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Compare Personal Loan Rates
Who is Marcus Best For?
As Marcus is no longer accepting new loan applications as a result of its decision to shutter its personal loan business, Marcus is best for existing customers who already have a loan with the company. Borrowers who receive an application invite code might also like the lender.
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Marcus Personal Loan Details
Marcus personal loan amounts range from $3,500 to $40,000 and can be repaid over three to six years, depending on the agreement you strike with the lender.
Marcus' APR range of 6.99% to 24.99% is comparable to similar lenders. You should note that your credit will have to be in good shape to qualify for the best rates with these lenders. On the bright side, Marcus has roughly the same maximum APR as similar companies. Shop around with different companies to see which will offer you the best terms.
Depending on when your application is approved, it will take between one to four business days to receive money in your account from Marcus. You won't pay any fees with the company.
A unique feature of Marcus is that the company offers an "on-time payment reward." You can skip a month of payments if you pay your loan on time and in full every month for one year, and you won't rack up interest during that period. Your loan will then be extended by one month. This pause in payments could help you put money toward other financial goals for a month, like your emergency fund, retirement, or higher-interest debt.
Marcus Personal Loans Pros and Cons
Frequently Asked Questions
Marcus is a Better Business Bureau-accredited company, and the BBB, a non-profit organization focused on consumer protection and trust, gives Marcus an A+ rating. The BBB measures companies by reviewing businesses' replies to consumer complaints, honesty in advertising, and transparency about business practices.
However, a great BBB rating doesn't necessarily mean you'll have a positive relationship with Marcus, so ask friends and family about their experiences with the company and look over consumer reviews online.
Marcus does not have any recent controversies. You might feel comfortable choosing Marcus as your personal loan lender due to its sparkling history and top-tier BBB rating.
Currently, Marcus is accepting personal loan applications by invitation only, so it is significantly harder to get a Marcus personal loan than in the past. Other lenders don't require an invitation to apply.
Marcus doesn't disclose how long it will take to approve your application, but after it is approved, you'll receive your funds within one to four business days.
How Marcus Personal Loans Compare
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Marcus Personal Loan
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SoFi Personal Loan
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LightStream Personal Loan
Marcus vs. SoFi
You'll need a higher minimum credit score to qualify for a personal loan with SoFi, and the company's APR range is similar to what Marcus requires.
You won't be required to pay any origination fees, prepayment penalties, or late payment fees with either lender, making both a great option to skip out on added costs to your loan.
Marcus' loan term range of three to six years is slightly smaller than SoFi's range of two to seven years. If you want to spread out your payments over more time, SoFi may be a better option for you.
Marcus vs. LightStream
LightStream's minimum APR is higher than Marcus' minimum APR of 6.99%, though you'll only qualify for Lightstream's best rate with excellent credit. Additionally, you can take out up to $100,000 with Lightstream, while you can only take out a maximum of $40,000 with Marcus. Neither company charges origination fees or prepayment penalties.
While it would be easiest to compare offers to find out which rate is better for you, Lightstream does not offer preapproval and would require you to submit an application and agree to a hard credit pull to get your rates. Marcus also doesn't offer preapproval — application are by invitation only.
A distinguishing feature of Marcus' personal loans is the company's "on-time payment reward." If you pay your loan on time and in full every month for one year, you can skip a month of payments, and interest will not accrue during that period. Your loan will then be extended by one month. You may prefer Marcus if you'd want to take advantage of this perk.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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