What You Need to Know
Personal loans with Marcus do not have fees. They do not have origination fees or fees for paying your loan off early. They do not even have late fees. If you pay late, or pay less than the due amount, you will accumulate more interest. Marcus does not charge a fee, but the late payments and defaults may be reported on your credit report.
Marcus offers an On-Time Payment Reward for personal loan customers. If you make at least 12 consecutive monthly payments on time and the full amount, you can defer one payment. If you choose to defer one payment, you will not accumulate more interest that month. There are no fees for deferring a payment as a reward for on-time payments.
Your Marcus loan extends one extra month if you use your On-Time Payment Rewards. That extra month your loan does accrue interest. Each time you use the reward, the loan extends. If you are late or default on a payment, you do not qualify. You must contact customer service 16 days before the payment you want to defer is due. You do not have to use the reward right away, or at all.
The largest loan amount offered by Marcus is $40,000. They do not offer loan amounts higher than that amount. The smallest loan amount available is $3,500. The amount you receive for your loan depends on your qualifications.
Qualifications to Apply for Marcus Loans
- Annual Income: DOSCC
- Job History: Current or within 60 days of starting
- Debt-to-Income Ratio: DOSCC
- Minimum Credit Score: DOSCC
- Credit History Length: DOSCC
- Credit Bureau Inquiries: DOSCC
- Bankruptcy History: DOSCC
- Past Loan Denial: >6 months
- U.S. Citizenship Required: Yes
- Required Age: Legal by state
- SSN Required: Yes
- Valid Bank Account Required: Yes
Useful Information About Marcus Loans
- Business Loans Offered: No
- Cosigner Loans Offered: No
- Joint Loans Offered: No
- APR Range: 6.99-28.99%
- Fixed Interest Rates: Yes
- Repayment Options: ACH, autopay, check, money order, phone
- Payments Due: Monthly
- Payment Methods Fees: No
- Smallest Loan: $3,500
- Largest Loan: $40,000
- Loan Term Lengths: 36-72 months
Additional Relevant Information
Marcus allows you to customize your repayment amount. When you apply for a loan online, you can use the slider on the website to see your repayment options. If you apply through the mail, you can select your loan amount and term through the application process.
Anyone is welcome to apply for a loan with Marcus. There is not a set credit score required to apply. Marcus loan approval comes after a soft credit check. Marcus also analyzes your personal information. Marcus determines your interest rate, approval, and loan term from this information. Anyone can apply, but not all receive approval.
History and Achievements
Marcus by Goldman Sachs is an online division of Goldman Sachs Bank USA. Marcus Goldman started in 1869. In April of 2016, Marcus began to offer no-fee loans. They offer online, unsecured, and home improvement loans. They off debt and credit card consolidation loans as well.
Marcus received "Highest in Customer Satisfaction" from J.D. Power. They were also awarded, "Top Three in Customer Satisfaction" from LendingTree.
They do not have set qualifications you must meet before you can apply for a loan with Marcus. Your approval, interest rate, and term are determined based on your qualifications. You can apply for a Marcus loan online, over the phone, or through the mail.
Frequently Asked Questions
Can I apply for a loan entirely online?
Yes. You can also apply for a Marcus loan with a paper application sent in the mail or over the phone.
What is the lowest my credit score can be?
There is no minimum credit score required to apply for a loan with Marcus. Anyone is welcome to apply for a loan. Approval depends on your financial situation and credit history.
What is the smallest loan amount available?
The minimum loan amount is $3,500.
What is the largest loan amount available?
The maximum loan amount for Marcus is $40,000.
What are the loan term lengths?
The loan term lengths range from 36 to 72-months. The term you receive depends on your qualifications and the amount you want to pay monthly.
Are the interest rates competitive?
Yes. The interest rates for Marcus loans are competitive with other online lending companies. The interest rate you receive depends on your qualifications.
Are the interest rates fixed?
Yes. Marcus loans offer fixed interest rates for the life of the loan.
What types of loans are available?
Marcus offers debt and credit card consolidation loans. They offer unsecured, home improvement, and online loans.
What information do I need to apply for a loan?
Marcus requires a valid address, email, bank account, and SSN. Marcus will verify your income and job history. Other information may be necessary, depending on your qualifications.
How long does approval take?
If you apply online for a Marcus loan, approval could come within minutes. This depends on your information and qualifications. If you apply over the phone, approval may take a few minutes longer.
How long will it take the money to enter my account after approval?
Once you sign documents and verify your bank, the money transfers in one to four business days.
If I have been denied a loan before, how long do I have to wait to apply again?
If Marcus denies your loan, you must wait at least six months before you reapply. Marcus will send a letter explaining why you were denied.
What are the payment options to repay my loan?
You can repay your loan through autopay or manual electronic transfers. Marcus also accepts payments through checks, money orders, or over the phone.
Can I pay my loan off early?
Yes. There are no fees for paying your Marcus loan off early.
Is my information secure?
Marcus encrypts your personal information and uses firewalls and other safeguards. They use security monitoring devices 24/7. Their security measures comply with federal laws.
Does this loan company offer a mobile app?
The Marcus website does not list a mobile app. You can access your loan information online through their website.
How do I contact customer service?
Reach customer service through email, mail, or over the phone. Their hours are Monday through Friday from 8 a.m. to 10 p.m. ET. Saturday and Sunday from 9 a.m. to 7 p.m. ET.
Bank Contact Information
Marcus
P.O. Box 7247
Philadelphia, PA 19170-6104
844-627-2871
