Marcus by Goldman Sachs
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Marcus by Goldman Sachs

 3.9/5 (158 ratings)
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Marcus by Goldman Sachs

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.

Overall Satisfaction Rating

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Pros

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

Cons

  • 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: May 17, 2022

Renewed my CD on May first. Next day, I intended to change to a different type of CD. I was told the grace period was expired, and I was not allowed to make any change. What a ridiculous nonsense! Then, the "supervisor" told me the same thing. Every bank I know you can make as many changes as you can during grace period.

So, there is no grace period for Marcus at all. I only wanted to make one change after renewal during grace period and it was not allowed. I do not know if staff and supervisor I encountered were deceiving me or this bank just outrightly operates like some bandit. I start to think if they are NOT worth doing business with even they have competitive rates. They have crappy customer services.

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    Rated with 1 star
    Verified Reviewer
    Original review: May 8, 2022

    I've been a customer of Capital One since 2007. On March 4, 2022 I went online to Capital One to make a payment, as I usually did. I knew about the transfer to Marcus by Goldman Sachs but did not have a new card or a new statement yet. I couldn't log on to Capital One because Marcus had already taken over. I wrote a check, took a picture of it and mailed it. During the following week I kept trying to contact SOMEONE by phone at Capital One to update my information but was on hold for 30 minutes or more each time. I had three automatic monthly charges on my Capital One account. When I finally got my first Marcus statement there was one purchase listed on the statement. It didn't match any of my three automatic charges. There was no phone number listed on the statement.

    On March 25, 2022 I was determined to speak to someone and was on hold for an hour and 20 minutes until someone picked up. I explained my situation and the rep helped me set up a new account and password. I asked her to tell me what the one charge that was on my account was for. She reviewed it and it was the lump sum of the three automatic charges!!!! There was no breakdown by Marcus so there was no way I would know what I was being charged for. I made my payment with her help but when I asked her for a confirmation number for the payment she said there wasn't one available. When I commented that everyone gives a confirmation number be it for a payment or order, she agreed with me. We chatted briefly about the company transfer and she said a lot of people were very unhappy because nothing was in place and customers were left in the dark. She did give me the phone number for Marcus.

    Over the next few weeks I transferred the three charges to other cards. This long time customer is no longer. Whoever was in charge of this transfer should be ashamed. Goldman Sachs supposedly has a great reputation but this fiasco proves otherwise to me.

    Kate of Londonderry, NH

    5/8/22

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    Rated with 1 star
    Verified Reviewer
    Original review: April 28, 2022

    They cancelled all my automatic payments including the electric company, without sending me a new card. The account number is not anywhere to be found. It is not on the website. Not on the account statement. Without the account number I could not use bill pay. It took 2 calls to get the account number. The first had me on hold for over an hour.

    2 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: April 25, 2022

    I had a GM credit card issued by Capital One for a long time - probably over 8 years. I never used it much, but when I did the bill was easy to pay on Capital One's web site and you could get in touch with customer service very quickly or nearly immediately engage in a chat. At least 4 months ago I received notice that this card was being taken over by Goldman Sachs. To date I have not received a new credit card. I got statements which listed the last 4 numbers of my new card, but had no idea what the card number was. I tried to get in touch with Goldman Sachs at the number listed and was put on hold for half of forever. No offer to call you back.

    The web site for this card is a joke. I can see that I was charged a few weeks ago for a Time Magazine subscription - I have no memory of authorizing this. I can find no way to dispute the charge. I have called several times and been on hold for so long that I have given up. I tried to chat with them and started a conversation - no one ever answered. What I really want to do is to talk to a human being so I can cancel this joke of a credit card. One of their suggestion for contacting them is to write them a letter. I wonder how that would work out. I think I will write one and send it to them by registered mail and tracking. I don't want this card. I would not recommend this card to anyone.

    4 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: March 28, 2022

    I am filled with upset. Marcus Goldman Sacks takes over my Capital One BuyPowerCard with zero authorization from me and began to charge me over $70.00 in interest a month. Never contacted me about the transition until after payment was due then overdrew my bank account by thousands of dollars. This is bullying to the like of mobsters. I am disgusted in the people behind this type of sin.

