Marcus by Goldman Sachs Personal Loans Review 2021
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Loan amounts and interest rates from Marcus by Goldman Sachs
Marcus personal loan amounts range from $ 3,500 to $ 40,000 and can be repaid over three to six years, depending on the agreement you make with the lender.
Marcus’ lowest APR of 6.99% is slightly higher than comparable lenders. With SoFi, you can get a rate as low as 6.11% and LightStream has an APR of 2.49%. You should note that your credit must be in good shape in order to qualify for the best rates with these lenders.
On the plus side, Marcus has roughly the same maximum APR as similar companies. Marcus’ peak rate is 19.99%, same as Lightstream’s, and SoFi’s is a bit lower at 18.85%. Shop at different companies to see which ones offer you the best deals.
Marcus offers unsecured personal loans through Goldman Sachs Bank USA (FDIC member). Collateral like a home or a car are not required to have one unsecured personal loan. You can take out a personal loan for a variety of purposes including debt consolidation, home improvement, and vacation.
Depending on when your application is approved, it will take anywhere from one to four working days for the funds to be in your account from Marcus. You don’t pay any fees with the company.
A unique feature of Marcus is that the company offers a “On-Time Payment Reward”. You can skip a month of payments if you pay your loan on time and in full for a year and do not accumulate interest during that time. Your loan will then be extended for a month. This payment break could help you spend a month on other financial goals, such as: B. for your emergency fund, your retirement or higher-interest debt.
To contact customer support, call the lender Monday through Friday from 8:00 a.m. to 10:00 p.m. ET or 9:00 a.m. to 7:00 p.m. ET on the weekend. If the call doesn’t work for you, you can also send correspondence to Marcus’s Utah address.
Marcus also has a sleek mobile app on the Google Play and Apple stores that allows you to manage your credit on the go.
You must meet the following requirements in order to apply for a personal loan from Marcus:
- Be at least 18 years old (19 in Alabama, 21 in Mississippi and Puerto Rico)
- Have a valid US bank account
- Have a valid social security or individual tax number
The application is available online or by phone and can be completed in a few minutes. Marcus does not allow you to apply together. To apply for the first time, you will need basic information including:
- Date of birth
- Contact information including your address, phone number, and email
- Total annual income
- Monthly housing expenses
- Source of income
- Employment status
- Social security number
Marcus may ask you for several documents to verify your information, including:
- A bank statement
- Current pay slips
- Direct contact with your employer
After you have submitted an application and your loan has been approved, you will likely receive your money within one to four business days.
Marcus doesn’t provide a minimum APR to be eligible for a loan, but you will likely need a score of 670 or higher to qualify for good interest rates. This suggested score is comparable to similar personal lenders. For example, the minimum of SoFi is 680 and the lowest score that Lightstream will accept is 660.
You can find your credit report for free at annual credit report.com from one of the three major credit bureaus weekly through April 20, 2022. While this report won’t give you a credit rating, it does give you information about your credit and payment history that lenders use to decide whether to grant you a loan. Reviewing your credit report can help you know what needs improvement.
You can find your score for free on your credit card statement or online account. You can also pay for it at a credit bureau.
Your creditworthiness will not be affected when you check your rates with Marcus as the lender just runs a gentle loan request. Just keep in mind that before closing your loan, Marcus is going through a tough loan application that is likely to affect your credit score. A hard query gives a lender a complete look at your credit history, but it can negatively affect your credit score.
If you’re interested in getting a Marcus personal loan but need to improve your credit score, here are a few tips that can help you improve your score:
- Obtain and review a copy of your credit report. Check your report for errors that could lower your score. In this case, ask Schufa about how to fix the error.
- Keep credit card balances low. If you maintain a loan utilization rate – the percentage of your total loan you have used – of 30% or less, you are proving to lenders that you can responsibly manage your credit.
- Create a system for paying bills on time. Your payment history is an essential part of your credit history, and lenders want to see consistent and reliable payments in the past. Make calendar reminders or automatic payments to make sure you don’t forget any of your commitments.
Marcus is a Better Business Bureau accredited company, and the BBB gives Marcus one A + in trustworthiness. The BBB measures trustworthiness by reviewing business responses to consumer complaints, honesty in advertising, and transparency about business practices.
However, a good BBB rating doesn’t necessarily mean you have a positive relationship with Marcus. So ask friends and family about their experience with the company and check out customer reviews online.
Marcus has no current controversy. You might feel comfortable choosing Marcus as your personal lender because of his brilliant history and top-notch BBB rating.
Marcus interest rates are comparable to those offered by comparable lenders – although the interest rates will depend on your particular profile. This is how Marcus compares to the competition:
Marcus von Goldman Sachs Review vs. SoFi Review
Marcus doesn’t have minimum credit requirements, but generally you need a credit score of 670 or higher to qualify for a good rate.
You need a higher minimum credit rating to qualify for a SoFi personal loan, and the company’s APR is similar to that of Marcus. If you have great credit, SoFi can qualify you for a slightly lower APR than Marcus, but the difference is small.
You don’t pay any fees, prepayment penalties, or late payment fees with any of the lenders, both of which make great options for avoiding additional costs on your loan.
Marcus’ three to six year loan periods are slightly shorter than SoFi’s two to seven years. If you want to spread your payments out over a longer period of time, SoFi may be a better option for you.
Marcus from Goldman Sachs versus Lightstream
Lightstream’s minimum APR of 2.49% is significantly lower than Marcus’ 6.99% APR, even though you will only qualify for the best rate on Lightstream with excellent credit. Additionally, you can withdraw up to $ 100,000 from Lightstream, while you can only withdraw a maximum of $ 40,000 from Marcus. None of the companies charge origination fees or prepayment fees.
While it would be easiest to compare deals to see which plan is better for you, Lightstream doesn’t offer pre-approval and requires you to submit an application and agree to a hard borrowing agreement to get your plans. Marcus offers pre-approval online.
A distinctive feature of Marcus Personal Loans is the company’s “On-Time Bonus”. If you pay your loan on time and in full for a year, you can skip a month of payments and no interest will accrue during that time. Your loan will then be extended for a month. You may prefer Marcus if you want to take advantage of this.
Ryan Wangman is a Review Fellow at Personal Finance Insider reporting on mortgages, refinances, bank accounts, bank reviews, and loans. In his previous personal finance writing experience, he wrote about creditworthiness, financial literacy, and home ownership.