Marcus is a personal loans product offered by Goldman Sachs Bank USA. Goldman Sachs has been in banking since 1869 when Marcus Goldman opened shop in Manhattan as a broker of IOUs.
Marcus personal loans are fixed rate loans issued by Goldman Sachs Salt Lake City branch. The first step to apply for a loan is to authorize Marcus to perform a soft credit pull. This will not have an effect on your credit score. Once Marcus gets a look at your credit history, you receive a set of loan options you qualify for. Pick the option that fits your budget and financial needs. The final stage is to provide some more personal information to confirm your identity and formalize your loan application. For instance, you will need to provide recent pay stubs, bank statements, Social Security Number, or W2 documents. At this time, Marcus will perform a hard pull on your credit that could reduce your score by a few points.
Marcus' rates start range from 5.99% APR to 22.99% APR. Your rate will depend on your credit score and the term of your loan. Longer terms typically have higher rates. Loan terms range from 2 (24 months) to 6 years (72 months).
No fees. That is the big selling point of Marcus. Goldman Sachs only makes money on the interest, not on origination, prepayment, or late fees.
You will not have to pay a fee for being late on a payment or for a returned check. You can also repay a loan early without incurring in prepayment penalty fees.
Marcus offers loans of up to $30,000.
The main advantages of Marcus loans are:
- Rates as low as 5.99% APR.
- Terms ranging from 24 to 72 months.
- No sign-up fees.
- No prepayment fees.
- No late fees.