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Marcus by Goldman Sachs Personal Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

Marcus by Goldman Sachs®‘s personal loan is a competitive fee-free funding option. The loan may be used to: consolidate debt, make home improvements, and fund major life events like weddings, vacations, and relocations.

A Marcus by Goldman Sachs personal loan is likely best for borrowers with solid credit history who need a cash flow boost. Read more about this financial product to see if it’s the right fit for you.

Marcus by Goldman Sachs® personal loan highlights

  • No-fee loan: Borrowers won’t pay any fees with this personal loan — just principal and interest.
  • Perks for on-time payments: Borrowers who make 12 consecutive on-time and full personal loan payments can defer a subsequent payment for a month with no accrued interest.
  • Customizable payment due date: Borrowers can change their due date up to three times during the life of their loan. This can give them some breathing room if their cash flow changes.
  • Lag in funds disbursement: Borrowers may have to wait several days after loan approval to see funding.
  • $20,000 loan limit for some borrowers: Those who plan to use loan funds for a wedding, relocation or vacation can only borrow up to $20,000.

Marcus by Goldman Sachs® at a glance

  • APR range: 6.99% to 19.99%¹
  • Minimum credit score:
  • Terms: 36 to 72 months
  • Origination fee: No origination fee

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Terms Fees and penalties
  • Terms: 36 to 72 months
  • APR: 6.99% to 19.99%¹
  • Loan amounts: $3,500 to $40,000
  • Time to funding: Many Marcus customers receive funds in as little as 3 days
  • Credit check: Soft Pull when checking options; hard pull when officially applying
  • Origination fee: No origination fee
  • Prepayment fee: None
  • Late payment fee: None
  • Other fees: None

Eligibility requirements

  • Minimum credit score: .
  • Minimum credit history: Not specified.
  • Maximum debt-to-income ratio: Not specified.

In order to be eligible for a personal loan, borrowers must:

  • Be age 18+ (19 in Alabama, 21 in Mississippi and Puerto Rico)
  • Have a valid US bank account
  • Have a valid social security number or tax identification number

Although the lender’s website doesn’t offer a lot of details about their credit or other financial requirements, they do state that good credit is needed to get the best APR. In addition, borrowers who need longer loan terms will likely pay a higher APR.

What borrowers are saying about Marcus by Goldman Sachs

The Marcus by Goldman Sachs personal loan has received overwhelmingly positive reviews on the LendingTree platform. Out of more than 320 LendingTree reviewers, the lender earned 4.9 out of 5 stars. A whopping 97% of reviewers would recommend the financial product to others.

There were a small handful of customers that were unhappy about the application process and the service they received. However, most borrowers praised the lender for top notch customer care and for offering an easy and efficient personal loan experience.

Michael from Forest Hill, Maryland had this to say: “Easy to apply and I received a very quick decision. The people I dealt with were very friendly and straightforward. Money was delivered in a couple of days as promised. Overall great experience!”

Jerry from Clearfield, Utah reiterated the lender’s customer service quality: “From the time I applied for the loan to the time money was deposited in my account, the people who helped me were very professional. They answered all [of] my questions and made me feel comfortable. Thank you so much!”

Applying for a personal loan from Marcus by Goldman Sachs

While the lender does allow for paper applications, prospective borrowers can apply quickly and easily online.

To begin, customers with an invitation code should enter it on the lender’s website. Otherwise, they should click to see their loan options. After the customer answers a few questions about the loan desired and their personal finances, the lender will provide a list of potential borrowing choices. Reviewing these choices results in a soft credit inquiry, which won’t impact the customer’s credit score.

If the customer is interested in one of the loan options presented, they will have to complete a formal application and provide the lender with additional information. The application process may involve the lender:

  • Asking for a copy of their state or territory issued photo ID
  • Requiring the submission of W2s, paystubs, or bank statements
  • Calling their employer to check employment status

Officially applying for the loan will result in a hard credit pull, which could impact the prospective borrower’s credit score. Currently, the lender does not permit joint applicants. Applicants can check the status of their loan on the lender’s website; those who applied on paper will receive a phone call or notice in the mail if more information is required.

