at once. WalletHub reached out to some of the most popular personal loan providers to find out their policies.
How Many Personal Loans You Can Have at Once From One Lender:
Personal Loan Limit
LightStream by SunTrust Bank
Up to $100k total
Marcus by Goldman Sachs
2 (up to $40k total)
Up to $100k total
All lenders also said there’s no maximum number of loans from other issuers that would prevent you from being considered for one of their loans. But naturally, the amount of debt you owe to those creditors will factor heavily into the decision. The more loans you have, the larger your existing debts will be and the more your income will be strained. At some point, you will clearly not have the capability to take on another loan and will be denied. For some people, this could be after a single loan. For others, it could be multiple loans.
Every time you apply for a loan, the lender will look at your credit history with a hard inquiry. That will cause a temporary dip in your credit score that can affect your credit standing for up to 12 months. So it’s really best to only apply for one personal loan each year maximum. If you want to apply for more, you may. But an applicant’s credit score is one of the factors most important to approval, so your odds will decrease.
Lastly, even if you can take out multiple loans, make sure you’re willing and able to manage them all responsibly. Missing payments can hurt your credit standing.
Applicants need a credit score of at least 660 to get a personal loan from Marcus by Goldman Sachs, according to multiple third-party sources. That means the Marcus by Goldman Sachs personal loan credit score requirement is in the fair credit range. To put this in perspective, most other lenders' credit score requirements for personal loans range between 585 and 700.… read full answer
Keep in mind that just having a 660 credit score is not enough to qualify you for a Marcus by Goldman Sachs personal loan. Marcus by Goldman Sachs will consider your entire financial profile, including things like your income, existing debts and recent credit inquiries, when deciding whether to approve you. It's also worth noting that some applicants might be able to get a personal loan from Marcus by Goldman Sachs with a slightly lower score if it's offset by other factors like an especially high income. But it's best to wait to apply until your score meets the threshold.
If you're unsure of what your current credit score is, you can check it for free on WalletHub. You can also pre-qualify for a Marcus by Goldman Sachs personal loan online to gauge your chances of getting approved with your current credit score.
If you want to get a personal loan with no credit and no cosigner, your options are limited to credit-builder loans, secured personal loans, home equity loans and borrowing from alternative sources like friends and family. Having no credit disqualifies you from getting most unsecured loans, as lenders usually require an established credit score of 600 or higher.… read full answer
You could get around that issue if you had a cosigner, as the lender would use that person’s credit in the decision instead of yours. But without a cosigner, you have to rely on what you do have – income and collateral.
How to get a personal loan with no credit and no cosigner:
Get a secured personal loan. Your credit, or lack thereof, doesn’t matter as much when you put up collateral to secure a loan. The lender can take possession of the collateral if you default, which means they have far less risk in lending to you.
You can find secured personal loans at banks like Wells Fargo, Fifth Third Bank, KeyBank and PNC. You can also ask about them at your local credit unions. There are online lenders that offer secured personal loans, too. But make sure they’re not predatory payday loans or auto title loans that charge excessive fees.
Take out a credit-builder loan. This is a type of loan where the lender sets aside a certain sum of money in a savings account for you. Then, you pay that amount back in monthly installments and receive access to the account with all your money at the end. Plus, the lender reports to the credit bureaus each month, helping you build your credit score.
The only problem is that this process is kind of backward if you need money upfront. So it’s really only intended for building credit rather than getting money. If you’re interested in a credit-builder loan, check your local banks and credit unions.
Use your home equity. Home equity loans are another type of secured loan. But they can be for much larger sums because the amount you can borrow is based on the value of your house minus the amount you have left to pay on the mortgage. So if your house is mostly paid off and is worth a lot of money, you could get a big loan. It’s not common that someone would own a home yet have no credit history, but it is possible.
Borrow from someone you know. A family member or friend isn’t as likely to care if you don’t have credit history. You may be able to convince them to give you a loan. But in order to avoid any relationship problems with that person in the future, you should make sure you have a written agreement and a plan to pay them back.
All in all, it’s not impossible to get a personal loan with no credit and no cosigner, but your options aren’t the greatest either. If you only need a few hundred dollars, you can always apply for a credit card for people with no credit. Then, you’ll have a credit line to draw on whenever you need it, and the ability to carry a balance between months if necessary.
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