Marcus Personal Loan Review by Goldman Sachs
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Of all the many types of debt, high interest credit card balances are often the most troublesome, due to compound interest and exorbitant APRs.
Personal loans can be a strategic way for you to consolidate your debt and pay it off over a period of time, whether it is a few months or a few years. With Average APR of 9.65% (vs. 16.28% for credit cards), personal loans could save you money and simplify your bills.
CNBC Select appointed the Marcus personal loans by Goldman Sachs as the best personal loan for debt consolidation because it allows you to send automatic direct payments to up to 10 creditors saving you the time and hassle of doing it yourself.
Ahead, CNBC Select reviewed Marcus by Goldman Sachs Personal Loans, taking into account APR, benefits, fees, loan amounts and terms. (Learn more about our methodology below.)
On the secure Marcus by Goldman Sachs site
Annual percentage rate (APR)
6.99% to 19.99% APR when you sign up for automatic payment
Purpose of the loan
Debt Consolidation, Home Renovation, Marriage, Moving & Relocation or Vacation
Find the best personal loans
Marcus Loans offer fixed rate APRs ranging from 6.99% to 19.99%. When you sign up for automatic payment, you receive a 0.25% discount on APR. The APR you are eligible for depends on your credit.
Potential clients can use the informal search tool on Marcus’ website to see the loan options available to you without affecting your credit score.
Once approved, borrowers can take advantage of VantageScore monthly updates on their credit scores after logging into their Marcus account.
Specifically, Marcus can send direct payments to up to 10 creditors of your choice at no additional cost. Your loan balance is deposited into your bank account.
Marcus also allows you to choose what date you want your payments to be due when you accept the loan. You can then change the due date two more times.
Customers can earn one month of interest-free vacation after making their payments on time for 12 consecutive months. However, this will extend your loan for one month, for which you will pay interest.
This loan has no set-up or late fees, and Marcus does not penalize clients for prepaying their loans.
Marcus offers loans ranging from $ 3,500 to $ 40,000. Money can be deposited into your account within a week to 10 business days.
The duration of this loan varies from 36 to 72 months. You may be eligible for more options when you have a better credit score.
Marcus personal loans by Goldman Sachs personal loans are right for you if you have a high interest rate debt that you are looking to pay off. A disadvantage of this loan is that it does not accept joint applications or co-signers.
If you are looking to apply with a co-borrower, check out PenFed Personal Loans. Applying to a co-borrower can get you a better rate because your credit scores and history are taken into account.
If you are looking for a larger loan, SoFi Personal Loans offers qualified borrowers loan amounts of up to $ 100,000.
Find the best personal loans
To determine which personal loans are the best, CNBC Select has analyzed dozens of personal loans in the United States offered by online and physical banks, including major credit unions, that have no set-up or enrollment fees, fixed-rate APRs, and cash amounts. and flexible loan terms to suit a range of financings. Needs.
When selecting and ranking the best personal loans, we focused on the following features:
- No creation or registration fees: None of the lenders on our best-of list charge borrowers an upfront fee for processing your loan.
- Fixed rate APR: Variable rates can go up and down over the life of your loan. With a fixed rate APR, you lock in an interest rate for the term of the loan, which means your monthly payment does not fluctuate, making it easier to plan your budget.
- Flexible minimum and maximum loan amounts / conditions: Each lender offers a variety of financing options that you can customize based on your monthly budget and the time you need to pay off your loan.
- No prepayment penalty: The lenders on our list do not charge borrowers for prepayment of loans.
- Simplified application process: We looked at whether lenders offer same-day approval decisions and a fast online application process.
- Customer service: Each loan on our list offers customer service available by phone, email or secure online messaging. We have also opted for lenders with an online resource center or advice center to help educate you about the personal loan process and your finances.
- Disbursement of funds: The loans on our list deliver the funds quickly by wire transfer to your checking account or in the form of a paper check. Some lenders (which we have noted) offer the option of paying your creditors directly.
- Autopay discounts: We have noted lenders who reward you for signing up for automatic payment by lowering your APR from 0.25% to 0.5%.
- Creditors payment limits and loan amounts: The above lenders provide loans in a range of sizes, from $ 500 to $ 100,000. Each lender advertises their respective payment limits and loan sizes, and a pre-approval process can give you an idea of your interest rate and monthly payment for that amount.
After reviewing the features above, we sorted our recommendations based on overall financing needs, debt consolidation and refinancing, small loans, and next day financing.
Note that the advertised rates and fee structures for personal loans are subject to fluctuation based on the Fed rate. However, once you accept your loan agreement, a fixed rate APR will secure the interest rate and the monthly payment will remain constant for the life of the loan. Your APR, monthly payment, and loan amount depend on your credit history and creditworthiness. To take out a loan, lenders will conduct a rigorous credit investigation and request a complete application, which may require proof of income, identity verification, proof of address and more.
Editorial note: The opinions, analyzes, criticisms or recommendations expressed in this article are those of the editorial staff of Select and have not been reviewed, endorsed or otherwise approved by any third party.