Marcus by Goldman Sachs Loan December 2024 Review

Editor's Note: In early 2023, Goldman Sachs announced that Marcus is no longer accepting online applications for personal loans without an invitation code.

The Marcus personal loan comes with its no-fee policy. That’s no origination fee, no prepayment fee, and no late fees. 

Marcus Personal Loan Top Features

No fees: Marcus really means it. There are no fees. The amount of money you’re approved for is the amount of money you receive.

Defer payment option: Pay your loan on time and in full every month for 12 consecutive months and Marcus will give you the option to skip a month. Interest doesn't accrue, and the loan is extended by one month. You may do this after every 12 on-time payments.

AutoPay discount: Save 0.25% on your APR when enrolled in AutoPay. You’ll also never miss a payment.

Direct payment option: If you choose debt consolidation as your loan purpose, you may have Marcus send your loan funds directly to up to ten creditors. This can speed up your payoff and help you avoid paying even one extra day in interest charges. 

Qualifying for a Marcus loan

As of Spring 2023, Marcus is only accepting applications from people who have received an invitation to apply. If you received an invitation, you can follow the instructions in your letter. If you haven't gotten an invitation, check back later in the year to see if Marcus has opened up to a wider audience.

You must be over 18 to qualify. In Alabama, the minimum age is 19, and it's 21 in Mississippi and Puerto Rico.

You must have a Social Security or tax identification number and a valid U.S. bank account. 

Marcus does not disclose its minimum credit score to qualify, but is known for tailoring its loans to applicants with strong credit. If your credit score isn’t good or excellent, consider working to improve it before applying with Marcus.

Ways to boost your credit score include:

• Pay down debt
• Pay bills on time
• Keep your credit utilization ratio low 
• Avoid closing old credit accounts 

Generally speaking, the higher your credit score, the lower the interest rate you’ll qualify for on a loan. 

How to apply for a Marcus loan

Apply for a Marcus loan online by supplying your name, address, birth date, and email address. Marcus will also ask for a few details about:

• Your annual income
• Monthly housing payment
• Up to three sources of income
• Identity verification, such as your Social Security number, driver’s license, or passport
• Recent bank statements and pay stubs for income verification

Goldman Sachs, the entity that owns Marcus, will conduct a soft credit inquiry to prequalify you and show you loan options. That won’t impact your credit score. Consider the best loan for your purposes based on APR, monthly payment, and repayment terms. 

After you choose the loan you want, the formal application process starts. Marcus will verify your information and might ask for more documentation. They’ll also do a hard credit check, which could cause your credit score to go down temporarily. Marcus will then approve or deny the loan. 

Loan approval and loan funding from Marcus

The approval process usually takes about 24 hours. Once approved, expect to receive your funds within one to four business days. 

If you are using your loan for debt consolidation, you have the option of letting Marcus send payment directly to up to 10 creditors. That makes the debt consolidation process move more quickly and could save you money in interest.

Marcus personal loans customer service and customer satisfaction

Marcus personal loans generally receive high ratings for customer service and satisfaction.  Many customers comment on the ease of the process and funding speed. 

The absence of fees gives Marcus high rankings for customer satisfaction. So does its payment date flexibility. You can change the payment date up to three times over the life of the loan, as long as no past-due payments exist.

Marcus has an A+ rating from the Better Business Bureau.  

When a Marcus personal loan might be the best choice

A Marcus personal loan may be best for those with good credit seeking a personal loan for debt consolidation. Since the Marcus personal loan may have a lower interest rate than many credit cards, it could be a way to pay off higher-interest debt while saving money with a lower rate. 

You can also use a Marcus personal loan for:

• Home improvement
• Weddings
• Moving expenses
• Vacations 

For those who qualify, a Marcus personal loan is one of the top choices available.