Pros
- APRs as low as 6.99%
- Loans as high as $40,000
- No origination fees
- No late fees
- High BBB rating
Cons
- APRs as high as 24.99%
- Joint applications not allowed
Marcus Loan Review Summary
Marcus personal loans are ideal for people with good-to-excellent credit scores, offering APRs as low as 6.99%. The minimum credit score requirement for a Marcus personal loan is also reported to be 720 TransUnion FICO v.9.0 or 730 TransUnion Vantage 3.0. Plus, one of the best parts about Marcus personal loans, provided by a division of Goldman Sachs Bank, is that they’re completely fee-free. Marcus won’t even charge a late fee, unlike many major lenders.
Marcus customers receive funds in as little as 1 to 4 business days after approval. With the potential for low costs and fast funding, it’s easy to see why customers are satisfied with Marcus personal loans and why Marcus has an A+ BBB rating.
Below, you can see how WalletHub rates Marcus personal loans in three key categories: Terms, Requirements & Application, and Reviews & Transparency. You’ll also see how Marcus stacks up against popular alternatives.
Marcus by Goldman Sachs Personal Loan Terms
 | |
| APRs | 6.99% - 24.99% |
| Loan Amount | $3,500 - $40,000 |
| Loan Terms | 36 - 72 months |
| Origination Fee | 0% |
| Prepayment Fee | None |
| Late Fee | None |
| Minimum Credit Score | Good* |
| Minimum Income | Undisclosed |
| Loan Purpose | Debt Consolidation, Refinance |
| Time to Receive Loan Money | As little as 3 days |
| Other Requirements |
|
Marcus Loan Rates, Fees & Other Terms
Category Rating: 4.6/5
- Overall APR range: Marcus offers fixed-rate personal loans with an APR range of 6.99% - 24.99%. Marcus’s interest rate minimum is one of the lowest out there. And while their maximum is high, plenty of other lenders have higher caps.
- How rates are determined: The actual rate you might get depends on your credit score, income, recent credit inquires and existing debts, among other factors.
- Fees: Marcus personal loans advertise no fees. That means there are no origination fees, late payment fees, or early repayment penalties.
- Loan amounts & timelines: Marcus offers personal loans of $3,500 - $40,000, with payoff terms ranging from 36 - 72 months.
Marcus Loan Requirements & Application Info
Category Rating: 4/5
- Minimum credit score: Marcus personal loans require at least a 720 TransUnion FICO v.9.0 or 730 TransUnion Vantage 3.0
- Minimum income: Marcus doesn’t disclose any specific personal loan income requirements.
- Age: You must be at least 18 years old (19 in Alabama; 21 in Mississippi and Puerto Rico).
- Citizenship: You must be a U.S citizen, permanent resident, or immigration-visa holder.
- Identification: You must have a Social Security number or Individual Taxpayer Identification number.
- Bank account: You must have a verifiable U.S. bank account.
- Pre-qualification: Marcus allows you to see if you’re prequalified online without affecting your credit score. This will give you a sense of your approval odds and potential loan terms, though it does not guarantee approval.
- Ways to apply: You can apply for a Marcus personal loan online or by calling 1-844-627-2871.
- No joint loans: Marcus does not allow joint personal loan applications.
Marcus Loan Reviews & Transparency
Category Rating: 3.5/5
- Better Business Bureau: Marcus by Goldman Sachs gets a perfect A+ from the BBB. They have been accredited with the bureau since 2018.
- Consumer Financial Protection Bureau: Goldman Sachs Bank, the parent company of Marcus, has about 98 complaints about personal loans filed against them. Examples of complaints include unauthorized inquiries appearing on a credit report and an error causing a payment to be late. Goldman Sachs consistently responds in a “timely” manner to complaints.
- WalletHub: Marcus by Goldman Sachs has a 3.3/5 average user rating across more than 2,000 reviews.
- Transparency: Marcus is very upfront about their personal loan terms, which you can read on their website. They even have an extremely in-depth FAQ page. And they offer an easy way for customers to get quotes before applying. However, it would be helpful if they could clearly disclose their minimum credit score and income requirements on their website.
Marcus loses some points in this category for their lackluster user rating and their lack of a clearly disclosed minimum credit score, but the company has a good reputation with industry watchdogs and an acceptable level of transparency.
Summary: Marcus Loans Scores by Review Category
| Category | Score |
|---|---|
| Rates, Fees & Other Terms | 4.6/5 |
| Requirements & Application Info | 4/5 |
| Reviews & Transparency | 3.5/5 |
| OVERALL | 12.1/15 |
Marcus by Goldman Sachs vs. Popular Competitors
| Info | Marcus by Goldman Sachs | SoFi | Discover |
|---|---|---|---|
| Reviews | |||
| APRs | 6.99% - 24.99% | 8.99% - 25.81% | 6.99% - 24.99% |
| Loan Amounts | $3,500 - $40,000 | $5,000 - $100,000 | $2,500 - $40,000 |
| Loan Terms | 36 - 72 months | 24 - 84 months | 36, 48, 60, 72 or 84 months |
| Minimum Credit Score | Good* | Fair* | Fair* |
Methodology
In order to provide the most accurate review of Marcus personal loans, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.
- The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back.For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. Terms for Marcus loans do not fluctuate significantly by state, however.
- The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
- The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.
The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.
Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. Rates range from 6.99% to 24.99% APR, and loan terms range from 36 to 72 months. For NY residents, rates range from 6.99%-24.74%. Only the most creditworthy applicants qualify for the lowest rates and longest loan terms. Rates will generally be higher for longer-term loans. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. Receive a 0.25% APR reduction when you enroll in AutoPay. This reduction will not be applied if AutoPay is not in effect. When enrolled, a larger portion of your monthly payment will be applied to your principal loan amount and less interest will accrue on your loan, which may result in a smaller final payment. See loan agreement for details.
