When looking for personal loans, you'll find out that there are a lot of financial institutions out there that offer them with many overrated features. Some might have already been discontinued from the public while others continue to do so with certain changes.
Marcus by Goldman Sachs Personal Loans is one of those financial products you should have looked for when it was readily available to the public. Currently, their financial products, specifically the personal loans, have been unavailable for application since early 2023. It is only available through invitation, which could prove very difficult to do.
If you want to learn more about Marcus by Goldman Sachs Personal Loans, check out the information below.
Marcus by Goldman Sachs Personal Loans Overview
It is important to note that Marcus by Goldman Sachs is no longer available for application.
They have slowly moved away from providing financial products, and this guide will only serve as an overview of their loan product.
It is best that you try to consider another loan if you are in immediate need of a personal loan since the invitation for their loan might not be offered to you at all.
Fixed Interest Rates
One of the best features of the Marcus by Goldman Sachs Personal Loans was their fixed interest rates. Borrowers would get as low as 8.99% up to 29.99% APR as their interest rate.
The best part is that you receive the same monthly payment throughout the entire loan term, which means that you get a predictable monthly statement. This could have served to help you build a stable monthly budget.
If you were part of a military service, you immediately qualified for a 4% interest rate. There's also a feature where you get a 0.25% discount if you enroll in their autopay feature.
Zero Fees
Marcus by Goldman Sachs Personal Loans often do not come with a lot of fees aside from their affordable interest rate.
The Marcus by Goldman Sachs Personal Loans did not charge any origination fees or what is called loan processing fees. There were also no prepayment penalties or charges when you want to pay off your loan amount earlier than usual.
This was one of their most significant advantages when compared to many other lenders.
Accessible Loan Amount and Loan Terms
Another great feature of Marcus by Goldman Sachs Personal Loans was their accessible loan amount. You can borrow up to $40,000.
This helps cater to a wide range of needs. Those who want to borrow a lower amount for a specific need can easily apply for the loan, pay it off, and then borrow again.
With loan terms, personal loan terms generally span from 36 to 72 months or 3 to 6 years which makes it long enough for you to pay your entire loan without causing too many hiccups with your budget.
Consolidate Your Debt
With Marcus, by Goldman Sachs Personal Loans, you can successfully manage your other debt with their debt consolidation feature. They have offered the option to pay for your other debts if you consolidate them directly.
Simply enroll for this feature and carry over your other debts with the personal loan, and you can immediately manage all of them under one account. They made this a very simple process, so you don't have to stress over it.
How to Get an Invite for the Marcus by Goldman Sachs Personal Loans
As mentioned above, Marcus by Goldman Sachs Personal Loans are no longer applicable, but there are certain cases where you get an invite.
This can be not easy if you don't have the specific requirements that they need. These requirements can also change, which can be discouraging for many people.
If you wish to pursue getting Marcus by Goldman Sachs Personal Loans, check out how you might get an invite down below and get the personal loan.
Credit Score and Credit History
For you to get an invitation code to apply for their loan, you must have a credit score of at least 730 just to get the invite.
This does not immediately mean that you will be approved for the loa,n as the financial institution has slowly held back its financial products and wants to move in another direction.
You must also have a positive credit history with consistent on-time payments to be considered for the invite code.
Stable Income
Another qualification that they often check for you to receive an invitation for their loan is your income.
You must have a stable income that will be sufficient enough to pay for the loan. A lower debt-to-income ratio is also suggested as it indicates a strong ability to manage your debt.
Applying for a Personal Loan
If you're applying for a loan to consolidate your debt, you should receive the invitation code via email or mail.
You will need to fill out an online application form with your details and will be asked to provide documents such as tax forms, employment contracts, Social Security Numbers, bank accounts, etc.
Review the terms and conditions and then submit. Once approved, you must sign your loan agreement, and the loan amount will be deposited to your account within four business days.
Contact Details
If you want to learn more about the loan product, you can check out more information at their official website. You may also call their support hotline at 1-844-MARCUS1 for help or information about any other products they offer.
They are available Monday to Friday from 8 AM to 10 PM. You can also visit their office at 222 Main, Salt Lake City, Utah, U.S.
Conclusion
While Marcus by Goldman Sachs has shifted its strategy away from its financial products, learning about Marcus by Goldman Sachs Personal Loans lets you know that there is still a way for you to help you consolidate your debt. If you find it difficult to get the invite code or reach their eligibility requirements, try many other personal loan products available in the market today.
Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.
