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
Useful Information About Marcus Loans
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.
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.
Yes. You can also apply for a Marcus loan with a paper application sent in the mail or over the phone.
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.
The minimum loan amount is $3,500.
The maximum loan amount for Marcus is $40,000.
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.
Yes. The interest rates for Marcus loans are competitive with other online lending companies. The interest rate you receive depends on your qualifications.
Yes. Marcus loans offer fixed interest rates for the life of the loan.
Marcus offers debt and credit card consolidation loans. They offer unsecured, home improvement, and online loans.
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.
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.
Once you sign documents and verify your bank, the money transfers in one to four business days.
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.
You can repay your loan through autopay or manual electronic transfers. Marcus also accepts payments through checks, money orders, or over the phone.
Yes. There are no fees for paying your Marcus loan off early.
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.
The Marcus website does not list a mobile app. You can access your loan information online through their website.
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.