Marcus Personal Loan Review 2021

Benefits explained

  • No charges – Marcus professes that when you take out a loan, you only repay the balance of the principal and the interest. Nothing else. There is no charge.
  • 0.25% automatic payment discount – If you sign up for automatic payment, you will benefit from a 0.25% discount on your monthly payments. This means that you will be paying more for your principal balance and less interest will accumulate over time.
  • Prequalification available – If you are not sure if you qualify for a Marcus loan, you can fill out a short form. This does not trigger a firm credit check and allow you to compare your loan options.
  • Flexible monthly payment option If your current monthly due date isn’t right for you, you can change it up to three times during the term of the loan. When you apply, you can set your monthly due date when setting up your loan.

Disadvantages Explained

  • Long time to receive funds – Even though you can quickly check your options and apply online, it can take up to four days to receive your funds. It is longer than some other lenders.
  • Good credit required – You will likely need at least a credit score of 660 to be eligible for a Marcus loan.
  • No co-signer or co-signer option If you don’t have good credit, you cannot ask anyone else for help. Marcus does not accept co-signers or joint requests for its loans. This means that if you are not eligible on your own, you should look for a loan elsewhere.

Types of loans offered by Marcus

Marcus currently offers borrowers several personal loan options that they can use for a variety of purposes. Personal loans are available to help finance debt consolidation, home improvement, weddings, vacations, moving and relocation.

Deadline for receipt of funds

It may take one to four days to get your funds. The timeframe may vary depending on the time your request is processed.

Characteristics of the Marcus personal loan

  • There is a prequalification option.
  • An online application is available.
  • You can change your monthly due date.
  • There is no charge.

Apply for a Marcus personal loan

As long as you’re 18 with a US bank account and a Social Security number (or tax ID), you can apply for a Marcus personal loan. Here’s what to expect from your Marcus personal loan application.

  1. Perform a smooth credit check – This is where you will see if you are eligible for a Marcus personal loan by completing a prequalification form. From there, you will know if you can continue with an application or if you are not eligible.
  2. Detail the amount of your loan Not only can you put in the amount you want to borrow, but you can also put in the amount that you want your monthly loan to be estimated. If you know how much you can afford to pay each month, this is helpful in making sure you stay up to date on payments.
  3. Share income details Here you will list your annual income, monthly housing costs, and how you earn your money. For example, if you have a full-time day job as well as a sideline, you will share that information in this section.
  4. View loan options If you qualify, you will browse the loan options that best suit your financial situation. You will be able to see your potential APR and what you would pay each month as well as the proposed repayment terms based on these factors.
  5. Add additional information You may need to provide additional documents and forms, such as pay stubs, bank statements, or some W-2 forms, to prove your income. To provide proof of identity, you may need to share your Social Security number, tax ID, or photo ID, such as a driver’s license. In some cases, you may need to share your employer’s information to verify your employment.

After you have completed your application, you will be able to set your monthly due date and a bank account to accept your loan funds.

Can I refinance a personal loan with Marcus?

At this moment you cannot refinance a loan with a Marcus personal loan.


If you have a strong credit rating and need to take out a personal loan, Marcus by Goldman Sachs has competitive deals. The biggest differentiator between Marcus and others is that Marcus doesn’t charge any fees. Even if you make a late payment, you may see your credit score drop and interest may accumulate, but you will never be hit by late payment fees.

You cannot withdraw more than $ 40,000, and it may take some time (up to four days) to receive your funds. Marcus personal loans also offer attractive rates for many people, but not necessarily the best rates for borrowers with excellent credit. Still, it is a solid choice if you are looking for a personal loan.


Investopedia is committed to providing consumers with unbiased and comprehensive reviews of personal lenders. We’ve collected over 25 data points from over 50 lenders, including interest rates, fees, loan amounts, and repayment terms, to make sure our content helps users get the right thing. borrowing decision for their needs.

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