Review of Marcus Personal Loan

Review of Marcus Personal Loan

Marcus, owned by Goldman Sachs, serves as an online lender of loans to applicants who have a good credit score. The key purpose of the loan is debt consolidation but the receiver can use the same for any miscellaneous purpose.

Goldman Sachs is a reputed investment firm in America that beholds the status of being a white-collar stock trader. In addition to the investment facility, Goldman made various spin around with new launches and added business prospects to its existing operations. One new arm is GS Bank that provides only internet saving accounts to all people and the other is a personal loan that has increased the company’s reputation as a reputed online lender that we all know as Marcus.

Rates and Terms

• Loan Amount: $3,500 – $40,000
• Interest Rate: 6.99% – 24.99%
• Origination Fees: 0%
• Funding Time: 1 to 4 Business Days
• Funding Terms: 36 to 72 Months


• The specialization is debt consolidation with fixed-interest loans.
• A streamlined process of loan repayments makes the payment hassle-free and stress-free.
• Marcus offers three types of loans, i.e personal loans, saving accounts, and CDs.
• Marcus gains profit only on the interest the company receives for loan payments.
• There is no origination fee.
• The loan is available only for creditworthiness applicants.

Requirements for Eligibility

There are certain eligibility requirements to apply for the Marcus loan:

• As an applicant, you should have a minimum credit score of 640.
• You should be of minimum 18 years of age and a minimum age of 19 in Nebraska and Alabama. You should have a valid bank account in the US.
• You should also have a valid Social Security Number or Individual Tax ID Number.
• You should have a valid proof of income, the purpose of your loan, employment, and creditworthiness.

The Application Process

The application process to apply for Marcus loan is as follows:

• Visit the official website of Marcus and fill the application form using all the relevant information.
• You need to mention your loan amount, loan purpose, name, contact details, and your annual income.
• Further to your application, Marcus conducts a soft credit check without influencing your credit score and if the company finds you eligible with all the qualifying requirements, the loan process proceeds further.
• Once approved, you can review the options of repayments based upon the interest rate.
• Lastly, before actually crediting the loan to your account and finalizing your approval, the company conducts a hard credit check.
• Once done, the company approves the loan and credits the amount to your account.

Pros and Cons of Personal Loans

Marcus loan has several advantages and disadvantages to look for before you apply for the loan.


Here are the advantages of Marcus loan:

• There is no origination fee or any fee on missed or late payments.
• You enjoy loan flexibility concerning repayments on monthly basis. Once you choose the monthly amount for payment, the final process of application goes further.
• You have an option to skip one payment at no extra interest charges. However, this is possible if you make on-time payments for at least one year of 12 months.
• Customer service is available round the clock by the most experienced loan specialists.


Here are drawbacks to Marcus by Goldman Sachs:

• They often sway you by promo offers and preapproval letters. However, you have to be very alert for deciding on the loan factor.
• For long-term loans, you have to pay a high cost.
• Every time there are no late payment fees and for the long run, if this continues, the company penalizes your late payments.
• In the case of self-employed professionals, it would be difficult to get proof of your income and follow the eligibility requirements for the application.