Marcus Personal Loans Review

Marcus offers personal loans with no fees

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Marcus-by-Goldman-Sachs
overall rating
4.0

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

  • Product Specifications
  • Pros and Cons
  • Fees
Product Specifications
  • APR Range 6.99% to $19.99%
  • Loan Amounts $3,500-$40,000
  • Loan Terms 3-6 years
  • Recommended Minimum Credit Score If your score is below 660, it could restrict your options.
Pros and Cons
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

Fees
  • Origination Fee: None
  • Application Fee: None
  • Late Payment Fee: None
  • Prepayment Penalty: None

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.

Types of Loans Offered by Marcus

Marcus currently offers borrowers several personal loan options that they can use for a variety of purposes. Personal loans are available to help finance debt consolidation, home improvement, weddings, vacations, moving, and relocation.

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, but 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.

Verdict

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). Marcus personal loans also offer attractive rates for many people, though not necessarily the best rates for borrowers with excellent credit. Still, 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.

Article Sources

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
  1. Marcus.com. "We’re Offering Personal Loans With No Fees. Ever." Accessed May 18, 2020.

  2. Marcus.com. "FAQs: About Loans From Marcus: Can I change my loan payment due date?" Accessed May 18, 2020.

  3. Marcus.com. "FAQs: Loan Application: Do you accept joint applications?" Accessed May 18, 2020.

  4. Marcus.com. "FAQs: Loan Application: When will I receive my funds?" Accessed May 18, 2020.

  5. Marcus.com. "FAQs: About Loans From Marcus: Am I eligible to apply for a loan from Marcus?" Accessed May 18, 2020.

  6. Marcus.com. "FAQs: About Loans From Marcus: What types of documents are accepted to demonstrate proof of income?" Accessed May 18, 2020.