Key Insights at a Glance
- As of January 2023, Marcus by Goldman Sachs has ceased issuing new personal loans, though it continues to manage existing loan portfolios.
- The digital bank maintains offerings such as credit cards, high-yield savings accounts, and certificates of deposit (CDs).
- For those hunting for personal loan options, alternatives like SoFi, LightStream, and Achieve stand out as worthy contenders.
Exploring various lenders is a savvy move to find financing tailored to your unique monetary circumstances. Several online financiers now provide loan products reminiscent of what Marcus by Goldman Sachs once brought to the table. These competitors not only deliver attractive interest rates and flexible terms but also streamline the entire borrowing journey with fully digital applications accessible from the comfort of home.
Among the top-tier personal loan providers, rapid fund disbursal is common, often arriving within a handful of business days. If Marcus was on your radar but you need immediate financing, the lenders listed below are primed to support your borrowing needs promptly.
| SoFi | 8.99% – 35.49% (with autopay) | $5,000 – $100,000 |
| LightStream | 6.49% – 25.14% (with autopay) | $5,000 – $100,000 |
| Achieve | 8.99% – 29.99% | $5,000 – $50,000 |
Spotlight on SoFi
Rating: 4.7 out of 5 stars
Bankrate’s Perspective
For individuals with steady earnings, a solid credit standing, and a credible repayment track record, SoFi emerges as a top pick. Loan sizes can range broadly from $5,000 up to $100,000, paired with an array of repayment schedules that adapt smoothly to personal budgeting needs. Noteworthy perks include discounts tied to autopay enrollment and the possibility of same-day fund release.
Advantages
- Option to apply with co-borrowers
- Competitive interest rates
- Substantial loan limits
Drawbacks
- Requires good to excellent credit scores
- Minimum loan amount is on the higher side
- Origination fees may apply to secure lowest APR
The Lowdown on LightStream
Rating: 4.5 out of 5 stars
Bankrate’s Take
LightStream is an excellent choice if you’re looking to finance a sizable home improvement or other large expenses. This lender is known for its low annual percentage rates but demands a strong credit profile for approval. If your credit doesn’t quite make the cut, partnering with a joint applicant can improve your chances and potentially unlock better rates.
Pros
- Zero fees attached
- Attractive low minimum APR
- Rate Beat program offers unmatched competitiveness
Cons
- High baseline loan amount
- Lacks prequalification options
- Requires strong credit scores
Exploring Achieve
Rating: 4.5 out of 5 stars
Bankrate’s Viewpoint
Achieve caters to borrowers aiming for loans up to $50,000, boasting appealing rates especially for those with commendable credit. It uniquely accepts joint loans and prides itself on a lightning-fast application process, often granting same-day approval. Though the minimum loan amount is relatively steep and origination fees are present, the company allows borrowers with credit scores as low as 640 to apply.
Advantages
- Low starting APR
- Swift access to funds
- Relatively accessible minimum credit score
Disadvantages
- Origination fees apply
- High minimum borrowing threshold
- Not available across every U.S. state
Why Did Marcus by Goldman Sachs Pull Back from Personal Loans?
The reasons behind Marcus’s retreat from personal lending remain officially undisclosed. Yet, industry observers noted in 2022 that changing market dynamics and strategic pivots within Goldman Sachs might have influenced this decision.
According to recent financial data, the personal loan market in the U.S. witnessed a noticeable shift in borrower preferences and tightening credit standards in the years leading to 2023, causing several lenders to reconsider their product offerings.
