Marcus By Goldman Sachs Debt Consolidation Loans Review

Marcus is the lending arm of Goldman Sachs and offers debt consolidation loans to borrowers with average credit scores. They provide a service that allows accepted applicants to take all their monthly payments and replace them with one loan to pay off at a better interest rate.  Marcus can help those in need of better financial management and those aiming to improve their overall credit rating.

Credit Card Consolidation Best for
4 /5
$ $3,500 /mo
Starting Price
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Table of Contents

    Terms, Fees and Rates 2020


    $3,500 to $30,000


    36 to 72 months


    6.99% to 23.99% APR





    Let’s take a deeper look into what they can offer you, and explore whether they could be the company you have been searching for. 

    Marcus Pros and Cons


    • Option to change the payment date or defer
    • Offers direct payment to creditors
    • No fees
    • Supports a wide range of credit scores and incomes
    • Easy application for self-employed borrowers
    • One of the few lenders that consider monthly free cash flow


    Why Should You Consolidate Your Loans With Marcus?

    Marcus is one of the few banks that offer personal loans. The online-only consumer banking company offers transparency and no-fee loans.

    The personal loans from Marcus can be used for debt consolidation, home improvements, or other significant expenses. Here are some of the key features, and the explanations will follow:

    • Choose the loan amount and terms best for you
    • Marcus provides financial tools for credit monitoring and keeping track of payments
    • Option to defer payment after 12 months
    • A suite of available financial tools for customers

    You should consider a debt consolidation loan from Marcus if you are looking to smooth your financial life by merging outstanding payments into one monthly bill. Since there are no fees involved with these personal loans, you can save money by paying off any high-interest creditors. Marcus will even pay the creditors directly upon request. 

    One outstanding aspect of Marcus is that it offers flexibility in borrowing. Choose your desired loan amount and terms, and pick the numbers that fit into your budget. The lender has designed a variety of options to suit many preferences. You are allowed to change your due date up to three times during the span of the loan. 

    In addition to no-fees and flexibility in terms, Marcus includes some other attractive incentives. Borrowers will have access to helpful financial tools for keeping track of credit scores and making payments. 

    You can also defer payment after making 12 or more consecutive payments, which will extend the term by one month. You will not pay interest during the deferral month. This can come in handy in the event of any unexpected hardships.

    What Are the Eligibility Requirements?

    Marcus is an excellent choice for any creditworthy borrower who wants to consolidate debt. While the lender offers the benefits of no-fees and flexible terms, there are high standards for approval. Borrowers with a Marcus loan have strong credit and several years of credit history. You'll want to know the eligibility requirements before you apply for a personal loan. 

    • A minimum credit score of 660
    • Most Marcus borrowers have scores between 700 and 750
    • Borrowers should have a credit history of at least two years
    • No maximum debt-to-income ratio
    • The minimum age for borrowing is 18 (19 in AL/NA, 21 in MS/PR)

    It's recommended that applicants have a FICO credit score of at least 660 and at least two years of history. There's no maximum debt-to-income ratio, though your likelihood of getting approved is better if yours is under 40%. It is also essential to have a verifiable source of income. 

    Applicants must hold a U.S. bank account and a Social Security or Individual Tax ID number. The minimum age for borrowing depends on the state of residency. Those from Alabama and Nebraska must be 19, and in Mississippi and Puerto Rico, they must be 21. 

    How to Apply for a Marcus Consolidation Loan

    If you meet all of the eligibility requirements, you can apply for a personal loan by entering the Marcus website and filling out a questionnaire. Let’s take a look at the process step by step:

    Step 1 - Provide your loan amount, purpose and annual income
    Step 2 - Marcus will complete a soft credit check to calculate your rates
    Step 3 - Once approved, you can review the loan options available regarding possible fixed monthly payments and a projected APR
    Step 4 - Finalization and then the funds will be credited in 2 business days

    Before your loan is finalized, Marcus will do a hard credit pull. This step may impact your credit score temporarily, but it will improve as you make on-time payments.

    If your application is rejected, you could consider asking the lender for clarification. Sometimes there are processing errors, and it could be worth the call. There also may be a negative credit mark on your report, in which case, it's crucial to investigate. 

    Customer Service

    Marcus has a team of specialists based in the United States who are available seven days a week to provide you with customer support. You can contact them with various queries, and there is also a helpful FAQ section on their website. 

    What Types of Debt Can Be Consolidated With a Marcus Personal Loan?

    A debt consolidation loan is a personal loan that borrowers can use to pay off multiple debts, including credit card debts, loans, or medical bills. The loan will consolidate these debts into one monthly payment. Having just one payment to worry about at the end of the month can help ensure you keep a high credit score.

    Borrowers typically use these loans to pay off high-interest credit card debts because personal loans, especially from Marcus, offer the benefits of no fees, low rates, and flexible payment terms. 

    As the loan amounts offered by Marcus are anywhere between $3,500 and $40,000, borrowers can consolidate a significant amount of debt. 

    The Bottom Line

    Marcus is a highly rated lender that offers many perks to borrowers. If you have a strong credit history but are looking to consolidate debt, you should consider a personal loan from Marcus. By finding the best approach to debt consolidation, you could save hundreds or thousands of dollars on interests also while clearing out your overwhelming payment calendar. 

    You should check out their website today and see if they are a good fit for your financial situation. They can give you the advice you need to progress and get better control of your finances. Take that first step toward a better credit rating and a more secure future