Marcus by Goldman Sachs

Marcus by Goldman Sachs

 3.9/5 (595 ratings)
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About Marcus by Goldman Sachs

Marcus by Goldman Sachs is an online lender and savings bank. It offers personal loans up to $40,000 with fixed rates and no fees. High-yield savings accounts are also available. The bank is insured by the FDIC.

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    • Fast approval
    • Customizable monthly payment
    • No fees on loans


    • No physical locations
    • High credit requirements

    Bottom Line

    Marcus by Goldman Sachs offers personal loans from $3,500 to $40,000. Loans come with a fixed APR, so your payments are always the same. It doesn't charge fees for personal loans or savings accounts.

    What is Marcus by Goldman Sachs?

    Marcus by Goldman Sachs is an online lender that offers personal loans to borrowers with good credit scores. Personal loans can be used for various needs, including paying down high-interest debt or improving your home. Since there are no physical branch locations for this bank, the loan application must be completed online. Some applications can be approved in as few as five minutes.

    Marcus interest rates and fees

    As of publishing, Marcus offers fixed APRs ranging from 6.99% to 19.99%. People seeking longer loan terms or who have lower credit scores typically receive APRs in the higher end of that range. Loan amounts range from $3,500 to $40,000 with terms from 36 to 72 months.

    For example, a $15,000 loan with a 12.99% APR would require 48 monthly payments of $402, according to Marcus. You must apply online to find out what interest rate you qualify for. During the application process, you can customize your monthly loan payment and due date to find the terms that are right for you.

    Marcus doesn’t charge any fees, including sign-up fees or prepayment penalties. You can receive a rate discount of 0.25% for signing up for autopay. With every 12 payments you make on time, you get one interest-free payment deferral.

    Marcus by Goldman Sachs FAQ

    Is Marcus by Goldman Sachs FDIC insured?

    Yes, Marcus is an FDIC member. Its accounts are insured at $250,000 for individually owned accounts and $250,000 per owner of jointly held accounts.

    Does Marcus have an app?

    Yes, Marcus has a mobile app that provides access to your accounts. This app is available on both iOS and Android devices.

    How do I close a Marcus savings account?

    You can close your Marcus savings account online or over the phone. To close your account online, go to your account details page, click the three dots in the upper right to open the menu and select “Close this account.”

    Is Marcus by Goldman Sachs safe?

    Marcus by Goldman Sachs is a safe online lender that offers fixed rates on loans up to $40,000. It doesn’t charge sign-up fees or prepayment penalties, but it does have high credit requirements for approval. Apply online to receive a credit decision in as few as five minutes.

    Is Marcus by Goldman Sachs legit?

    Yes, Marcus by Goldman Sachs is a legitimate high-yield online savings account and no-fee personal loan provider. It offers competitive interest rates and no fees on sign-ups, prepayments or late payments. We also like that you can defer one payment after making 12 or more consecutive monthly payments in full and on time.

    Marcus by Goldman Sachs Reviews

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    Page 1 Reviews 0 - 10
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 24, 2023

    My mother has Dementia. I am her only child. She gave me POA to take care of her bills/nursing home expenses. This bank refuses to let me use her funds to pay for her care. Believe it as a fact. --They will not let me transfer funds to her Chase checking account. They let me do this before 3 times before. Now they said the account is under review. They will not put this in writing nor give their names.

    My mom is cut off from her money per this bank. The home will evict her, and she will have to be put in a state home with very poor conditions. She needs the superior care of her current facility. ----They want a guardianship/conservatorship to move any money for her. This will take time, and they do not seem to understand or care about her situation. --I have the POA. It means nothing to them. They said it is in their contract that she signed before she gave them her money. She does not know what year it is, yet they said they will only move money for her if she approves. ---So, she may die in a poor house per this bank. ----I spent many, many hours pleading with them to deaf ears.

