Neo-Bank
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Marcus by Goldman Sachs pay off guide

Advertiser Disclosure

Repayment of loan

Paying off your Marcus loan is very simple. The repayment can be made as a series of payments sent out every month or as fully automated payments. To shorten the repayment period, you can make additional payments‌.

Conditions of loan extension

Marcus offers a unique way of extending your loan by offering you a paid vacation. To qualify for it, ‌make twelve monthly payments on time. Your loan's term is automatically extended by one month after you take a break from making payments.

Early payoff

It's possible to pay this loan off early, and there's no punishment for doing so. The fact that Marcus doesn't charge prepayment penalties makes it stand out from other services.

However, there are still repercussions if you miss a payment. In the event of you paying less or not paying on time, you will be charged more interest, and you'll be forced to pay more in total. This behavior will also adversely affect your credit score and can even lead to legal action.

There are several things that can be done in order to improve your chances of paying off a Marcus loan earlier than required, including:

  • Paying more than the minimum amount required;

  • Paying over one time during most months;

  • Paying off other loans so you can focus on this one;

  • Taking the snowball route of paying down debts;

  • Consolidating debts.

FAQ

Does Marcus by Goldman Sachs have fees?

There are no fees imposed by Marcus, except for the possibility of closing your account if you cannot maintain a positive balance for two months in a row.

Will Marcus by Goldman Sachs sue me?

If you default on your Marcus loan, it's possible that you'll get sued. The company will hire a lawyer that will sue the borrowers who failed to pay back.

Financial products
Marcus by Goldman Sachs
Personal Loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$3,500-$40,000
Rate
i

Effective interest rate on the product

up to 19.99%
Term
i

Loan term for the financial product

up to 72 months
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Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
100.00 – 20000.00 $
Rate
i

Effective interest rate on the product

from 0.05 %
Term
i

Loan term for the financial product

5 days – 3 months
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
100.00 – 4000.00 $
Finanso
Personal Loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
2000.00 – 100000.00 $
Rate
i

Effective interest rate on the product

6.34 – 35.89 %
Term
i

Loan term for the financial product

2 months – 72 months
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

4.25
(20 Ratings)
Recommended FinScore™
0
300
650
1000
$500-$4,000
Rate
i

Effective interest rate on the product

up to 160%
Term
i

Loan term for the financial product

9-18 months
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