Marcus by Goldman Sachs

7.8 Total Score
4 reviews
WalletStars

Our rating is based on a combination of expert staff and user ratings.

7.8Expert Score
Support
8.5
Affordability
7.5
Benefits
7.5
Application Process
7.5
8.2User's score
Support
7.3
Affordability
8.3
Benefits
7.5
Application Process
9.8
PROS
  • Option to Skip a Payment With No Penalties
  • Flexible Borrowing Term
CONS
  • Must Have a Good Credit Score
Add your review
Average Score 7.8
PROS:
  • Option to Skip a Payment With No Penalties
  • Flexible Borrowing Term
CONS:
  • Must Have a Good Credit Score

Introduction

APR 5.99% – 28.99%5.99% – 24.99% For New York Residents
Loan Amount $3,500 – $40,000
Loan Duration

36 to 72 months. After 12 consecutive monthly payments, the borrower can choose to skip a payment with no repercussions

About
Marcus is an online lender that is owned by Goldman Sachs. Goldman Sachs is an American multinational investment bank and financial services company headquartered in New York City. It offers services in investment management, securities, asset management, prime brokerage, and securities underwriting.

Ideal Borrower
If you have great credit you’ll generally be a great candidate for any kind of financial product, including personal loans. The loans offered by Marcus by Goldman Sachs are no exception, most borrowers the company lends to have a credit score of 660 and above. If you’re looking for a flexible borrowing term, Marcus may be a good fit for you. Most lending companies have a fixed term, but Marcus borrowers can choose between 36 to 72 months to pay back their loans, some exclusions may apply. The Marcus loan is good for people looking to consolidate their debt into one easy payment with a single interest rate.

Best For
Loan consolidation. Interest rates for some financial services can fluctuate, depending on the terms and condition of the agreement. With Marcus, you can roll all your payments into one easy to track monthly payment with one set interest rate. Consolidation can be a great option for quickly paying off student loans, and you may even pay less interest in the long run.

How to Qualify
Marcus in an online lender, so technology plays a huge part in the application and qualification process. Their website makes it easy to enter your information and you’ll find out if you qualify very quickly. Marcus conducts a soft credit check with TransUnion to find out if you qualify. Soft inquiries do not appear on your credit score and do not impact your scores. It may be helpful to check your credit history with TransUnion to make sure everything that’s on it is factual and up to date.  

Additional Fees
The Marcus by Goldman Sachs personal loan is almost fee free, except for your monthly payments, of course. There is no origination fee to set up the loan. If you make your payments on time for 12 months you can skip a payment without paying any penalties. Of course, you still owe that payment, but this policy can help you if an unexpected expense comes up and you need the money to pay that off instead.  


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