    Beware of this cold- hearted bank. Chase bank took only 36 hours to let me use my POA for paying her bills. ----I am going to have to sue this bank for damages, and that will cost tons of money. It will be a big uphill battle. ---If you are older, you should establish a joint account with your kids/loved ones, so you will not have these kinds of problems with bad banks. --The legal work was perfect with this POA, but this bank will put her away to her end. ---Those reading this will find it hard to believe. I called my lawyer, and they said that this happens all the time with some banks. It is also very hard to sue them for wrongful death due to them cutting off the funds to a POA. ---And things are much worse that I have the time to explain. --Avoid this nightmare bank at all costs.

    3 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 24, 2023

    They have locked and frozen my account four times in three months on a whim. Stay as far away as possible from these people. You will get a cryptic email to call just before with zero explanation and wait 30 minutes to talk to someone with prayers to release your savings account funds.

    4 people found this review helpful

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      Rated with 1 star
      Verified Reviewer
      Original review: Dec. 31, 2022

      I have a certificate of deposit banking account with Marcus by Goldman Sachs. On 10/14/22 I logged into my account and changed my CD plan maturity instructions to Close CD on 12/10/2022. I received an email confirmation. On 12/23 I realized I had not received the funds and inquired why that would be. I was told that I didn’t update the instructions even though I have an email confirmation that I did just so. I spoke with Marcus by message and by phone call and they are unwilling to close the account they renewed despite my specific instruction not to renew. They did not call me by phone or make it clear that any further instruction would be necessary and did not let me know that the account was renewed. This is extremely concerning and sketchy business practices.

      I have attached my email confirmation that I did go into the account and give instruction to close the account. They said I must pay a fee to withdrawal the funds early - even though the maturity date was 12/10/2022 because they renewed the account despite my request to close the account. I will never be banking with this company again. This case should be sent in for further i investigation by the banking commission.

      When I called on 12/31 they were unwilling to close the account that was incorrectly renewed. Then when I asked to update the account instructions for it to be closed upon renewal the agent told me they couldn’t update the instructions for some reason and for me to call back or try online. I think they purposefully and sneakily do not allow you to withdrawal the funds so that it is automatically renewed and they can get withdrawal fees from you. This is the worst customer service I’ve ever received from a bank and should be illegal.

      9 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Dec. 19, 2022

      I tried to open a Marcus by Goldman Sachs savings account on December 13, 2022. On Monday December 19, 2022 I still had not succeeded in opening this bank account. I have never experienced such a poorly programmed website as Marcus. The website keeps going down. Customer service is horrible. They hung up on me several times. The trust is just not there.

      Before turning over your social security number and money to Marcus consider this. Goldman Sachs had the bad judgment to base their software development team in India. Other legendary screw ups Intel, Microsoft, Hewlett Packard and Samsung all moved their informational technology groups to India. And yes they are all plagued by persistent software bugs. Wow what a coincidence.

      Consequences. There has to be consequences for dishonest employees and contractors that steal your financial information. If the embezzlers are in the United States we can apprehend them, beat them and then put them in jail. However if the embezzlers are in India there is nothing we can do as the United States does not have any legal jurisdiction. If Apoo decides to impersonate you or sell your financial information what are you going to do? Marcus pays a little more interest and you take a lot more risk. Would you trust Goldman Sachs?

      15 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Dec. 15, 2022

      Do not sign up for any of their personal loans. Their system does not accept extra payments, is inflexible with extra funds, and the phone customer service people are moody. I will never use them again for any future planning needs.

      10 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Oct. 26, 2022

      Do not get a personal loan from this company. Here are some of the things I've experienced. Paying your loan on the due date is not possible after their close of business. They are on US Easter time. Any payment attempt after their close of business (even if attempted on the payment due date) is considered late. Never experience a company that calls your payment late before close of business in your own time zone on payment due date.

