Marcus—the online-only banking lender by Goldman Sachs—provides personal loans with no fees. You’re only required to pay the principal and the interest, although interest rates for Marcus loans are a little higher when compared to competitors. If you have a good credit score and want to avoid extra fees, you may want to explore a Marcus loan.

Our Marcus personal loan review breaks down everything you need to know, so you can see if a Marcus personal loan is right for you

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Pros

  • No Fees

  • Autopay Discount of 0.25%

  • Prequalification Available

  • Flexible Monthly Payment Option

Cons

  • Long Time to Receive Funds

  • Good Credit Required

  • No Joint or Cosigner Options

Pros Explained

  • No Fees – Marcus professes that when you take out a loan, you only pay back your principal balance and interest. Nothing else. There are no fees whatsoever.
  • Autopay Discount of 0.25% – If you sign up for autopay, you’ll get a 0.25% discount on your monthly payments. That means you’ll pay more toward your principal balance and less interest will add up over time.
  • Prequalification Available – If you’re unsure if you’re eligible for a Marcus loan, you can complete a short form. This doesn’t trigger a hard credit check and will let you compare your loan options. 
  • Flexible Monthly Payment Option If your current monthly due date doesn’t work for you, you can change it up to three times over the life of the loan. When you apply, you can set your monthly due date when you set up your loan.

Cons Explained

  • Long Time to Receive Funds – Even though you can quickly check your options and apply online, it could take up to four days to receive your funds. This is longer than some other lenders.
  • Good Credit Required – You’ll probably need at least a 660 credit score to qualify for a Marcus loan. 
  • No Joint or Cosigner Options If you don’t have good credit, you can’t ask anyone else for help. Marcus doesn’t accept cosigners or joint applications for its loans. This means if you don’t qualify on your own, you should look elsewhere for a loan.

COVID-19 Assistance

if you have a Marcus personal loan and have been impacted by COVID-19, you can postpone making a payment on your loan for one month. There will be no interest charged during the deferral and your loan term will be extended by one month. 

You can request the deferral through the customer assistance program in your loan dashboard.

Loan Amounts

You can apply for a loan anywhere between $3,500 and $40,000.

Annual Percentage Rate (APR)

Fixed APR rates from 6.99% to 19.99%. An 0.25% autopay discount is available. When you enroll in the autopay program, a larger portion of your monthly payment will be applied to your principal loan amount so that less interest accrues on your loan. 

Loan Terms

Loan terms are available from three to six years. Marcus offers an on-time payment reward, which allows borrowers who have made full and on-time payments for 12 consecutive months the ability to defer one payment without accruing additional interest.

Credit Score Requirements

If your score is below 660, it could restrict your options. If you have bad or fair credit, consider looking at other personal loan lenders.

Fees

Marcus doesn't charge any fees; so no sign-up fees, no late fees, and no prepayment fees.

Time to Receive Funds

It can take anywhere from one to four days to get your funds. The time may vary based on the time of day that your application is processed.

Marcus Personal Loan Features

  • There is a prequalification option.
  • An online application is available.
  • You can change your monthly due date.
  • There are no fees.

Apply for a Marcus Personal Loan

As long as you’re 18 years of age with a U.S. bank account and Social Security number (or Tax ID number), you’re eligible to apply for a Marcus personal loan. Here’s what to expect from your Marcus personal loan application.

  1. Complete a soft credit check – This is where you’ll see if you’re eligible for a Marcus personal loan by completing a prequalification form. From there, you’ll know if you can continue with an application or you don’t qualify.
  2. Detail your loan amount Not only can you put in how much you want to borrow; you can also put in what you’d like your estimated monthly loan amount to be. If you know how much you can afford to pay each month, this is helpful for making sure you stay up to date on payments.
  3. Share income details Here you’ll put in your annual income, monthly housing costs, and how you earn your money. For instance, if you have a full-time day job as well as a side hustle, you’ll share that information in this section.
  4. View loan options If you qualify, you’ll browse through loan options that are best for your financial situation. You’ll be able to see your potential APR and what you’d pay each month as well as proposed repayment terms based on those factors.
  5. Add additional information You may need to provide extra documents and forms—such as pay stubs, bank statements, or some W-2 forms—to show proof of income. To provide proof of identity, you may need to share your Social Security number, Tax ID number, or a photo ID, such as a driver’s license. In some cases you might need to share your employer’s information to verify your employment.

After completing your application, you’ll be able to set your monthly due date and a bank account to accept your loan funds.

Can I Refinance a Personal Loan with Marcus?

Right now, you can’t refinance a loan with a Marcus personal loan.

The Bottom Line

If you have a solid credit score and need to take out a personal loan, Marcus by Goldman Sachs has competitive offers. The biggest differentiator between Marcus and others is that Marcus doesn’t charge any fees whatsoever. Even if you’re late making a payment, you could see your credit score drop and interest add up, but you won’t ever get hit with a late payment fee.

You can’t take out a dollar amount larger than $40,000, and it could take a while to receive your funds (up to four days). Nevertheless, Marcus personal loans offer the best rates for many people. It’s a solid choice if you’re in search of a personal loan.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. We collected over 25 data points across more than 50 lenders—including interest rates, fees, loan amounts and repayment terms—to ensure that our content helps users make the right borrowing decision for their needs.