Marcus by Goldman Sachs offers debt consolidation loans for borrowers with a fair to good to excellent credit score. This personal loan can be a good fit for individuals who are not satisfied with conventional bank loans.
Key details of Marcus personal loan
| Loan amount | $3,500 – $40,000 |
| APR | 6.99% – 19.99% |
| Interest type | Fixed |
| Fees | Nil |
| Repayment term | 36 to 72 months |
| Best for | Individuals with fair, good and excellent credit for debt consolidation |
| Requirements |
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Who is a Marcus by Goldman Sachs personal loan good for?
- If you have a fair to good credit score: Marcus personal loan isa good fit for individuals with good to fair credit looking for competitive rates. The minimum credit score should be 680.
- Anyone with a low DTI (debt-to-income) ratio: Consumers with a low debt-to-income ratio often struggle to get a personal loan. At Marcus, they can get a personal loan if they prove their repayment capacity.
- Anyone searching for debt consolidation loan: Marcus specializes in debt consolidation. Consolidate your high-interest or variable-rate debts with a lower fixedinterest rate personal loan from Marcus. You can get the funds into up to 10 credit cards and a bank account.
- Anyone looking for flexible loan terms:Marcus personal loan is available for a flexible repayment term ranging from 36 to 72 months. So, borrowers can enjoy some flexibility in their repayment schedule.
What can you get Marcus personal loan for?
You can use a personal loan for the following reasons:
Debt consolidation: You can get a personal loan from Marcus to clear all of your small debts at once by consolidating them into one.
Other general purposes: Marcus by Goldman Sachs personal loan can be used for various other legal purposes such as home renovation, medical bills, vacation, wedding, etc.
Marcus by Goldman Sachs personal loan benefits:
No fees:Personal loan applicants don’t need to pay any application or origination fees to get a personal loan from Marcus. Not even pre-payment fees, so you can close the loan early and save a lot on interest.
You can skip a payment:You are allowed to skip one payment without accruing additional interest after making a one-time payment for 12 months.
Service member discount:Discounts on interest rate for US service members – they can qualify for as low as 4% interest rates.
Loan flexibility: Marcus allows borrowers to choose the installment and loan term and tries to design a loan accordingly. And borrowers can change the due date three times over the life of a loan.
Eligibility for a personal loan from Marcus
Here are the requirements you need to fulfill to be eligible for a personal loan from Marcus by Goldman Sachs.
- Age criteria in your state:Marcus personal loan is available in most states for individuals aged 18, while 19 in Alabama and 21 in Puerto Rico and Mississippi.
- Valid bank account in the US: Borrowers must have a valid US bank account.
- SSN number or Individual Tax ID:Applicants must have a Social Security number (SSN) to get a personal loan from Marcus.
While Marcus doesn’t have strict credit and minimum income requirements, average borrowers’ credit score should be 680+ and must prove his/her repayment capacity.
Document Checklist
Here are the documents you need to provide to get a personal loan from Marcus:
Income proof: Income proof that includes personal income, alimony, household income, and pension and government benefits.
Photo ID: Your photo identity card issued by a state or territory of theUS.
Bank statement: An individual or joint bank statement is required for the past three months.
How Marcus compares to other online lenders?
| Name | Marcus by Goldman Sachs | LIGHTSTREAM | Payoff |
| EST. APR | 6.99 – 19.99% | 5.49 – 20.49% | 5.99 – 24.99% |
| Loan Term | 3 to 6 years | 2 to 7 years | 2 to 5 years |
| Min loan amount | $3,500 | $5,000 | $5,000 |
| Max loan amount | $40,000 | $10,000 | $40,000 |
| Min credit score | 680 | 660 | 640 |
How to apply for a Marcus personal loan?
Apply for Marcus personal loan online.
- Complete the loan application form on Marcus website and choose the loan amount and term.
- Provide your personal information. Marcus conducts a soft credit inquiry with credit bureau TransUnion to determine the loan amount, interest rate, and loan term.
- Complete the online application and upload all necessary documents before you submit it.
What to watch out for?
Here are the disadvantages of Marcus personal loan
- Anyone with bad credit score:Interest will be high for individuals with a bad credit score.
- Only US account holders: Marcuse doesn’t offer a personal loan outside the United States.
- People looking for a secured loan: All Marcus loans are unsecured.
Marcus by Goldman Sachs personal loan is a good fit for individuals who don’t have a good credit score and are looking for a debt consolidation loan. The loan amount will be decided based on your repayment capacity.
