Marcus by Goldman Sachs Personal Loans 2021 Review


Top perks

No fees: Marcus is not exaggerating when it says “Truly, no fees. Ever.” It charges no application fee, origination fee, or late payment fees. It also won’t charge you a fee if you decide to pay the loan off early. The lack of fees makes Marcus by Goldman Sachs® one of the most consumer-friendly personal loan companies in the market.

Payment deferral: Another sweet benefit offered by Marcus is its monthly payment deferral. It works like this: Once you make 12 consecutive monthly payments in full and on time, the lender allows you to skip a payment without taking a hit to your credit score. Hold onto that perk just in case something happens, like you’re hit with a huge unexpected expense and need extra funds to get it paid.

Low APRs: Marcus has some of the best low interest personal loans on the market. The most creditworthy borrowers can qualify for a particularly good loan interest rate. This is especially important if you’re looking for an unsecured loan with a low interest rate.

Large loan sizes and long repayment terms: Whereas other lenders max out at $25,000 loans and four- or five-year repayment terms, Marcus offers loans as large as $40,000 for periods as long as six years. This makes it a good choice for people who need a larger loan and more time to pay it off. (Though you may find you’ll pay a higher APR if you go for a longer repayment period.)

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Simple debt consolidation: If you do go to Marcus for a debt consolidation loan, it will automatically pay your existing creditors. So if you have three credit cards with combined balances of $10,000, you could get a $10,000 loan from Marcus and have it send a check to each of them. Not only is this more convenient than paying three separate creditors, but it helps you pay off your debts once and for all.

AutoPay Discount: You can reduce your loan’s APR by 0.25% if you sign up for AutoPay. Automating your payments also makes it easier to ensure you don’t accidentally miss a bill.

Get a quote without hurting your credit score: This advantage isn’t unique to Marcus, but it’s worth highlighting. Marcus only needs to do a soft credit check to give you a quote, which won’t hurt your credit score. It’s only when you accept the loan that Marcus will conduct a hard check to verify your information. The real advantage of a soft check is that it allows you to shop around for a personal loan that fits your needs without dinging your credit score.

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