Marcus Review

Marcus at a Glance  

Loan typesFixed rate personal loans
Loan amount$3,500 to $40,000
Repayment terms   36-72 months
APR​6.99%-24.99%
Minimum credit score660
Best forCustomers with good credit who need a small, all-purpose loan

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Overview  

Marcus is a new personal loan solution from one of the nation’s oldest banking institutions—Goldman Sachs. This recently-launched branch of the venerable investment bank is currently testing its new approach to personal lending and debt consolidation on a smaller audience, but anyone can now borrow without a special invitation. In a fresh spin on an old system, loans from Marcus are fee-free, and offer more flexibility thanks to unique loan features. Fast funding is also a crucial component of the Marcus strategy, and customers can get access to funds within 2 days. 

Best For?

For people with debt from several creditors, consolidating all outstanding obligations under a single loan may be a good idea. Marcus makes it easy to put all these debts under one manageable banner. Others who simply need the cash to complete a home improvement project, buy an engagement ring, or handle a personal matter are also welcome. Generally, those with healthier credit have a much better chance at obtaining a loan from Marcus. Marcus is very flexible and lets you choose the length of your term, as well as the monthly payment you'd like.

Pros and Cons

There's a lot to like about Marcus, however there are areas it could improve:

  • High credit score and history requirements will be hard for some borrowers to pass
  • The late payment policy could add more interest for customers who miss installments

Despite these sparse flaws, most of the Marcus experience was exceptional:

  • Absence of origination fees, processing fees, prepayment fees, and all others is a big benefit
  • Funding takes as little as 48 hours
  • Unique feature lets borrowers defer payment after good behavior
  • Lengthy and flexible terms are suited to most borrowers
  • Soft credit check has no impact on one’s credit score or history
  • Backed by one of the most influential, secure financial institutions 
  • All customers receive free credit and debt tools 

Loan Features  

Marcus does not place any restrictions on its loans, which can be used for debt consolidation, medical bills, home improvements, and many other alternatives. You can personalize your repayment terms and monthly payments along with loan amounts. Marcus also does away with fees, instead offering fixed-rate loans with no hidden surcharges or additional costs. Customers can apply for loans directly online with no need for visits to a branch or calls to representatives. Additionally, Marcus rewards responsible repayments, allowing customers to miss one payment after 12 months of on-time payments without a penalty or extra charges. The company provides an excellent range of repayment terms, and allows customers to pay out their loan early without penalty.

Highlights for Marcus:

  •  Rapid funding can take as little as 2 days
  •  Adjustable range of loans, terms, and monthly payments
  •  Absolutely no fees
  •  Personal loans for debt consolidation and more
  •  Competitive interest rates
  •  Late payment feature lets customer earn the ability to defer payments
  •  Reasonable range of loan amounts
  •  Solid foundation in Goldman Sachs, a centuries old institution

The Application Process

The first step of the application process is to fill out a form that asks for basic details and financial information. Once completed, one of the more unique offerings makes its appearance: two sliders that let the applicant choose their term and monthly payment. After answering a few more questions on income and other demographic information, Marcus performs soft credit check on the applicant, which does not impact their score. To be approved for a loan, Marcus asks that applicants meet the following requirements:

  • Be a citizen or legal permanent resident of the US
  • Be 18 years or older
  • A minimum credit score of 660, though 700 is recommended
  • At least 36 months credit history

Additionally, applicants are recommended to have the following documents ready to expedite the approval process:

  • Recent bank statements
  • Proof of income such as pay stubs or tax returns
  • A driver’s license or similar photo ID
  • Proof of citizen/residence such as a passport

Loan Terms

Unlike many of its competitors, Marcus is focused on providing customers a more versatile lending experience. When applying, customers are asked to provide a range of preferable loan terms and monthly payments. The company takes these selections into account during the approval and funding process, giving customers the best approximation of their preferences possible. This sets it apart from many industry mainstays that give customers set terms without choices.

Thanks to its slightly higher approval requirements, Marcus can offer customers more favorable terms and loan amounts, along with the ability to set their own preferences. Customers can get interest rates that range between 6.99% and 24.99%, which are well within the industry average. The company offers borrowers loans as low as $3,500, reaching as high as $40,000. What really sets the company apart, however, is its fee structure and benefits. The company does not charge any origination, prepayment, or even late fees. Customers who miss payments or cannot cover the full amount in a given month will simply have interest added to their final payment. However, customers who pay on time for 12 months can defer up to 3 payments for no extra interest, with the missed installments simply added to the end of the loan. 

Repayment Terms

It takes anywhere from 36 months to 72 months, or between 3 and 6 years to pay off a Marcus personal loan, with unique intermediate terms on offer. Borrowers can get approved for as low as $3,500 or as much as $40,000, and can choose to pay their loan back on a schedule that is as relaxed, or as stringent, as they like. During repayment, there are absolutely no fees involved for any customer service process, and a unique feature of Marcus reveals itself after just a year. After 12 consecutive months of consecutive on-time payments, the borrower earns a credit that allows them to make a late monthly payment at any time in the future, without incurring additional interest charges. Customers may also configure their repayment date on any day of the month and can change it up to three times over the course of repayment. Marcus impressed us with their creativity in creating this incentive, and we can see customers highly appreciating the extraordinary feature.

Privacy & Security 

Marcus is a new venture from the trusted, globally dominant investment firm Goldman Sachs. Accordingly, security standards for keeping customer information are the highest possible. Goldman has been in business for over 148 years, and supports Marcus processes with its professional expertise – making the customer experience a familiar one. Marcus is committed to protecting the confidentiality and privacy of all information in its system, which remains within encrypted servers and is not shared with disreputable third parties. The company is very transparent about how it uses customer data, which partners it gives access to, and how to opt out. Overall, customers do not have to worry about the integrity or security of their personal details and should be encouraged to borrow without second thoughts.

Help & Support

During our exploration of Marcus and its services, we encountered an exceptionally friendly and informed customer service team. While Marcus may be a new entry into an established market, the representatives we spoke with were anything but inexperienced. All staff members responded to our inquiries via email and phone within a reasonable amount of time. We waited just a few minutes before speaking with a friendly support team employee, and for email we were returned to within a single business day. Additionally, the “Insights” section of the Marcus website holds a thorough FAQs list and a collection of frequently-updated articles on debt.

Summary

For people who need a personal loan for just about any reason, including for debt and credit consolidation, Goldman Sachs-backed Marcus provides a quick solution. The absence of any fees and some excellent flexibility makes a Marcus loan worthwhile and effective. Borrowers can choose their monthly payment, term length, and use their good performance to make late payments at no extra cost. With low APR and long terms, Marcus is taking advantage of their access to inexpensive credit to give borrowers a better alternative than credit cards.

Physical Address

Marcus

222 Main St.

Salt Lake City, UT 84101

United States of America

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