Of all the best personal loans online out there, Marcus by Goldman Sachs is one of the best, if not the very best in terms of customer feedback. Rates are low, fees are non-existent and payment flexibility is excellent.
All that and you've got the backing of the mega bank that is Goldman Sachs. Despite only being around since 2016 this has climbed the rankings to top the personal loan options.
This type of loan is often used as a way to consolidate debt, aka to pay off credit cards, or to make large purchases like major home improvement work.
While the lack of fees (including no late fees) and loan repayment flexibility are nice features, there are other perks that make this stand out. The ability to change the due date up to three times during the life of the loan is a nice touch that offers even more flexibility.
This loan has been widely reviewed and is well loved by its borrowers which further adds to the appeal which spans the 49 states that it is available in.
A credit score that doesn't meet the required level can mean you won't qualify so before getting too excited, this loan isn't for everyone.
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Cost: How much does Marcus by Goldman Sachs charge?
Marcus by Goldman Sachs: Key figures
APR variable: 5.99 - 28.99%
Loan range: $3,500 - $40,000
Min credit score: 660
Term: 3-6 years
- Minimum APR: 5.99%
- Maximum APR: 28.99%
Marcus by Goldman Sachs offers an excellent low-end APR rate of just 5.99% but this does rocket up to a very high 28.99% at the top end, so be wary. This is especially important for those looking to borrow at the highest amount available, which is $40,000.
These APR figures are for fixed-rate loans and will vary based on how much you want to borrow, your financial history and the length of time you want to repay over – the longer being the higher rate.
Marcus by Goldman Sachs review: No late fees
- Pay less, late or miss a payment
- Can be reflected in your credit report
A very appealing feature for those that aren't so great at paying their loan payments on time is the lack of late fees. Yup, you won't be charged if you miss a payment, unlike Prosper or Lending Club.
This, Goldman Sachs says, doesn't mean you get away with it totally. While you won't have a fee you will still accrue interest. It says that you won't pay fees if you pay late, pay less than your amount due or miss a payment. But you'll accumulate more interest and your final payment will be larger as a result.
So it's a bit like extending the length of your loan and pushing up the APR as a result.
Marcus by Goldman Sachs review: Skip a payment
- One skip per year
- Loan term extended
If you've paid back your loan on time every month for a year, aka 12 months, then you are eligible to skip a payment if you want to.
The idea being that if you want to save that money one month, to use it for something else, the option is there for you. While this flexibility is a nice option to have, it will mean your loan is extended by that extra month as you still need to pay it back in the long run.
You'll still pay interest in the extra month on the end but you won't be paying it for the deferred month, so this truly is a free payment deferral if you want to use it.
Marcus by Goldman Sachs review: Requirements to qualify
- At least a 660 credit score
- 840 FICO
If you've got a credit rating of 660 or above and up to 840 FICO then you're eligible to get a Marcus by Goldman Sachs online personal loan.
While there isn't a minimum income requirement, you will be required to have a job in order to get this loan.
The process is online and will involve you sharing details including any of this lot:
- Active and valid checking account
- Recent pay stub
- Proof of income
- Driver's license
- Government issued photo ID
- Proof of identity
- Proof of citizenship or residence permit
Marcus by Goldman Sachs review: Fees
- No fees
- Not even late fees
There are absolutely no fees with this loan. This applies from start to finish meaning no origination fees and no prepayment fees, meaning you can pay it back early if you want without being charged.
On top of that you also get the rather special lack of fee charge if you should miss a payment one month of get to it late.
Marcus by Goldman Sachs review: Application process
- No initial hard pull
- Simple online process
To get in line for a Marcus loan you simply need to head over to the site and enter some basic information initially. That includes the loan amount, the loan purpose and your yearly individual income.
Then, and this is the good news, Marcus carries out a soft credit check. That means whatever the outcome you won't have your credit rating affected.
Once approved you can review the options available to you. That means possible fixed monthly payment to pick and what the APR might be.
Then it's time for the hard check, which can affect your credit score, before hopefully being given the go ahead.
Marcus by Goldman Sachs review: What users say
- JD Power 5-star rating
- Total points of 899
JD Power gave Marcus by Goldman Sachs its award for 2019 as the very best customer satisfaction for an online personal loan. That's a five star rating and an 899 score out of 1,000.
This means it got a full five stars in all the categories, which are: interaction, billing and payment, loan offerings and terms, application and approval process.
Marcus by Goldman Sachs review: Verdict
Marcus by Goldman Sachs may have only been around since 2016 but it's already won the JD Power award for being the highest rated in terms of customer satisfaction. This is thanks not only to excellent customer service but also great loan options, the lack of fees, even late fees, a soft application process and flexible payment options.
The only downside is that the credit score is fairly high for some and the top end APR can be very high. Aside from those points, which may not even affect most people, this is a superb online personal loan.