If approved, the borrower will need to sign some electronic documents and connect their bank account to receive funding. The lender will then verify the bank account. Many Marcus customers receive funds in as little as 3 days.

Pros Cons
  • No fees: Borrowers only pay back the principal plus interest.
  • Changeable due date: Borrowers can modify their due date up to three times.
  • Responsible borrowers rewarded: Borrowers who make complete, on-time payments for 12 consecutive months can defer a payment for a month with no financial repercussions.
  • Easy debt consolidation: Borrowers can relax and let the lender send funds directly to up to 10 of their creditors.
  • Potentially high APR: Borrowers may have to pay a higher APR than many credit cards.
  • Purpose-specific borrowing limits: Borrowers who are funding their wedding, relocation, or vacation can get a maximum of $20,000.
  • No joint applicants: Borrowers cannot include a co-applicant when applying for their loan.
  • Slow funding: Borrowers may have to wait several business days after loan approval to receive their money.

Who’s the best fit for a Marcus by Goldman Sachs personal loan?

A Marcus by Goldman Sachs personal loan could be a great solution for borrowers with solid credit and the ability to wait a little while for their cash.

Borrowers attempting to consolidate high-interest debt can benefit from the lender paying their creditors directly with loan funds. Those renovating their home can enjoy not having to get a property appraisal or using their house as collateral. However, borrowers who want to take out more than $40,000 or need faster disbursement of their funds should likely look at other financial products.

This lender is likely a poor choice for borrowers with damaged credit. No fees is a great perk, but the lender likely has high credit standards for qualification.

Alternative personal loan options

LightStream personal loan

  • APR: 2.49% to 19.99%²
  • Minimum credit score: Not specified
  • Terms: 24 to 144 months
  • Origination fee: No origination fee

A LightStream personal loan could be a good solution for borrowers who have excellent credit and who need their money fast. The lender issues up to $100,000 and if approved, borrowers may be able to receive their money the same day. Like Marcus by Goldman Sachs, LightStream charges zero fees. They also guarantee customer satisfaction, paying $100 to any borrower that feels they had a poor experience. However, LightStream’s minimum borrowing amount ($5,000) is high among competitors.

Discover Bank

  • APR: 5.99% to 24.99%³
  • Minimum credit score: Not specified
  • Terms: 36 to 84 months
  • Origination fee: No origination fee

A Discover personal loan could help borrowers who need a little more time to pay off their obligation or who need their money sooner. The lender disburses approved funds as soon as the next business day. Similar to Marcus by Goldman Sachs, Discover doesn’t charge an origination fee, but they may charge a late fee if borrowers don’t make timely payments. Borrowers can also change their mind and return the loan funds to the lender within 30 days of disbursement, incurring no interest.

It’s worth noting that Discover also has a lower maximum APR than Marcus by Goldman Sachs. This may outweigh the risk of its late fee for borrowers who only qualify for the highest rates.

Wells Fargo Bank personal loan

  • APR: 5.74% to 24.24%
  • Minimum credit score: Not specified
  • Terms: 12 to 84 months
  • Origination fee: None

A Wells Fargo personal loan could be the right fit for borrowers who want to apply with a co-applicant or who need a little more time to pay off their loan. Wells Fargo borrowers may benefit from a lower APR than with Marcus by Goldman Sachs and may be eligible to receive up to $100,000 The lender also disburses their funds faster — usually by the next business day — and offers a wider range of term lengths to choose from.

¹Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.

²*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.

³The APR ranges from 6.99% to 24.99% APR based on creditworthiness at time of application. Loans up to $35,000. Fast & Easy Process. Terms are 36 to 84 months. No prepayment penalty. This is not a firm offer of credit. Any results displayed are estimates and we do not guarantee the applicability or accuracy to your specific circumstance. For example, for a $15,000 loan with an APR of 10.99% and 60 month term, the estimated monthly payment would be $326. The estimated total cost of the loan in this example would be $19,560.


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