Bottom line: 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 around 680. 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 personal loan applicants don’t have to wait long for a decision, either, as many Marcus customers receive funds in as little as 5 days. With the potential for low costs and fast approval, 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% - 19.99%|
|Loan Amount||$3,500 - $40,000|
|Loan Terms||36 - 72 months|
|Minimum Credit Score||Good*|
|Loan Purpose||Debt Consolidation, Refinance|
|Time to Receive Loan Money||As little as 5 days|
*According to multiple third-party sources
Marcus Personal Loan Rates, Fees & Other Terms
Category Rating: 5/5
Marcus personal loans can have a fairly wide range of interest rates, anywhere from 6.99% to 19.99%. Your rate could be anywhere in that range, based on your credit score, income, recent credit inquiries, debt load and more.
The better your score and the more money you make, the lower your APR is likely to be. 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.
Marcus personal loans advertise no fees ever. That means no origination fee to open the loan, no late-payment fees, and no fee for bringing your balance to zero ahead of schedule.
Marcus offers loans of $3,500 to $40,000 for 36 to 72 months. These high loan amounts and long payoff periods, combined with the low rates and lack of fees, contribute to the high score Marcus receives.
Marcus Personal Loan Requirements & Application Info
Category Rating: 4/5
Marcus will consider your credit score and income, among a host of other factors, when evaluating you for a personal loan. Marcus personal loans require a credit score of at least 680. That’s in line with what many other major lenders require. There aren’t any explicit Marcus personal loan income requirements, though, according to representatives.
Marcus personal loans are open not just to U.S. citizens but also to permanent residents of the U.S. and people with immigration visas. As long as you are at least 18 years old (19 in Alabama, 21 in Mississippi and Puerto Rico), have a U.S. bank account and have either a Social Security number or Individual Taxpayer Identification number, you can apply.
Marcus allows you to get a free quote online without affecting your credit score. Just put in the loan amount you want, your desired monthly payment, the reason for the loan, and personal info like your address and income. This won’t guarantee approval for a loan, but it will give you an idea of the rates you can expect if you are approved. You can apply online or by calling 1-844-627-2871.
Marcus does not allow joint personal loan applications, which is one of the few places they lose points in this category.
Marcus Personal Loan Reviews & Transparency
Category Rating: 3.3/5
- 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 30 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 2.9/5 average user rating across more than 130 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 disclose their minimum credit score and income requirements.
Marcus loses some points in this category for their lackluster user rating and their lack of a disclosed minimum credit score, but the company has a good reputation with industry watchdogs and an acceptable level of transparency.
Marcus Personal Loans vs. Popular Alternatives
Marcus by Goldman Sachs
|APRs||6.99% - 19.99%||5.99% - 18.28%||6.99% - 24.99%|
|Loan Amounts||$3,500 - $40,000||$5,000 - $100,000||$2,500 - $35,000|
|Loan Terms||36 - 72 months||24 - 84 months||36, 48, 60, 72 or 84 months|
|Minimum Credit Score||Good*||Fair*||Fair*|
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.