How to apply for Marcus by Goldman Sachs Personal Loans
If you have outstanding credit and want a loan with excellent terms, learn how to promptly apply for it.
What You Need to Know About Marcus by Goldman Sachs Personal Loans
Marcus by Goldman Sachs is a lending platform introduced by Goldman Sachs, a prominent investment bank and financial services company, in 2016. It offers a variety of financial services, including personal loans, high-yield savings accounts, certificates of deposit, and investment accounts.
Unlike some other lenders, Marcus exclusively provides unsecured personal loans, meaning no collateral or cosigner is required. These loans are available in all 50 states. The focus of Marcus is on debt consolidation and home renovation loans, but it accepts a wide range of lending purposes.
Marcus offers personal loans with maturities ranging from three to six years, and the loan amounts range from $3,500 to $40,000. One advantage of using Marcus is that it doesn’t charge origination, prepayment, sign-up, or late fees.
If you have good to excellent credit and can wait a few days to receive the funds, Marcus can be a great borrowing option. It offers competitive interest rates, autopay discounts, and direct creditor payments for those consolidating high-interest debt. The platform has received positive reviews for its user-friendly interface and simplicity.
Eligibility for Marcus by Goldman Sachs Personal Loans
Marcus does not disclose its minimum credit score requirement, but it is recommended to have a score of at least 660 to increase your chances of approval. Applicants with higher credit scores may qualify for lower interest rates and better loan terms. The typical credit score of Marcus borrowers is not publicly disclosed.
In addition to credit score, Marcus requires applicants to have sufficient income to repay the loan. However, the minimum income requirement and the average income of Marcus borrowers are not publicly stated. The platform only accepts solo loan applications and does not allow co-applicants or co-signers.
Application Process for Marcus by Goldman Sachs Personal Loans
1. Prequalify by providing personal details.
Potential borrowers can use Marcus’ online loan eligibility tool to get an idea of how much they can borrow and the monthly payments before submitting a formal application. This initial stage involves a soft credit inquiry, so it won’t harm your credit score. The loan conditions offered may vary based on individual needs, creditworthiness, and other factors.
Marcus will also ask for information on your living situation, income, and other aspects related to your ability to make loan payments.
2. Select a personal loan.
After completing the prequalification process, Marcus will present a selection of loan options based on the information provided. You can select the loan that suits your needs and proceed with the formal application.
3. Complete the application.
Once you have chosen a personal loan, Marcus will ask you to confirm your identity and complete the application process. This includes a rigorous credit check, verification of income, and possibly providing additional supporting documentation.
If your application is approved, you will need to sign the necessary loan documents to receive the requested funds.
Marcus by Goldman Sachs Personal Loans vs LightStream Personal Loan
Marcus and LightStream are both lenders that primarily cater to borrowers with strong or excellent credit scores. However, there are some key differences between them. While Marcus offers personal loans up to $40,000, LightStream allows borrowers to borrow up to $100,000. LightStream also offers longer repayment terms of up to 84 months.
Another difference is the speed of loan disbursement. LightStream is known for its quick loan approvals and disburses funds on the same day in some cases. Marcus, on the other hand, may take several days to process and disburse funds.
In summary, if you have an excellent credit score and are specifically looking to pay off credit debts, Marcus may be the better option. For other borrowing needs, you may want to consider LightStream.
Benefits of Marcus by Goldman Sachs Personal Loans
- No origination, prepayment, sign-up, or late fees
- Autopay discounts on interest rates
- Pre-qualification option with a soft credit check
- Direct payment to creditors for debt consolidation loans
Benefits of LightStream Personal Loan
- Specific features for home improvement loans
- No fees or hidden costs
- Flexible repayment terms
- Rate Beat program that matches or beats competitor’s rates
How to Apply for a LightStream Personal Loan
If you want more information on how to apply for a LightStream Personal Loan, you can refer to our detailed article on the application process.