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

    2/25/2022 mailed (check) payment for my GM card to MARCUS GS at PO Bx 7247-Lock Bx 6104, Philadelphia, PA 19170, as listed on their website for payments. Check cleared my bank on 3/2, but has not been credited to my account. Called MARCUS - on hold for 1 hour - then told that they could not find my check-lost my check-it disappeared. Someone would contact me within 48 hours. Almost a week and no contact. It is a shame that GM chose to partner with this company. I have been a GM customer for 60 years and a GM card holder for many years. I will get a different credit card and GM has lost a loyal customer! Hopefully someday they will locate my $1500 check.

    11 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: March 7, 2022

    I obtained two loans from Goldman for debt consolidation and moving expenses. As life would have it, my husband lost his job, and we were unable to pay the loans as we had been. Goldman either couldn't or wouldn't work with us, and the loans ended up being charged off. I started working with National Debt Consolidation, and was able to settle one of the loans. The other is a nightmare that is still ongoing. Initially, I was led to believe the loan was with ARS Settlement. When I called to pay the loan off, I was told that the loan had been sent back to Goldman. When I called Goldman, their records hadn't been updated, and still showed that the loan was with ARS. When I relayed the information that ARS had sent the loan back, the rep opened a ticket to have it sent back to ARS so I could pay it off. This happened on 2/17.

    I called back on 3/2 to follow-up, and was told nothing had been done, the ticket was still pending, and to call back in a few days. I called back on 3/7 and was told that the original date of the ticket was 3/2, although it had been opened on 2/17, nothing had been done, and to call back because they still had 5-10 to resolve the ticket. Of course by this time, I was ready to blow a gasket. I've never had this much trouble trying to pay a bill. Not only is Goldman not tracking their accounts, it's clear their reps only quote company jargon without actually doing any work. It'll be 30 days since this all started and I've yet to pay this company their money.

    2 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: March 3, 2022

    I have had a GM card for 30 years. Recently, Marcus/Goldman Sachs acquired it from Capital 1. When it came time to pay my monthly bill they were impossible to reach. Their website kept frustratingly shutting down before I could set up their account. The phone # they use had an estimated wait time of 30 minutes. I waited longer than that once but gave up after several tries. I tried contacting them on Facebook but no luck. Thank goodness I did not have a serious problem with my card. As it is I am late in paying the bill. I will see how this plays out and repost in one month.

    16 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: May 13, 2021

    Goldman Sachs Marcus offered a promotional bonus of $100 for customers who deposited an amount of $10,000 to an existing Marcus Savings account. For a period of 90 days thereafter the account balance had to be maintained at that amount. Having met that requirement, and after the 90 day period without having received the bonus I questioned why I never received it and was told that I was ineligible because, based on a technicality, it didn’t meet the qualifications. The technicality was related to a question discussed with a customer service person prior to my applying for the promo, which by admission of a Marcus supervisor, was not decidedly answered, leaving it vague. It appears that proof of the terms that deem the offer ineligible are not available.

    It should also be noted that a supervisor is the the highest level person that a customer can speak to. I was emphatically informed there is no way to address issues with anyone else in the entire organization. Finally, it seems that if I was ineligible I should have been told or notified from the onset so that I’d have the opportunity to address the issue. Shame on Marcus Goldman Sachs for scamming their customers and the public and for their very shady operation.

    26 people found this review helpful
    Rated with 5 stars
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    Verified Reviewer
    Original review: Dec. 5, 2020

    Great Loan and Excellent Client Services. I needed to consolidate my high interest credit cards as my monthly payments never seemed to lower my balances much. I had never done this before and a friend referred me to Marcus Goldman. My loan was able to pay off three accounts in full and pay off a large chuck of other balances that were haunting me every month. My one monthly payment along with not using these credit cards has made my credit score go from good to excellent in seven months!

    8 people found this review helpful
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    Marcus by Goldman Sachs Company Information

    Company Name:
    Marcus by Goldman Sachs
    Website:
    www.marcus.com