Marcus by Goldman Sachs Personal Loans: 2024 Review
As of Jan. 6, 2023, Marcus by Goldman Sachs stopped offering personal loan products through Bankrate. It is also pulling back from unsecured personal loans on the whole, though existing loans will still be serviced by the bank.
Marcus — the online branch of Goldman Sachs Bank — also still offers savings products and credit cards. For those interested in an online personal loan like those Marcus provided, there are plenty of lenders to choose from that offer similar services and competitive rates.
Alternatives to Marcus by Goldman Sachs loans
While shopping around will help you find the best personal loan for your financial situation, here are a few online lenders that contend with what Marcus by Goldman Sachs previously offered.
| Lender | APR range | Loan amounts |
|---|---|---|
| SoFi | 8.99%-29.49% | $5,000–$100,000 |
| LightStream | 6.94%-25.29% | $5,000–$100,000 |
| Achieve | 8.99%-29.99% | $5,000–$50,000 |
SoFi
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SoFi is a great option for borrowers who make a steady, decent income, have a good credit score and a positive repayment history. SoFi’s loan amounts range from $5,000 to $100,000 and it has optional fees — allowing you to tailor your payments to your needs. And it has a number of features, including member gatherings and financial planning.
Pros
- Co-borrowers allowed.
- Optional fees.
- Range of loan amounts.
Cons
- Good-to-excellent credit required.
- High minimum loan amount.
- No physical branches.
LightStream
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LightStream offers a wide range of loan amounts and repayment terms, making it ideal for borrowers who need to consolidate high interest debt or take on large home improvement projects. The lender boasts a low APR, but it does require a good to excellent credit profile to qualify. If you don’t meet the eligibility criteria, you can enlist the help of a joint applicant to boost your approval odds or to score a more competitive rate.
Pros
- No fees.
- Low minimum APR.
- Range of loan terms.
Cons
- High minimum loan amount.
- No tailored prequalification.
- Requires a strong credit profile.
Achieve
-
Achieve is an online lender that offers personal loans up to $50,000. It offers competitive rates for the most creditworthy borrowers, but has a relatively low credit requirement of 620. Plus, the lender allows for joint loans and is known for its speedy application process and same-day approval. However, it does have a high minimum amount and depending on your loan amount and repayment term, you may be on the hook for an origination fee.
Pros
- Low minimum APR.
- Fast funding.
- Low minimum credit score.
Cons
- Origination fee.
- High minimum loan amount.
- Limited availability.
Why doesn’t Marcus by Goldman Sachs offer personal loans anymore?
Marcus hasn’t publicly disclosed why it shut its doors on personal loan products. However, a 2022 Bloomberg report asserts that the online branch of Goldman Sachs Bank has been scaling back its consumer lending division. “Consumer lending is being reigned in,” the report read. “While the bank will keep credit-card partnerships, it will be very selective about adding to the list.”
As of now, Marcus will continue to offer saving accounts and credit cards through its online portal.
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