As of January 6, 2023, Marcus by Goldman Sachs will stop offering personal loan products through Bankrate. The bank is also withdrawing overall from unsecured personal loans, although existing loans will still be repaid by the bank.
Marcus – the online branch of Goldman Sachs Bank – also still offers savings products and credit cards. For those interested in an online personal loan like Marcus’s, there are plenty of lenders to choose from that offer similar services and competitive rates.
Alternatives to Marcus from Goldman Sachs Loans
While shopping around will help you find the best personal loan for your financial situation, here are a few online lenders that rival what Marcus from Goldman Sachs previously offered.
| Lender | APR range | Loan amounts |
|---|---|---|
| SoFi | 8.99%-29.49% | 27 years |
| LightStream | $5,000 – $100,000 | 27 years |
| Reaches | $5,000 – $50,000 | 25 years
SoFi
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LightStream
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LightStream offers a wide range of loan amounts and repayment terms, making it ideal for borrowers who need to consolidate high-interest debt or undertake major home improvement projects. The lender has a low APR, but requires a good to excellent credit profile to qualify. If you do not meet the eligibility criteria, you can seek the help of a co-applicant to increase your chances of approval or get a more competitive rate.
Plus points
- No costs.
- Low minimum APR.
- Range of loan terms.
Cons
- High minimum loan amount.
- No customized prequalification.
- Requires a strong credit profile.
Reaches
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Achieve is an online lender that offers personal loans up to €50,000. It offers competitive rates for the most creditworthy borrowers, but has a relatively low credit requirement of 620. Additionally, the lender allows joint loans and is known for its fast application process and same-day approval. However, it does have a high minimum amount and depending on your loan amount and repayment term, you may have to pay an origination fee.
Plus points
- Low minimum APR.
- Fast financing.
- Low minimum credit score.
Cons
- Origination fee.
- High minimum loan amount.
- Limited availability.
Why does Marcus from Goldman Sachs no longer offer personal loans?
Marcus has not publicly disclosed why it closed its doors to personal loan products. However, a 2023 Bloomberg report claims that Goldman Sachs Bank’s online arm has scaled back its consumer lending division. “Consumer lending is being brought under control,” the report said. “While the bank will maintain credit card partnerships, it will be very selective in adding to the list.”
From now on, Marcus will continue to offer savings accounts and credit cards through its online portal.
