Marcus is an online banking platform created by Goldman Sachs. While Marcus used to provide personal loans, it sold half of its loan portfolio and stopped accepting new applications in 2023. It also sold its automated investment management platform to Betterment in 2024.
Marcus loans used to offer interest rates that ranged from 6.99% to 24.99% APR with no origination fees, late fees or prepayment penalties. But Marcus typically preferred borrowers with credit scores in the high 600s and didn’t accept coappliants or cosigners.
Today, Marcus focuses primarily on high-yield savings accounts and certificates of deposit (CDs). As a result, borrowers who relied on Marcus for personal loans will need to explore other lending options. If you’re looking for alternatives to Marcus loans, here are some providers with similar offerings that may better suit your needs.
But Marcus typically preferred borrowers with credit scores in the high 600s and didn’t accept coappliants or cosigners. Here are some alternative providers that also offer personal loans but might be better suited for you
LightStream is the online lending arm of Truist Bank. It has some of the lowest rates, starting at 6.99% APR for a 24-month loan — a lower starting rate than Marcus. And its Rate Beat Program offers a 0.10% discount on any competitor's offer on an unsecured loan if the offer meets certain conditions.
Same-day funding is also available, but it's tough to qualify if you don't have good or excellent credit (690-plus). There's also no preapproval process to check your rate first. Save this for when you've qualified for other loans and think you can get a better deal.
Upgrade has one of the lowest minimum borrowing amounts amongst personal lenders, requiring you to borrow a minimum of only $1,000 — Marcus required a minimum loan amount of $3,500. Upgrade's application and funding are also notoriously quick, and it has stellar customer reviews.
With a low credit score of just 580 needed to qualify, Upgrade is available to borrowers with fair credit. Marcus, on the other hand, preferred credit scores in the high 600s. But Marcus didn't have any fees, while Upgrade charges late payment fees and an origination fee of 1.85% to 9.99%.
Not available in: Colorado, Iowa, Maryland, Vermont, West Virginia
Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 7.99%-35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/.
Upstart could be a better fit than Marcus if you're just starting to build your credit. Upstart has a unique underwriting process, taking your education and work history into account alongside your credit score.
It also offers a wider range of loan amounts, from $1,000 to $50,000, while Marcus only offered loans from $3,500 to $40,000. But Upstart has higher rates than Marcus used to offer — rates range from 6.7% to 35.99% compared to 6.99% to 24.99% for Marcus. Plus, Upstart charges an origination fee that can reach as high as 12%.
Not available in: Connecticut, Iowa, Maine, Maryland, Nevada, New York, Oklahoma, Oregon, West Virginia
OneMain Financial doesn't have any clear-cut credit score requirements. It's also one of the few personal lenders that accepts cosigners and coapplicants. Marcus didn't accept cosigners and preferred borrowers with credit scores of at least 660.
While OneMain Financial does consider any credit score, plan on high rates starting at 18%. There's also an origination fee of 1% to 10%, plus late payment and NSF fees. OneMain Financial might be your best chance of getting a personal loan if you have poor credit — just be sure to shop around first because it's not the cheapest option out there.
Not available in: Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont
Not all applicants will be approved. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). If approved, not all applicants will qualify for larger loan amounts or most favorable loan terms. Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Loan approval and actual loan terms depend on your state of residence and your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). APRs are generally higher on loans not secured by a vehicle. Highly-qualified applicants may be offered higher loan amounts and/or lower APRs than those shown above. OneMain charges origination fees where allowed by law. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $500. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Visit omf.com/loanfees for more information. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes.
Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600.
Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.
Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07.
Time to Fund Loans: Funding within one hour after closing through SpeedFunds must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after loan closing.
Prosper is a peer-to-peer (P2P) platform that offers rates starting at 8.99% APR. A P2P platform is an online marketplace where borrowers connect with individual investors looking to fund loans. Prosper offers next-day funding, no prepayment penalties and a quick application process.
Its starting rate is just a bit higher than what Marcus offered, but it has a slightly lower credit score requirement of 600. Prosper also features a lower minimum borrowing amount of $2,000 compared to Marcus's $3,500. But unlike Marcus, Prosper charges an origination fee of 1% to 9.99% plus late fees that are either $15 or 5% of the amount due.
Not available in: Iowa, North Dakota, West Virginia
*Trustpilot TrustScore as of December 2022. Best Egg loans are personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender or Blue Ridge Bank, N.A., Member FDIC, Equal Housing Lender. The Best Egg Credit Card is issued exclusively by First Bank & Trust, Member FDIC, Brookings SD pursuant to a license by Visa International. Visa is a registered trademark, and the Visa logo design is a trademark of Visa International Incorporated. “Best Egg” is a trademark of Best Egg Technologies, LLC. Offers may be sent pursuant to a joint marketing agreement between Cross River Bank, Blue Ridge Bank, N.A. and/or First Bank & Trust and Marlette Marketing, LLC, a subsidiary of Best Egg, Inc.
The term, amount, and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. About half of our customers get their money the next day. After successful verification, your money can be deposited in your bank account within 1-3 business days. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000– $50,000. Residents of Massachusetts have a minimum loan amount of $6,500 ; Ohio, $5,001; and Georgia, $3,001.
