Marcus Personal Loans Review
Bottom line: Marcus personal loans, provided by a division of Goldman Sachs Bank, are ideal for people with excellent credit scores, offering APRs as low as 5.99%. Plus, the minimum credit score requirement for a Marcus personal loan is reported to be around 680 - 700. Marcus does not offer secured personal loans for people with subpar credit scores.
The best part about Marcus personal loans is that they’re completely fee-free. Marcus won’t even charge a late fee, unlike many major lenders. Applicants don’t have to wait long for a decision, either, as Marcus usually comes to one within 2 business days. They fund loans within an additional 4 business 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, find out more about Marcus personal loans and how they stack up against popular alternatives.
Marcus Personal Loan Terms
|APR||5.99% - 28.99%|
|Amount||$3,500 - $40,000|
|Length||36 - 72 months|
|Approval time||1 - 2 business days|
|Funding time||1 - 4 business days|
|Credit score requirement||660|
|Minimum income requirement||Undisclosed|
(all must apply)
|SSN or ITIN
U.S. bank account
18+ years old
Marcus Personal Loan Rates & Fees
Marcus personal loans can have a fairly wide range of interest rates, anywhere from 5.99% to 28.99%. 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 Personal Loan Requirements & Application Info
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 660. 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, 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. Marcus does not allow joint personal loan applications. You can apply online or by calling 1-844-627-2871.
Marcus Personal Loan Reviews & Transparency
Marcus is highly rated by the Better Business Bureau and by their own customers. And their parent company has an especially small number of complaints filed against them with the Consumer Financial Protection Bureau.
- 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 275 complaints against them with the CFPB. Just 22 are about personal loans. Examples of complaints include unauthorized inquiries appearing on a credit report and an error causing a payment to be late.
Goldman Sachs has responded in a “timely” manner to all of its personal loan complaints. The most recent one is from March 2019.
- WalletHub: Marcus by Goldman Sachs has a 4/5 user rating on WalletHub. WalletHub’s editors give Marcus personal loans a perfect score of 5/5.
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 Personal Loans vs. Popular Alternatives
|APR||5.99% - 28.99%||5.99% - 16.49%||6.99% - 24.99%|
|Loan amounts||$3,500 - $40,000||$5,000 - $100,000||$2,500 - $35,000|
|Loan lengths||36 - 72 months||12 - 84 months||36, 48, 60, 72 or 84 months|
|Credit score required||660||680||660*|
When determining WalletHub’s rating for Marcus personal loans, our editors used 23 different metrics. Those metrics can be grouped into the following key categories.
- Requirements: WalletHub’s editors considered the credit score, income, citizenship and other approval requirements for Marcus personal loans.
- APR: We looked at the range of APRs possible on Marcus personal loans and determined whether those rates stay fixed or vary over time.
- Fees: Our editors looked at the fees on Marcus personal loans, such as late fees, prepayment fees and origination fees.
- Loan amounts: We checked Marcus personal loans’ minimum and maximum dollar amounts available and how many months are available to pay them off.
- Application process: WalletHub’s editors checked application methods, along with the approval and funding timeline. We also looked at whether joint applications are available and whether Marcus offers pre-qualification.
- Customer satisfaction: We looked at WalletHub users’ reviews for Marcus, along with Marcus’s Better Business Bureau rating and complaints filed with the Consumer Financial Protection Bureau.
- Transparency: WalletHub determined how forthcoming Marcus is about how to qualify for a loan, along with the terms of their loans.
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