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How to apply for Marcus by Goldman Sachs Personal Loans?

Marcus by Goldman Sachs is a personal loan company that offers loans with competitive rates and a variety of repayment terms.

Marcus by Goldman Sachs Personal Loans
Source: Marcus by Goldman Sachs Personal Loans

Who is Marcus by Goldman Sachs best for? Marcus by Goldman Sachs is a personal loan service that can be used for many different reasons. It is designed to help people with all kinds of financial needs and goals. The best person for this service would be someone who is planning on having a major purchase as well as someone who needs additional funds for day-to-day expenses.

Moreover, Marcus by Goldman Sachs is a personal loan designed for people who need to borrow up to $40,000. It is the only personal loan that offers 0.25% lower interest rates than others, for up to 36 months. It is undeniable that Marcus by Goldman Sachs is best for borrowers who have fair to good credit and are looking for a low-interest loan with no prepayment penalties.

More Details

Late payment fees and prepayment fees: Aside from origination fees, Marcus by Goldman Sachs don’t charge any late payment and prepayment fees to borrowers. However, it is important to keep in mind that the interest still accumulates during missed periods so the final payment can be costly. 

Credit Score Required: Unfortunately, the company doesn’t disclose any credit score requirements but to be safe, it is important to have at least 660 or higher. Keep in mind that a higher credit score can access lower interest rates and increased loan amounts. 

Income Required: Marcus by Goldman Sachs requires borrowers to have an income to support the reimbursement of the loan, however, the company itself didn’t disclose how much a borrower needs to meet to acquire one. 

Applying Loan

Marcus by Goldman Sachs Personal Loans offers customers the convenience of applying online and getting a decision on their application in as little as 24 hours. It also offers an easy-to-understand, step-by-step process for deciding which loan is the best fit for any borrower. 

  1. But before submitting a formal application, a borrower should first use the company’s loan calculator available on their website. This is to know the monthly repayment fee depending on their preferred interest rates, loan amount, and loan terms. 
  2. After that, the next thing to do is submit the aforementioned with basic personal information to prequalify. 
  3. Once done, Marcus by Goldman Sachs will review the prequalification process and provide a list of personal loan options. 
  4. The next thing would be the formal application process where the company will run a hard credit check, income information, additional documents, and other things to support the application of the borrower. 
  5. Finally, once everything is approved, the next is signing the contract and getting the loan proceeds. 

Frequently Asked Questions:

  • Can I receive the funds in just a day?

No. Because even if the approval can just take 24 hours, the releasement of funds can take 1 to 4 days. It may also take longer than that depending on the bank or financial institution’s business days. 

  • Which is better Marcus or SoFi?

One of the most popular loan companies is SoFi and it’s clearly better than Marcus because the features and advantages you can get here are top of the line. SoFi also offers higher loan amounts and longer loan terms as opposed to Marcus. 

  • Which is better Marcus or LightStream?
Marcus by Goldman Sachs Personal Loans
Source: Marcus by Goldman Sachs Personal Loans

If you want more changing payment dates, you should avail Marcus. Because with LightStream, they only allow borrowers to change their payment dates once or none at all – making Marcus more flexible. 

The importance of Marcus by Goldman Sachs Personal Loans has been recognized in recent years as more people are turning to them to help them recover from financial stress and hardship. In addition, they can be used as an emergency fund or even as a way to start building a credit history. It also allows borrowers to choose the length of their loan, which is helpful when they are trying to repay in shorter time frames or if they need to save some money to make the repayment easier.

So take advantage of the things Marcus by Goldman Sachs can offer and build that financial independence you’ve been longing for.