Marcus by Goldman Sachs

Marcus by Goldman Sachs

 3.9/5 (559 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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    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: 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.

    Be the first one to find 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 info@trulycoreelectronicsstore.com 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!!!

    Be the first one to find this review helpful

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      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.

      Be the first one to find 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 +/-.

      3 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Aug. 27, 2022

      Do not consider this bank for your personal savings. Although they brag about their interest rates they continue to lag far behind actions by the Federal Reserve and other FDIC insured competitor options. They are great about collecting your money but a total pain to move money from your Marcus account to other institutions. Linking "external accounts" not only requires completing an exercise using their third party vendors (where you'll have to provide user name and passwords) but significant time and inconvenience while they set up a three party phone call with the other institution. Want to close your account? Prepare for significant delays and more than a week to complete a wire transfer.

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

      Summary: Avoid this bank if you will ever need to access your money in a timely manner. I transferred money into my savings account with Marcus from an account with another bank. Ten days later, my offer to buy a house was accepted. In order to make the down payment process easier, I attempted to transfer the money out of the Marcus account to my original account. The transfer failed. I tried again. It failed, again. So I tried to transfer to a smaller amount to see if there was just problem with amount limits. That transfer failed. Then Marcus locked my account. Mind you, this is the account which I have explicitly linked to my Marcus account through the Marcus website, and from which the funds were originally transferred to my Marcus account.

      I repeatedly called to attempt to get my account unlocked and was told every time that my account was "under review" and this review could not be expedited in any way, despite the fact that I had documentation of all the transactions leading up to the account lock. I was repeatedly told my account just need another "five business days" for review. In the meantime, I was completely unable to access my account balance or statements to prove to my mortgage lender that I had the funds needed to close on the house. Again, I relayed all of this information to Marcus and they continued to stonewall me for weeks.

      If I had not been able to pull funds from an additional location, I would have been in breach of my closing contract, lost my earnest money, and failed to buy the house, all because Marcus failed to let me transfer money, locked my account for weeks, and then strung me along for weeks with excuses for why they couldn't open my account or provide me with any documentation showing the amount of funds I had in the account. Fifteen days after the original lock and seventeen days after I first attempted to transfer the funds, my account was unlocked.

      4 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Aug. 11, 2022

      Capital One sold my card to Marcus. My APR is 4%. They have been charging me over 20%. I spoke to at least 5 employees, who are not trained on basic calculations. Most did not know how to calculate my daily periodic rate from my APR. I had to explain my issue over and over again. Disputed the interest charge every month. Every time they would send me an email and say the interest charge was correct. I am also covered under military benefits which I have a letter from them stating I’m not eligible for. At one point a “manager” called me to tell me that the interest was correct. I asked if she had looked at my statements prior to the higher interest and she said no that she would have to go back and check. So they don’t research before they call.

      I asked several times for the formula they used to calculate interest and they would never provide it. I opened a complaint with the BBB. Magically, Marcus “discovered” an issue in their system and now they are correcting it. This is after 2-3 months of me telling them it wasn’t correct. I am not sure I trust this company with any financials. Phone reps can’t help you. They can submit a dispute but they are not trained to use resources to help customers on the phone instead of passing them on to someone else who ultimately sends you a generic email stating there is no issue. I have received refunds each time the interest was wrong except for my current statement. I am still waiting for that refund and also waiting for their system to calculate interest correctly before I close my complaint. I really hope that this is an isolated issue and isn’t impacting all customers, many I’m sure that aren’t aware they are being overcharged.

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

      We've had GM Cards for decades, and the bank operating the card was switched to Marcus. They are operating in dark ages, as others here have reported. I needed to dispute a charge. You cannot mark a transaction as disputed online, you have to call. It took forever to place a simple dispute - on hold repeatedly. Then, after being on hold yet again, I was transferred to someone who said they had put a block on my card and were sending a new one! My card wasn't compromised, I was just flagging a dispute until the company that placed the erroneous charge removes it. She said they could not unblock it, so I have to wait for a new card. None of our other cards offer customer service this bad. With other cards, I go online, mark a dispute, and move on.

      6 people found this review helpful
      Rated with 2 stars
      Verified Reviewer
      Original review: July 23, 2022

      I read that Marcus.com had great rates and a simple process to follow. I applied for a small personal loan, I have 816 middle credit score, income is north of $240K and we do not have much debt and our LTV on our home is less than 60%. On paper, I would seem to be an easy candidate to approve. 1. I apply, submit the paperwork and the system says they will be back to me within 48 hours. 5 days go by, I hear nothing so I reach out. They need more paperwork. I supply the paperwork. Another 5 days go by, again, I reach out and they need more paperwork. I supply the paperwork and, you guessed it, I did not hear back from them, so, I reach back out and this time, they want to speak with my existing bank to verify my assets.

      I arrange the conference call with my bank and MARCUS.com misses the call. By this time, it is now beyond 30 days and I am told that because it is beyond 30 days they must decline my application. To add insult to injury, they tell me that I cannot reapply for 30 days. So, I decided to apply with SOFI. I did so and I was approved immediately and I took out my new loan in less than 72 hours. That was my experience with MARCUS.com.

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

      I have had a GM card for 20 plus years! Paid in full every month. Then these IDIOTS took over the card. They sent my bill to an address that we have not lived at in over 4 years. We never received a bill. A friend from the old area brought the bill over to our house that we have been in for 4 years. They charged me interest and a late fee, when they SCREWED UP!!!! Then treated me like a thief when I called they POOR customer service. Management won't take phone calls!!!! They called me back in 7-10 days. Won't admit that they could ever be wrong! Well today was the day it was PROVED TO THEM!!! Climb off your high horse.

      10 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