How to apply
You need to create your Marcus account. Then you submit the required information and wait for the response. Once approved, you review the loan options presented to you (based on your credit score and various other factors) before arriving at your final choice.
Requirements
The requirements differ when applying for different products offered by this service. In order to apply for a Marcus loan, fill out the application form first. Then, you might be inquired to provide supplementary documentation, including payment stubs, statements from the bank, and other means of corroborating your current level of income. For identity verification, you might be asked to provide your SSN or a driver's license.
Applying for a Marcus card is easier since the chances of being asked to supply extra documentation are much lower. As with the loan application, it doesn't take very long, and Marcus does not execute a hard credit pull in order to determine whether to approve your application. That means your credit score will stay unchanged.
Creating a savings account can be initiated by phone, via the app, and on the main site. Usually, you will be asked to provide your ITIN alongside basic personal information. Then, you will be asked to connect an online bank account to your Marcus Savings account in order to make your first deposit. There are no strict requirements aside from providing the correct information in your application.
Application details
On average, the process of evaluation takes less than twenty-four hours. With a Marcus by Goldman Sachs personal loan, once approved, it takes approximately two to four days for the funds to be transferred into your account.
If your loan application is rejected, you will receive a detailed message explaining the specific reason. It usually takes from seven to ten work days for the message to arrive. You will have to wait over three months before you may take another attempt at the application.
When talking about a Marcus by Goldman Sachs credit card, rejection usually has to do with late payments, missing documents, unreasonably frequent requests for debt consolidation loans, and similar factors that can mark you as a bad credit risk. Most credit card review sites note that rejections don't happen all that often.
