Table of Contents: Masthead StickySummary List Placement
Should you use Marcus by Goldman Sachs?
You may like Marcus by Goldman Sachs if you …
You may not like Marcus by Goldman Sachs if you …
Can take advantage of the lender’s on-time payment reward
Want to avoid origination fees and late payment penalties
Are looking for a strong mobile app
Want preapproval to compare rates with other lenders
Want to borrow more than $40,000
Have a credit score below 670
Can find a lower APR with a competitor
Want to file a joint application
The bottom line: Marcus Personal Loan is a strong fee-free option for borrowers who can make timely payments to qualify for the company’s reward program. On the other hand, if you have an excellent credit score, you may be able to get a lower rate with a competitor.
Marcus by Goldman Sachs loan amounts and interest rates
Marcus Personal Loan personal loan amounts range from $3,500 to $40,000 and can be repaid over three to six years, depending on the agreement you strike with the lender.
Marcus’ lowest APR of 6.99% is marginally higher than comparable lenders. With SoFi, you can get a rate as low as 6.11%, and LightStream has a minimum APR of 2.49%. You should note that your credit will have to be in good shape to qualify for the best rates with these lenders.
On the bright side, Marcus has roughly the same maximum APR as similar companies. Marcus’ top rate is 19.99%, the same as Lightstream’s maximum, and SoFi’s is slightly lower at 18.85%. Shop around with different companies to see which will offer you the best terms.
How Marcus by Goldman Sachs works
Marcus Personal Loan offers unsecured personal loans through Goldman Sachs Bank USA (Member FDIC). Collateral, like a house or a car, isn’t needed to get an unsecured personal loan. You can take out a personal loan for a variety of purposes, including debt consolidation, home improvement, and vacations.
Depending on when your application is approved, it will take between one to four business days to receive money in your account from Marcus. You won’t pay any fees with the company.
A unique feature of Marcus is that the company offers an “on-time payment reward.” You can skip a month of payments if you pay your loan on time and in full every month for one year, and you won’t rack up interest during that period. Your loan will then be extended by one month. This pause in payments could help you put money toward other financial goals for a month, like your emergency fund, retirement, or higher-interest debt.
To contact customer support, call the lender Monday through Friday, 8:00 a.m. to 10 p.m. ET, or on weekends from 9:00 a.m. to 7:00 p.m. ET. If calling doesn’t work for you, you can also mail correspondence to Marcus’ Utah address.
Marcus also has a sleek mobile app on the Google Play and Apple stores that allows you to manage your loan on the go.
You’ll need …read more
Source:: Business Insider