Marcus by Goldman Sachs Review: Personal Loans With No Fees

There are many roads to responsible personal finance, and Marcus by Goldman Sachs offers several financial products that can help you find yours. Their offerings include fixed-rate personal loans that can help you borrow responsibly, along with high-yield savings accounts and certificates of deposit (CDs) that can help you store and build wealth.

Marcus by Goldman Sachs is a brand of Goldman Sachs Bank, which was founded in 1869. That gives this lender quite a bit of street cred considering its nearly 150 years of experience helping consumers reach their financial goals.

Before you apply for a personal loan with Marcus, however, it’s important to understand how their loans work, who can qualify, and other options that may be available. If you need to borrow money and Marcus by Goldman Sachs is on your short list of lenders, keep reading to learn more.

Marcus by Goldman Sachs Personal Loans: Key Takeaways

  • Borrow between $3,500 and $40,000 with loan terms that range between 36 and 72 months.
  • Score a fixed interest rate between 5.99% and 28.99% depending on your creditworthiness.
  • Get an unsecured loan with no origination fee, no late fees, and no other hidden fees.
  • Apply online and from the comfort of your own home and get access to your money in a few business days.

Marcus by Goldman Sachs Review: Affordable Personal Loans with No Fees

Marcus by Goldman Sachs’ long history and reputation has helped them surge to the forefront of popular personal lenders in the online space. However, consumers apply for these loans for reasons beyond just the company’s name and reputation. Marcus by Goldman Sachs offers personal loans that can come with a fixed APR as low as 5.99% if you qualify. More importantly, these loans come with no fees — specifically no origination fee, no application fee, and no late fees even. This makes Marcus personal loans more affordable than many competing loans right off the bat.

Marcus by Goldman Sachs offers a few additional perks that can make their personal loans work with your lifestyle. You have the option to tailor your personal loan to your needs if you qualify, including your monthly payment and your repayment timeline. Marcus may also let you move your due date to any time in the month that is most convenient for you up to three times over your loan’s lifetime. As an added bonus, Marcus by Goldman Sachs gives you the option to “skip” a payment after 12 months of on-time monthly payments toward your loan balance.

Finally, Marcus by Goldman Sachs allows you to see if you’re pre-qualified for a personal loan without affecting your credit score. All you must do is enter basic information on how much you wish to borrow and your ideal payment amount. Other information you’ll need to submit to get pre-approval includes your name and address, date of birth, email address, and annual income. You don’t even have to provide a Social Security number to see loan options you may be able to qualify for.

Here’s an example of what you’ll see if you take steps to see if you’re pre-qualified:

Marcus by Goldman Sachs: What to Watch Out For

The main downside of Marcus by Goldman Sachs is the fact that not everyone will qualify for their personal loans. To qualify, you need to be 18 or older in most states (19 in Mississippi, Alabama, and Puerto Rico) and have a valid U.S. bank account and Social Security number. According to the lender’s most recent annual report, the majority of their customers also had credit scores over 660. This means you may have trouble qualifying if you have poor or fair credit.

Also keep in mind that, although Marcus by Goldman Sachs offers fixed interest rates as low as 5.99%, those rates will go to those with the best credit scores and financial health. If your credit score is low but you’re still able to qualify, you could wind up paying an interest rate on the higher end of the rates they offer — even up to 28.99%.

Finally, Marcus by Goldman Sachs doesn’t offer the broadest range of loan amounts or repayment terms. You can borrow up to $40,000 with one of their personal loans and pay it off in up to 72 months if you qualify, but you’ll need to seek out a different lender if you need to borrow more than that or need more time to pay your loan off.

Who Marcus by Goldman Sachs Personal Loans are Best for:

  • People with good credit who can qualify for the best interest rates and loan terms.
  • Consumers who want a personal loan without any fees.
  • Anyone who wants a personal loan with a fixed interest rate and fixed monthly payment they can count on.

How We Rate Marcus by Goldman Sachs Personal Loans

At The Simple Dollar, we aim to provide a general overview of a lender’s products and services through a standard rating process. After a thorough research and discovery period, here’s how Marcus by Goldman Sachs stacks up:

Marcus by Goldman Sachs at a Glance
Overall Rating
Affordability (interest rates, fees, and terms) 🌕🌕🌕🌕🌕
Availability (credit requirements, geographic reach) 🌕🌕🌕🌕🌑
Ease of Use 🌕🌕🌕🌕🌕
Transparency 🌕🌕🌕🌕🌑

How to Apply for a Personal Loan with Marcus by Goldman Sachs

We already mentioned how you can easily get pre-approved for a personal loan by submitting some basic personal information. Once you submit the information required for pre-approval, you can move forward with a full loan application by including these additional details:

  • Your Social Security number (SSN) or Individual Tax ID Number
  • Employment information
  • Primary phone number

You are also required to “create an account” with a username and password. Once your application is complete, you’ll be notified of your loan approval (or denial) within a few business days. If your personal loan is approved, you may have your funds transferred electronically to your bank account in as little as 1 to 4 business days.

The Bottom Line

Choosing to borrow money can make sense in some cases, but you’ll be better off if you find a lender that offers low fixed interest rates and no fees. Marcus by Goldman Sachs is a leader in the no-fee personal loan landscape, and they offer affordable interest rates to those who qualify. For that reason, they should be at the top of anyone’s short list.

Before you apply, however, make sure to compare loan rates and terms from a few different lenders. Marcus by Goldman Sachs may offer the best deal — or not, but you’ll never know unless you check.

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