Marcus by Goldman Sachs Personal Loan Review 2020

28 Jan 2021

Marcus is an online lender owned by Goldman Sachs Bank USA. It makes debt consolidation loans for borrowers with fair to good to excellent credit score.  Marcus may be a good fit for you if you are not satisfied by conventional bank loans: Marcus has a reputation of an online lender to provide personal loans with speed for any occasion.

Who is a Marcus by Goldman Sachs personal loan made for?

  • Anyone with a fair to good credit score: If you want to get a personal loan at a competitive rate with a fair credit score, Marcus personal loan would be a good fit for you. Fair credit score ranges from 630 to 689, and more than 80% of borrowers’ credit score was higher than 660 at the end of 2018, according to Goldman Sachs’s report.
  • Anyone with a low debt-to-income ratio: Consumer with a low debt-to-income ratio may find it difficult to get a personal loan. At Marcus, you can get approval with a low debt-to-income ratio, but you would have to prove your repayment capacity.
  • Anyone looking for a debt consolidation loan: Marcus specializes in debt consolidation. You can consolidate high-interest or variable-rate debts with lower fixed-interest rate personal loans from Marcus. Marcus can send funds to up to 10 credit cards and a bank account.
  • Anyone looking for flexible loan terms: you can get a Marcus loan for 36 to 72 months. So, you can enjoy some flexibility in your repayment schedule.

Key details of Marcus personal loan

Loan amount

$3,500 - $40,000


5.99% - 28.99% 

Interest type




Repayment term

36 to 72 months

Best for

Borrowers with fair, good and excellent credit score for debt consolidation


  • Valid bank account in the US banks
  • Social Security Number
  • 660+ credit score

What can you use a Marcus personal loan for?

You can use a personal loan from Marcus for a variety of reasons, such as:

Credit card debt consolidation: You can use a personal loan from Marcus to pay off all of your small debts at once by consolidating them into one, and high-interest credit card debts, with a lower fixed interest rate.

Other general purposes: Marcus by Goldman Sachs offers a quick online personal loan that can be used for any legitimate purposes, such as home renovation, medical bills, vacation, wedding, etc.

Benefits of getting a personal loan from Marcus by Goldman Sachs

No fees: Marcus personal loan doesn’t have any application or origination fees. Not even pre-payment fees which means you can close the loan early and save a lot on interest.

You can skip a payment: After making on-time payment for 12 months, you can skip one payment without accruing additional interest.

Service member discount: US service member can enjoy discounts on interest rate – 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  

To be eligible for a personal loan from Marcus by Goldman Sachs, you need to meet some requirements:

  • Must meet age criteria in your state: Majority age in most states is 18, while 19 in Alabama and 21 in Puerto Rico and Mississippi.
  • Must have a valid bank account the US: Borrowers must have a valid US bank account.
  • Must have an SSN number or Individual Tax ID: You must have a Social Security number to get a personal loan from Marcus.

While Marcus doesn’t have a hard credit and minimum income criteria, average borrowers’ credit score should be 660+ and must prove his/her repayment capacity.

 Document Checklist

You need to provide the following documents to apply for a personal loan:

Income proof: Income required by Marcus includes personal income, alimony, household income, and pension and government benefits.

Photo ID: You must have a photo identity card issued by a state or territory of theUS.

Bank statement: You must have an individual or joint bank statement for the past three months banking activity.     

How Marcus compares to other online lenders



Min. Credit Score

Max. Loan Amount


5.99% - 28.99%




5.99% - 16.79%




6.99% - 18.24%




5.99% - 29.99%




Varies by lender

For all



3.84% - 35.99%




6.95% - 35.89%




7.99% - 35.89%



How to apply for a Marcus personal loan?

You can apply for Marcus personal loan online.

  • Fill the form on Marcus website and choose the loan amount and term.
  • Enter your personal information. To determine the loan amount, interest rate, and loan term, Marcus conducts a soft credit inquiry with credit bureau TransUnion.
  • Complete the online application and upload the required documents before you submit it.

What to watch out for?

Here are the drawbacks of Marcus personal loan

  • Anyone with bad credit score: With bad credit score, you will get a personal loan from Marcus at high interest rate.
  • Only US account holders: Marcuse doesn’t have personal loan outside the United States.
  • People looking for a secured loan: All Marcus loans are unsecured.

Frequently Asked Questions

Question: What if my application is declined by Marcus

Ans: If Marcus declines your application, it will send you an e-mail explaining why your loan was rejected. If your financial standing is strong enough, there may be some clerical error, or there may be negative marking on your credit report. If Marcus declined your loan for a genuine reason, you can improve your personal finances and consider reapplying after six months.

Question: Can I change my due date?

 Ans: Yes, if you have been punctual with your payment schedule and your account is in good shape, you can change the due date three times over the life of a loan.

You must compare loans from multiple lenders to find the best rate for you. You can save thousands of dollars and get a loan at favorable terms if you choose the right loan for you.