Marcus by Goldman Sachs

You’ve certainly heard about Goldman Sachs before, after all, it has been operating in the financial world since 1869. It was a pioneer in financing for entrepreneurs and, since its inception, has been attempting to offer high quality financial services for individuals and businesses. 

That’s why many people go straight to Goldman Sachs when it comes the time to look for a personal loan. However, many of them don’t have any idea that the bank actually has an online exclusive product that will make their lives easier. 

Nowadays, Goldman Sachs offers services all around the world and has some specialties for the US public. Marcus is one of their novelties that is here to help in the task of making personal loans more affordable and accessible. 

If you’re part of the generation that enjoys online products and need a loan, this might be the chance for you. Understand how Marcus by Goldman Sachs works, its main benefits, cons and payments terms and fees below.

How does Marcus by Goldman Sachs work?

Marcus by Goldman Sachs is an online only program that includes banking, loans and investments for consumers. The service shines for boasting about its zero fees policies, at least for those with excellent credit scores. 

There is a wide variety of loans and other financial services. Marcus is also a great choice for people who would like a customizable loan that can help them achieve their financial goals easily. If you get an approval, you’ll even be able to defer payments every now and then without having to worry about interest or late payment fees.

If you manage to get an approval for Marcus by Goldman Sachs, you’ll also get access to some exclusive rewards programs. This is quite rare when it comes to personal loans, so we strongly recommend checking them out. 

Since this company is a hit with borrowers, it’s worth giving it a try. Just check out if you currently have all of the requirements for an approval, or you could risk getting a hard check on your score unnecessarily. 

Who is Marcus by Goldman Sachs for?

For starters, you must have a credit score of at least 730 to consider Marcus by Goldman Sachs. A good score might not be a problem for other services, but it certainly will give you trouble when it comes to Marcus. 

We recommend you check out this loan provider in case there’s a need for highly customizable services. After all, working with this type of service would be a waste if you didn’t enjoy all of the custom possibilities that come with it. 

It is the ideal choice to consolidate credit card debt or other types of high interest accounts that you could have. 

You can use this loan for: 

• Home improvement;
• Wedding expenses;
• Vacations and travel;
• Moving and relocation;
• Debt consolidation. 

The only thing you are forbidden from doing is using the Marcus by Goldman Sachs personal loan for education expenses and student loans. 

Advantages of Marcus by Goldman Sachs

Marcus by Goldman Sachs is your way out of fees for personal loans. But there’s a lot more to this service that you should pay attention to, including: 

• No fees policy;
• Offers direct payment to third parties, such as credit cards;
• Change your payment date up to three times; 
• Ability to skip a payment after 12 consecutive on time payments;
• Low interest rates for those with excellent rates;
• Large maximum loans, up to $40.000;
• Autopay discount;
• Find out if you’re pre approved without harming your score. 

The personal loans that Marcus by Goldman Sachs work with are unsecured. They are also some of the most flexible in the market, giving you the chance to change your payment date up to three times during the loan lifetime. You’ll also be able to pay creditors automatically if your intention is to consolidate debt. 

As we mentioned before, Marcus prizes itself of having no fees. So you won’t have to worry about origination or late payment fees, or prepayment fee. The last ones are very common when a user wants to pay off their loan early, which generates a fee to make up for the loss of interest to the bank. 

Cons of using this personal loan

You’ll need an excellent credit score to be eligible for this personal loan. This is a turn off for many people that have to work on their numbers before actually applying. Sometimes, it’s important to work on building a good history and score over the few months leading up to this type of loan. 

Another problem that users tend to mention is the inability to use a co-borrower. Many people use this as a way to get a loan despite not having a perfect credit score, since the co-borrower score’s works in their favor. That is impossible with Goldman Sachs, barring some borrowers from the service. 

How to qualify for Marcus?

We have good news for those looking to lend from Marcus by Goldman Sachs. You can check interest rates and loan amounts without worrying about your credit score. The application process works with a soft credit check that doesn’t harm you at all. 

Check out a simple step by step process to find out if you’re eligible for a personal loan: 

• Fill out a basic application with date of birth, e-mail, name, address, how much you’d like to borrow and other personal information; 
• Pick the available interest rates for you, that will be determined by your credit score;
• Verify your identity and income before submitting your application. 

Depending on when your application gets an approval, you should get funding within a few days. While this isn’t the fastest service out there, it has plenty of advantages and no fees related to it. If  you have an excellent credit score, you’ll even be able to get 6,99% APR. 

The worse your credit score is, however, the closer you are to getting some of the highest interest rates around. The APR goes from 6,99% to 24,99%.

Payment terms, interest rates and fees

There aren’t any fees, but you have to pay attention to payment terms and APRs before you make a decision. Check them out: 

• 6,99% to 24,99% interest rate according to your credit scores;
• Loan term from 3 to 6 years. 

You can apply easily through Marcus Goldman Sachs’ official website.

Conclusion

Marcus by Goldman Sachs offers a compelling solution for individuals with excellent credit scores seeking flexible and fee-free personal loans. Its zero-fee policy, customizable loan options, and flexible payment terms set it apart from many other lenders.

Pros:

• No Fees: Avoid common personal loan fees.
• Flexible Terms: Adjust payment dates and skip a payment after 12 on-time payments.
• Competitive Rates: Low interest rates for those with excellent credit.
• High Loan Limits: Borrow up to $40,000.
• Direct Payment to Creditors: Streamlines debt consolidation.

Cons:

• High Credit Score Requirement: Minimum score of 730 needed.
• No Co-borrower Option: Limits options for those with lower credit scores.

Marcus by Goldman Sachs is ideal for borrowers with excellent credit looking for a straightforward, no-fee loan with flexible terms. If you meet the eligibility criteria, Marcus could be a great option to help you achieve your financial goals.