      Should you ever need to make arrangements because of Job loss or any other reason. They are inflexible. The only thing they seem to have is if you pay your payment on time for 12 months then they will let you skip a month. That is assuming you never tried to pay later in the day on your due date. Generally speaking you are better using a company like Best Egg. They are the best. Marcus is inflexible even if you've been on time with every payment for years. I will never do business with them again.

      37 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Sept. 20, 2022

      Worst card & customer service (Patricia) ever, warning!!! Warning!!! Stay clear of this high interest headache. I never signed up for this card to make things clear, since Capital sold this card to Marcus by Goldman Sachs this has been trouble as far as interest, I paid the balance in full. A week later I open the card and it's a interest fee, I was told I had to pay the balance for two months straight (some garbage that made absolutely no sense at all, considering I paid it off before the interest even hit the card), I just end up paying the remaining interest just to put this behind me but I will not use this card for nothing but small purchases just to keep it open so it won't hurt my credit, in my opinion this is a complete scam card.

      37 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Sept. 13, 2022

      Rachele from customer service dispute just called me to say that they are still charging me for a "purchase" that a fictitious company is billing me for. They have no way and NO desire to contact the company with me. Marcus has given me a phone number that does not answer - 833 268 5811. A PO Box that does not respond to my snail mail request; an email address that does not exist and a USPS tracking number that the Postal Service says have never been issued and NOTHING HAS BEEN DELIVERED TO MY HOME. These charges were put onto my credit card during the MARCUS takeover of my previous GM credit card. There is no signature from me and I have NEVER USED THE MARCUS CARD.

      My credit score is upwards of 830 and Rachele states the MERCHANT has given them COMPELLING information that they agree with and ACCEPT as a legitimate charge. Of course other credit card companies like DISCOVER, AMERICAN EXPRESS and other Banks such as US BANK Mastercard ALL require ACTUAL REAL LEGITIMATE INFORMATION to confirm the products were purchased by the card holder. I have tried six times to explain to MARCUS that I would be very happy to conference call with the company and MARCUS so that we can find out what the products are....

      The list is 17 items long full of some specialty electronic items which I have no clue as to what they are, since I am a senior citizen with a 14 year old desktop computer and an 8 year old iPhone that I still don't know how to use well. AND remember the US GOVERNMENT POST OFFICE AGREES THAT THE ITEMS WERE NEVER SHIPPED TO MY ADDRESS using the "COMPELLING TRACKING NUMBER" that MARCUS Sent to me in my dispute request for information. MARCUS refuses to find any way for me to communicate with this illegitimate company.

      I cannot find any company called TrulyCoreelectronicsStore on Google or Facebook. Should anyone out there know who this company is with the PO BOX 32017, Lakeland, FL 33802 address - PLEASE LET ME KNOW HOW TO CONTACT THEM. For now my only recourse with the impertinent stubbornness and greediness of MARCUS is to take them to small claims court should they indeed try to mar my financial reputation. Obviously they do not care about their customer service and being honest - 2008 rip offs are not forgotten!!!

      40 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Sept. 12, 2022

      Please do not do business with this company!!! They will take your money and you will not be able to access your account. Then, when you request to have the account closed they will not closed the account and you will have to jump through hoops to get your money transferred to your linked account. They are bad for business. If you’re trying to gain a few extra bucks it’s not worth the hassle that you have to endure.

      36 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Sept. 6, 2022

      Normally I would not review, but this has been such an extreme experience I feel compelled to warn others away. I used my card for the first time to make a purchase as part of my GM Rewards membership. I never received a paper or electronic statement letting me know when my payment was due. I found out with an email when it was past due. The website hangs when trying to log in to access the account and make a payment (thus is not possible to make payment online). The phone automated attendant takes forever to process through and continually tells you to go online for faster service. The only positive is if you are lucky enough after an extremely long wait to speak to a customer service rep, they are very helpful, kind, and professional. I've closed my account after only having it for 3 months +/-.

      28 people found this review helpful

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        Marcus by Goldman Sachs Company Information

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        Marcus by Goldman Sachs