Best installment loans of 2021
When it comes to balancing rates, loan limits, terms and conditions, Marcus by Goldman Sachs stands above all competitors in personal lending.
Wide variety of repayment term options
Lower interest rates than most lenders
Possibility of deferring a payment
Funding can take five days
Maximum loan term of six years
Only customer support by phone is available
With lenient requirements and favorable terms including no origination, prepayment or late fees, Marcus by Goldman Sachs deserves our approval as the best set for installment loans. Goldman Sachs is one of the most recognizable names in Wall Street’s investment banking industry. The company began offering consumer banking services under the Marcus by Goldman Sachs name in 2016 and currently offers several financing products, including personal loans.
To be eligible for a loan, applicants must achieve a minimum credit score of only 660 for a loan between $ 3,500 and $ 30,000. Marcus loans have a fixed interest rate of 6.99% to 19.99% APR which can be reduced by 0.25% if you sign up for automatic payment. There is no registration fee and no prepayment penalties. While there are nine different duration options available (36, 39, 42, 45, 48, 54, 60, 66, or 72 months), applicants with a credit score in the upper range will be eligible for options at longer term and at the lowest rates.
Marcus accepts consumer inquiries in all 50 states plus Washington, DC and Puerto Rico. There are however age conditions. You must be over 18 (19 in Alabama, 21 in Mississippi, and Puerto Rico), with a valid US bank account and an individual Social Security or Tax ID number.
Users of the Marcus by Goldman Sachs app can track their debt and finances. The app has a rating of 4.9 on the App Store and 4.5 on Google Play. Goldman Sachs’ Marcus earned five out of five stars for The Motley Fool and 4.1 out of five stars for Bankrate.
An added benefit of working with Marcus is that after making 12 consecutive regular loan payments, users can defer a payment, which means extending the loan term by one month.
Read the full review of Marcus by Goldman Sachs.