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Marcus by Goldman Sachs® has taken the online personal loan industry by storm. It's easy to see how its low interest rates and uncompromising no-fee commitment have made Marcus by Goldman Sachs® popular with borrowers. Read our full Marcus by Goldman Sachs® personal loan review to see if you should apply.
Great for: Low overall APR
Marcus is one of the most consumer-friendly personal loan lenders. Besides charging no sign-up fees, late fees, or prepayment fees, Marcus offers special perks like an interest rate reduction for auto-payments, and an optional interest-free one-month payment deferral.
Get the best rates and terms to fit your needs. Here are a few loans we'd like to highlight, including our award winners.
Lender | APR Range | Loan Amount | Min. Credit Score | Next Steps |
---|---|---|---|---|
Rating image, 5.0 out of 5 stars.
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Fixed: 8.99%-29.99% APR (with all discounts)
|
$5,000 - $100,000
|
680
|
|
Apply Now for Discover Personal Loan
Powered by Credible
Rating image, 5.0 out of 5 stars.
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
7.99% - 24.99%
|
$2,500 - $40,000
|
660
|
Apply Now for Discover Personal Loan
Powered by Credible |
Rating image, 4.0 out of 5 stars.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
7.80% - 35.99%
|
$1,000 - $50,000
|
300
|
This personal loan is a good fit for: Borrowers with relatively high credit scores looking for a no-fee loan.
No fees: Marcus is not exaggerating when it says "no fees." It charges no sign-up fees 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.
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 around. 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.)
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.
The upper-end interest rate: The upper-end rate is not horrible (in fact, it's lower than most of its competitors). But it is a reminder to apply when your credit score is high enough to snag the lowest rate.
No joint applications accepted: If you are hoping to get credit with a spouse or partner, this is not the place to do it. Marcus does not accept joint applications.
You can apply for a Marcus by Goldman Sachs® personal loan online or by phone.
Not every lender is perfect for every borrower. Factors like your income, FICO® Score, and even the length of your loan term may sway you toward one lender over another. Do yourself the favor of comparing personal loans from several lenders. For example:
A Marcus by Goldman Sachs® personal loan may be a good fit for you if the following statements apply:
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
*Marcus by Goldman Sachs Disclaimer
Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. Rates range from 6.99% to 24.99% APR, and loan terms range from 36 to 72 months. For NY residents, rates range from 6.99%-24.74%. Only the most creditworthy applicants qualify for the lowest rates and longest loan terms. Rates will generally be higher for longer-term loans. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. Receive a 0.25% APR reduction when you enroll in AutoPay. This reduction will not be applied if AutoPay is not in effect. When enrolled, a larger portion of your monthly payment will be applied to your principal loan amount and less interest will accrue on your loan, which may result in a smaller final payment. See loan agreement for details.
*SoFi Personal Loan Disclaimer
Fixed rates from 8.99% APR to 29.99% APR. APR reflects the 0.25% autopay discount and a 0.25% direct deposit discount.
SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 3/06/24 and are subject to change without notice.Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual ratewill be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors.
Loan amounts range from $5,000–$100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive.
Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
Impact to credit score: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
*Upstart Loan Disclaimer
The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.