When it comes to the balance of interest rates, credit limits, terms and conditions, Goldman Sachs’ Marcus ranks above all personal loan competitors.
Wide range of runtime options
Lower interest rates than most lenders
Option to defer payment
Funding can take five days
A maximum of six years credit period
Telephone customer support only available
With mild requirements and great terms, including no subscription, prepayment or late payment fees, Marcus from Goldman Sachs deserves our award for best overall installment loan. Goldman Sachs is one of the most recognizable names in Wall Street investment banking. The company has been providing retail banking services under the name Marcus by Goldman Sachs since 2016 and currently offers several financing products, including personal loans.
To qualify for a loan, applicants must have a credit score of at least 660 for any loan between $ 3,500 and $ 30,000. Marcus loans have a fixed rate of 6.99% to 19.99% APR, which can be reduced by 0.25% when you sign up for auto-payment. There are no registration fees and no prepayment penalties. While nine different term options are available (36, 39, 42, 45, 48, 54, 60, 66, or 72 months), applicants with higher credit points qualify for the options with the longest term and lowest rates.
Marcus accepts applications from consumers in all 50 states, as well as Washington, DC, and Puerto Rico. However, there are age requirements. You must be over 18 years of age (19 in Alabama, 21 in Mississippi and Puerto Rico) with a valid US bank account and a Social Security or Tax ID number.
Marcus by Goldman Sachs app users can track their debts and finances. The app has a 4.9 rating on the App Store and a 4.5 rating on Google Play. Goldman Sachs’s Marcus received five stars out of five from The Motley Fool and 4.1 out of five stars from Bankrate.
An added benefit of working with Marcus is that users can postpone a payment after 12 consecutive regular loan repayments, which means an extension of the loan term by a month.
Read the full Marcus by Goldman Sachs review.