If you are looking for a No Fee, Fixed and attractive Interest Rate, and On-Time Payment Rewards loans, you might want to consider Marcus Personal Loans. Marcus By Goldman Sachs is a brand of Goldman Sachs Bank USA and Goldman Sachs & Co. LLC.
Marcus By Goldman Sachs offers different financial products like savings, investments as well as personal loans.
Today we will be reviewing the features of the personal loans offered by Marcus to help you decide if their loans are suitable for you.
A Brief About Marcus By Goldman Sachs
Due to some unscrupulous lenders nowadays, you might have questions like; Is Marcus By Goldman Legit? or wonder if Marcus is a reputable bank. The simple answer is YES! Marcus By Goldman Sachs is a highly decorated and reputable bank known to Wallstreet.
Marcus is an SEC (Securities and Exchange Commission) registered broker-dealer and investment adviser. They are also a member of FINRA (Financial Industry Regulatory Authority) and SIPC (Securities Investor Protection Corporation).
Who is Marcus Personal Loans Good For?
If you are tired of paying application, origination, and other fees most lenders charge for personal loans, Marcus Personal Loans are for you. Besides these fees, Marcus is a better option if you need unsecured personal loans for debt consolidation, home improvement, or any other private reason.
Marcus loans are a good option if you have a credit score of at least 660. Although Marcus doesn’t specify a minimum income requirement, you should have at least $18000 yearly income to stand a chance. It doesn’t matter if your income is from employment or benefits.
Marcus Personal Loans Overview
Borrow from $3,500 to $40,000 without collateral. Apart from Debt Consolidation and Home Improvement Loans, You can also use Marcus Personal Loans for weddings, moving and relocation, and vacations.
In our opinion, taking a loan for a vacation is not a great idea because vacation money should come from your savings and not from a loan. Never borrow for pleasure. That’s just my candid opinion. Of course, you best know your situation. So you can do otherwise.
Marcus offers unsecured personal loans with fixed interest rates of 6.99% to 19.99% APR. The Loan terms range from 36 months up to 72 months. You can qualify for more significant loan amounts, most extended repayments terms, and the lowest interest rates if you have excellent credit.
Marcus By Goldman Sachs also offers a 0.25% APR discount on their personal loans if you set up an automatic payment deduction for repaying your loan. This discount could go a long way in helping you to pay off your debt early.
Besides the 0.25% AutoPay Discount, you also can defer your loan payment for a whole month without accrued interest. But you would have to make 12 consecutive monthly payments to be eligible for deferment.
How long does it take for Marcus to approve Personal Loans?
Marcus personal loans take less than 4 minutes to complete the online prequalification application form. After completing the online prequalification form, you will get your loan within 1 to 3 business days after approval.
So here is how Marcus loans work. First, you tell them about yourself by filling out the online application form. Minutes or one hour tops after submitting the prequalification form, you will receive their best-recommended loan options for you to choose from.
Once you have chosen a loan option, the last thing is to add a few details to verify your identity and finalize the application. Marcus will review your application and transfer the money to your bank account within 3 days after your loan application is approved.
What are the requirements for getting personal loans from Marcus?
Marcus Personal loans do not have a lot of requirements. As long as you meet the criteria listed below, you are good to go.
- You are at least 18 years or older. The minimum age is 19 years for other states like Alabama, while Mississippi and Puerto Rico are 21 years.
- You must have a valid US bank account where they will deposit your loan amount once approved.
- Have either a Social security Number or Individual Tax ID Number (the US only).
- Your credit score is 660 or higher.
- Your Identification Documents
- A Proof of income through your bank statement or your payslip.
- You must have a stable monthly income (from employment, alimonies, or social benefits).
- You need at least $3500.
What are the Pros of Marcus Loans?
>> No Fees: Marcus personal loans have no signup fees, no late fees, no origination fees, and no prepayment fees. You only pay what you borrow plus interest.
>> Loan Deferment & Discount: You receive a one-month loan deferment reward if you make 12 consecutive on-time payments. In addition to this reward, you also receive a 0.25% discount just by setting up an automatic deduction on your account for repaying your loan.
>> Flexible Loan Terms: You have many options when it comes to the loan terms. You can choose between 36 months to 72 months for repaying your loan in full. I mean, these term options give you the flexibility to choose the best suitable term that does not stress your finance.
>> Easy To Manage Debt Consolidation: The ability to consolidate debt through Marcus personal loans is easy to manage. They can send the amount you want to consolidate directly to your previous lender.
>> Fixed Interest Rates: You have a fixed interest rate which brings no surprise in the future. These fixed interest rates range from 6.99% to 19.99% in Annual Percentage Rate (APR).
>> Availability: Marcus By Goldman Sachs offer personal loans to residents in all 50 states.
Where is Marcus Lacking Behind?
<< Not Bad Credit Borrowers: Marcus Personal Loans are not available if your credit score is not 660 or higher. Application for bad credit borrowers will be rejected.
<< No Cosigning: You can’t include a cosigner to get these loans.
<< Higher Minimum Amount: The minimum loan amount is a bit at the high end. If you need less than $3500, you might want to consider other options.
Frequently Asked Questions About Marcus Personal Loans
What credit score do you need? The minimum credit score is 660.
Is Marcus a reputable bank? Yes! Marcus By Goldman Sachs is a well-established and regulated US Bank.
Is it hard to get a loan from Marcus By Goldman Sachs? Not really! Your loan approval depends on your credit score and income requirements. If you have a score of at least 660 and a stable monthly income, you can quickly get a personal loan without any hassle. Of course, you should meet other requirements which are mentioned above.
How does Marcus verify income? Marcus uses your bank statement or payslip to verify your income. When applying for a Marcus personal loan, you have to enter your income amount, which they will verify through your bank statements or payslip. They could also ask for other documents if what you submitted is not tangible enough.
Can you pay off a Marcus Loan early? Yes. Marcus By Goldman Sachs allows you to repay your loan in full early without any prepayment penalty.
Marcus personal loans are a good option if you have a good credit history. You can enjoy benefits like no fees, discounts, and a predictable interest rate. They also have excellent customer service ready to answer all your queries and help you through the entire life of your loan.