Marcus by Goldman Sachs Personal Loans Review
Of all the many kinds of debt, high-interest credit card balances are often the most troublesome, thanks to compound interest and sky-high APRs.
Personal loans can be a strategic way for you to consolidate your debt and pay it off over a specific period of time, whether a few months or years. With average APRs of 9.65% (compared to 16.28% for credit cards), personal loans might be able to save you money and simplify your bills.
CNBC Select named the Marcus by Goldman Sachs Personal Loans as the best personal loan for debt consolidation because it allows you to send automatic direct payments to up to 10 creditors, saving you time and the hassle of doing it yourself.
Ahead, CNBC Select reviewed Marcus by Goldman Sachs Personal Loans, taking into consideration APR, perks, fees, loan amounts and term lengths. (Read more about our methodology below.)
Marcus by Goldman Sachs Personal Loans review
Marcus by Goldman Sachs Personal Loans
On the Marcus by Goldman Sachs secure site
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Annual Percentage Rate (APR)
6.99% to 19.99% APR when you sign up for autopay
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Loan purpose
Debt consolidation, home improvement, wedding, moving and relocation or vacation
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Loan amounts
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Terms
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Credit needed
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Origination fee
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Early payoff penalty
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Late fee
APR
Marcus loans offers fixed-rate APRs ranging from 6.99% to 19.99%. When you enroll in autopay you receive a 0.25% discount on APR. The APR you qualify for depends on your credit.
Perks
Potential customers can use the soft inquiry tool on the Marcus website to see what loan options are available to you without it affecting your credit score.
Once approved, borrowers can take advantage of seeing monthly VantageScore updates on their credit scores after logging into their Marcus account.
Most notably, Marcus can send direct payments to up to 10 creditors of your choice with no extra fees. The remainder of your loan balance is deposited into your bank account.
Marcus also allows you to chose what date you want your payments to be due on when you accept the loan. You can then change the due date two additional times.
Customers can earn one month of no-interest payment vacation after making payments on time for 12 consecutive months. However, this will extend your loan by a month, for which you will pay interest.
Fees
This loan comes with no origination or late fees and Marcus does not penalize customers for paying off their loans early.
Loan amount
Marcus offers loans ranging from $3,500 to $40,000. The money can be deposited into your account within a week to 10 business days.
Term length
Term lengths for this loan vary from 36 to 72 months. You may qualify for more options when you have a better credit score.
Bottom line
Marcus by Goldman Sachs Personal Loans personal loans are a good fit for you if you have high-interest debt that you are looking to pay off. A drawback of this loan is that it does not accept joint applications or co-signers.
If you are looking to apply with a co-borrower check out PenFed personal loans. Applying with a co-borrower can allow you to qualify for better rate because both of your credit scores and histories are taken into account.
If you are looking for a larger loan, SoFi Personal Loans offer qualified borrowers loan amounts up to $100,000.
Our methodology
To determine which personal loans are the best, CNBC Select analyzed dozens of U.S. personal loans offered by both online and brick-and-mortar banks, including large credit unions, that come with no origination or signup fees, fixed-rate APRs and flexible loan amounts and terms to suit an array of financing needs.
When narrowing down and ranking the best personal loans, we focused on the following features:
- No origination or signup fee: None of the lenders on our best-of list charge borrowers an upfront fee for processing your loan.
- Fixed-rate APR: Variable rates can go up and down over the lifetime of your loan. With a fixed rate APR, you lock in an interest rate for the duration of the loan’s term, which means your monthly payment won’t vary,…
Read More: Marcus by Goldman Sachs Personal Loans Review