Marcus by Goldman Sachs Personal Loan Reviews

Goldman Sach is an investment bank and financial services company in New York responsible for creating Marcus by Goldman Sach a subsidiary that grants personal loans. 

In this review, comprehensive information and reviews will be discussed. Solely to determine if Marcus’s loan is worth signing up for. Without further adieu, let’s get started.

What is Marcus By Goldman Sachs?

Marcus is a branch of the Goldman Sachs Group.Inc launched in 2016. It is an online-only consumer banking and investment lender. It makes personal loans available to borrowers with good credit with a focus on debt consolidation and home improvement loans.

Marcus issues loans from $3,500 to $40,000 with loan term starting from 36 to 72months. They provide investment and banking products for individuals such as high yield savings accounts, certificate of deposit, investment account, and personal loans. 

Marcus personal loan offers to borrowers are used majorly for debt consolidation or home improvement says Elizabeth Kozack. Kozack is the president of product strategy and customer experience at Marcus. But the money can be used for a variety of other events such as weddings, moving, and relocation, vacation major purchases.

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Marcus Eligibility Criteria Are:

  • The borrower must be 18 years and above
  • Must have a minimum credit score which is 660
  • Individual bank account and social security number
  • Sometimes proof of income such as pay stubs or bank statement
  • Individual Tax ID or Photo ID number

How To Apply For A Marcus Personal Loan

You can apply for a Marcus personal loan online. Listed below are the steps to follow

Review Your Option: Marcus has a prequalification form. You can use this form to find out if you are eligible for a loan and also view your options without inputting your credit score.

Pick A Loan: Decide on the loan that best fits your need. Do this based on the repayment term, monthly payment, and interest rate.

Fill Out An Application: Marcus needs you to fill out an application. In the application, you’d enter your personal information, details about your earnings, employer, and consent to a hard credit inquiry. A hard credit inquiry might cause a temporary dip in your credit score.

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– Full name and address

-Date of Birth

– e-mail address

– total annual income 

– monthly housing payment

– intended case of the loan

– proof of income 

– social security number, individual tax ID, or photo ID

You can call Marcus to request a paper application.

Loan Term Review- As soon as your loan is approved, expect Marcus to send you a loan disclosure agreement. Read it carefully. Understand the terms and conditions before signing your loan.

Verify Information- Verification and identification might take place. Marcus may ask you to submit a copy of your license or photo ID. It could be your bank account and routing numbers or the information for your creditors.

Loan Disbursement- Loan transfer can take up to three days before reflecting in your account.

Marcus Personal Loan Features

#1. Affordability- The most popular feature of Marcus is that you don’t require fees to collect coast. Rate discount for auto payment. No origination charge, prepayment signup, or late fees.

#2. Loan Flexibility- Marcus offers only unsecured loans. They offer direct payment to creditors for debt consolidation loans. It funds loans within one week of application. It is available in 50 states.

#3. Transparency- With Marcus there is hiding nothing from customers. It discloses rates and terms on the website. Comprehensive FAQ that answers borrowers’ questions.

#4. Customer Experience- Marcus provides financial education and seven-day customer service.

#6. Date- Borrowers can adjust their payment due date. No co-signer and co-applicant, Marcus only accepts individuals 

#7. APR- APR. Marcus personal loans have fixed APRs from 6.99% to 19.99%. Like many other top lenders, Marcus offers borrowers a rate discount for signing up for autopay, in this case, 0.25%—higher than some other lenders offer. 

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Advantages of Marcus Personal Loans

No Fees- No added fees with Marcus Personal Loan such as startup fee, late fee, and prepayment penalties.

On-time Payment Reward- If you make payment on time for 12months Marcus will give you an on-time payment reward as well as allow you to skip a payment. 

Direct Creditor Payment- With debt consolidation, Marcus pays directly to your creditors and this helps to speed up the debt consolidation process.

Discount-If you sign up for automatic payments for your Marcus personal loan, you can lower your interest rate by 0.25 percentage points.

Wide variety of loan terms- Marcus has customizable repayment terms. Though terms range from 3 to 6 years, there are more options. Your term is determined by the amount you wish to borrow and your desired monthly payment.

Payment federal option- After making 12 consecutive monthly payments, you can postpone one payment in as much as you’ve made all your prior payments in full and one time. You won’t be required to pay interest while your payment is deferred.

Disadvantages of Marcus Personal Loans

Loan disbursement doesn’t happen until several days. Usually, it takes three business days to receive funds. If you have an emergency expense and need money urgently, Marcus’ loan might not be right for you.

Doesn’t sDoesn’tyspecify have minimum or income? Marcus doesn’t have a minimum income or credit score but research shows that 660 might be it

Marcus unlike other money lenders doesn’t offer co-signed or application or secured loans.

Marcus’s loan has limited customer service. Marcus doesn’t offer a chat tool for borrowers or a social media account dedicated solely to customer service.

The Marcus Loan App is rated 4.9 out of 5 stars. It is available on Google Play and the Apple store for Android and IOS for free. App size is 220.3MB on Apple Store.

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Customer Service

Unlike some other lenders, Marcus doesn’t have a live chat feature—the only way to reach customer support is via phone. For questions about Marcus loans or the application process, call 844-627-2871. 

If you’re an existing Marcus personal loan customer with questions about your account, call 844-627-2872. 

Customer support is available Monday through Friday from 8:00 am.m until 10:00 p.m. EST, and on Saturdays and Sundays from 9:00 a.m. until 7:00 p.m. EST.

Customer Review

 In 2020, the Consumer Financial Protection Bureau received 24 personal loan-related complaints about Goldman Sachs Bank which established Marcus’s loans. The banks responded quickly to this complaint. Marcus has a very good report in the financial industry mainly because it is supported by Goldman Sachs, a financial company

Marcus was not included in JD Power’s 2021 US lending satisfaction study which measures overall customer satisfaction among top lenders. 

Reviewers mention the ease of using the site and the speed of the application process. On credit karma, Marcus by Goldman Sachs has a rating of 4.5 stars out of 5. Review is mostly concerned with how easy, simple, and fast Marcus Personal Loan App is. Of course, all reviews can’t all be great, some customers have problems with credit scores and how you can’ recurring automatic payments.

“…only complaint is I wanted to make a higher payment each month rather than the minimum payment and set it as an automatic payment.”

Another is ” Easy, fast, the best rate I found compared to many other companies. No fees! I would recommend this company over the others…”

 “Applied for a loan on 11/3/21 credit score is 750 range, got an email informing me they had received my information and would contact me. If they needed anything else. Never heard another word from them. Moving on and searching for another loan.”

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Frequently Asked Questions

Can you refinance a personal loan with Marcus?

You can use Marcus to pay off existing loans but it does not offer personal loan refinance at this time.

Do Marcus loans verify income?

Marcus doesn’t specify a minimum income requirement. It only needs customers to submit proof of income when they are applying. And the better your credit, the better your chances of securing a low-interest rate.

How do fees and penalties work?

 Marcus personal loans do not charge any unnecessary fees such as origination or late fees. The only thing is you will continue to store up interest on the past due amount and your total payment amount will increase as a result.

 Late payments, missed payments, partial payments, and loan default will show on your credit report. However, you won’t be penalized for paying your loan off early.


Marcus Personal loan is certainly dependable. We can deduce from the review the numerous feature it has that other money lenders don’t. But still, it is not for everyone to make sure to read and understand before signing up to avoid disappointment.



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