For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $100,000. Annual Percentage Rates (APRs) range from 8.99%–35.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–8.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest APR. For example: a 5‐year $10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81, and a 3‐year $5,000 loan with 7.99% APR has 36 scheduled monthly payments of $155.12. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. Best Egg products are not available if you live in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories. TO REPORT A PROBLEM OR COMPLAINT WITH THIS LENDER, YOU MAY WRITE OR CALL–Operations Manager, Email: crt-resolutions@bestegg.com, Address: P.O. Box 42912, Philadelphia, PA 19101, Phone: 1-855-282-6353. This lender is licensed and regulated by the New Mexico Regulation and Licensing Department, Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos Road, Santa Fe, New Mexico 87504. To report any unresolved problems or complaints, contact the division by telephone at (505) 476-4885 or visit the website https://www.rld.nm.gov/financial-institutions/
Avant is a highly rated lender with an application that's more friendly to self-employment borrowers than your average lender. It also accepts fair credit scores as low as 580. Rates range from 9.95% to 35.99%, so it doesn't offer lower rates than Marcus, but it's a decent alternative for self-employed borrowers because Marcus loans didn't always accept self-employment income.
Avant also has great customer reviews, with many customers praising the fast process, quick funding and helpful staff. On the other hand, Avant has more fees than Marcus — expect an origination fee of up to 9.99% and late fees if you miss a payment.
Not available in: Iowa, Kentucky, Massachusetts, Michigan, Montana, Virginia, West Virginia
Personal loans from $2,000–$35,000. If approved, the actual loan amount, term, and APR that a customer qualifies for may vary based on credit determination and other factors. Avant branded credit products are issued by WebBank, member FDIC.
Marcus and the alternatives discussed above aren’t the only personal loan options available. View more lenders and compare their rates, amounts and more. Select Compare for up to four providers to weigh their benefits side by side. Or hit Go to site to learn more about a provider or More info to read an expert review.
The Finder Score crunches 6+ types of personal loans across 50+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
Marcus by Goldman Sachs offered personal loans that stood out for their competitive APRs and lack of fees. While Marcus loans are no longer available, reviewing their features and terms helps borrowers better understand how it compares to other lending options.
Rates, Fees and Terms
Marcus personal loans featured competitive interest rates ranging between 6.99% and 24.99% APR. Borrowers could save an additional 0.25% off their APR by enrolling in autopay. For military service members, Marcus offered APR rates as low as 4%, with the same benefit extended to spouses or domestic partners in certain cases.
Marcus offered loan amounts that ranged from $3,500 to $40,000 with repayment terms of three to six years. Unlike many other lenders, Marcus did not charge origination fees, prepayment penalties or late fees.
What set Marcus loans apart?
Marcus personal loans stood out for their borrower-friendly features. The absence of fees made them a rare find in the personal loan market. Borrowers didn’t have to worry about origination fees eating into their loan amount or unexpected late fees if they missed a payment. However, there are still lenders that don’t require an origination fee.
Marcus also allowed borrowers to change their payment due date up to three times during the loan term — flexibility that’s hard to come by with other lenders.
Another standout feature was the payment deferral option. If borrowers made 12 consecutive on-time payments, they could defer one payment and Marcus would waive the interest for that period. This feature provided a helpful safety net for unexpected financial challenges.
Where Marcus loans fell short
While Marcus loans offered many advantages, they weren’t perfect. Borrowers needed a credit score in the high 600s to qualify, which excluded those with fair or poor credit. Plus, Marcus didn’t allow any cosigners or coborrowers, further limiting borrowers with less-than-perfect credit.
Self-employed borrowers looking for a loan also faced challenges with Marcus due to its stringent income verification requirements. And while the $40,000 loan cap was sufficient for many borrowers, it may not have been enough for those needing higher loan amounts.
Marcus by Goldman Sachs also faced issues with customer service: It had low ratings on both the Better Business Bureau and Trustpilot websites.
Pros and Cons of Marcus Personal Loans
Pros
No origination, late or prepayment fees
Competitive interest rates
Payment deferral option
Service member rates as low as 4%
Flexible due dates
Cons
High credit score requirement
Didn’t allow coborrowers or cosigners
Lower max amounts than some competitors
Difficult to get approved if you’re self-employed
Final Takeaway
Marcus by Goldman Sachs provided a strong option for borrowers with solid credit profiles seeking personal loans with no fees and competitive rates. While it had its limitations, such as a lack of cosigner options and a higher credit score requirement, its unique features, like payment deferrals and flexible due dates, set it apart.
Though Marcus personal loans are no longer available, plenty of other lenders offer similar products. Borrowers might consider alternatives like LightStream, Avant or Best Egg, keeping in mind that these options may have different fees, rates and terms.
Frequently asked questions
Does Marcus still exist?
Yes, the Marcus website and brand still exist, though the products it offers have changed in recent years.
What is the relationship between Marcus and Goldman Sachs?
Goldman Sachs USA is the founder and owner of the Marcus brand.
Is Goldman Sachs shutting down Marcus?
No, there are no current plans to shut down Marcus entirely.
What does Marcus by Goldman Sachs offer?
Marcus by Goldman Sachs offers high-yield savings accounts, certificates of deposit (CDs) and credit cards. It also provides financial calculators and educational resources covering topics such as investing, retirement, taxes and saving.
Is Marcus no longer doing personal loans?
That’s correct — Marcus ended its online lending program in 2023.
Who took over Marcus Personal Loans from Goldman Sachs?
Goldman Sachs sold approximately half of its loan portfolio to two investors, Rithm Capital and Varde Partners. Goldman Sachs still services the remainder of the loans but no longer offers personal lending products through Marcus.
Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto.
Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt.
Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others.
Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full bio
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Upstart looks beyond your credit history to things like your education and career path when considering you for a loan. Learn about similar online lenders.
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