Company Profile
Marcus by Goldman Sachs is a relatively new lender that operates entirely online, providing personal loans to people with a credit score of 660 or above on FICO. Named for the founder of Goldman Sachs, who created the company in 1869, Marcus's loans are suitable for people with a suitable credit score needing a large amount of money quickly.
Suitable For?
Marcus is a good fit for you if you are a borrower with a good or excellent credit score (660 or more FICO score) and you are looking for a no-fee loan, incredibly flexible terms, and want to consolidate debt.
Loan Features
Marcus offers loans to every American who is over eighteen and has a good credit score, with the following features:
- Loan amounts starting from $3,500 up to $40,000
- An APR Range between 6.99% and 19.99%
- Loan terms from thirty-six to seventy-two months
- Marcus can release funds within three days of being requested
Repayment Terms
Marcus’s repayment terms go over thirty-six to seventy-two months. Additionally, you can set up their AutoPay feature, which automatically withdraws the payment amount from your account regularly and at a scheduled time. Making on-time payments can help build your credit score and earn you a 0.25% discount for using AutoPay.
How Safe Is It?
Marcus’s website is entirely safe to use. It requires you to create a complex password and use a unique email address when first logging in. Additionally, it implements multi-factor authentication, uses firewalls and SSL encryption, and Marcus monitors their networks around the clock.
Help and Support
If you get stuck at any point in your journey while taking a loan out with Marcus, there are a variety of ways you can find assistance. There is a comprehensive website at https://www.marcus.com/us/en where you can find articles, FAQs, and Financial Calculators. If you haven't found what you are looking for, you can phone one of their numbers, depending on what you need help with. Additionally, Marcus's office hours are Monday to Friday, 8 AM to 10 PM Eastern Time, and Saturday to Sunday, 9 AM to 7 PM Eastern Time.
Summary
If you are someone looking to take out a loan between $3,500 to $40,000 for whatever reason, then Marcus could work well for you, provided you have a credit score of 660 or higher. While the lack of physical addresses or ATMs is somewhat of a downside for this company, the fact there are no fees, the APR is low, and you get a discount for using AutoPay more than makes up for its shortcomings.
Physical Address
Marcus by Goldman Sachs has no physical address. Everything is online unless you choose to send your checks in the mail, in which case, you can courier them through FedEx or UPS. If you cannot use the couriers for whatever reason, they have a P.O.Box that you can use as well. Otherwise, everything is done online.