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Before accepting any loan offer, calculate the total cost of the loan (principal + all interest + fees). A lower monthly payment often means paying thousands more over the life of the loan.
Quick Comparison: Marcus vs SoFi Personal Loan
UpstartFeature
Marcus by Goldman Sachs
Personal Loans (Historical)
SoFi
Personal Loans
Availability for New Loans
Not accepting new applications since Jan 2023
Currently accepting applications
APR Range
6.99% - 24.99% (historical, with autopay)
7.74% - 35.49% (with autopay & direct deposit discount)
Loan Amounts
$3,500 - $40,000 (historical)
$5,000 - $100,000
Loan Terms
36 - 72 months (historical)
2 - 7 years
Origination Fee
None
None required
Prepayment Penalty
None
None
Late Fees
None
None
Credit Score Recommendation
Good to Excellent (historical)
Good to Excellent
Funding Speed
Typically 1-4 business days (historical)
As fast as 1 business day
Verdict: SoFi is the clear choice for new personal loans.
Given that Marcus by Goldman Sachs stopped accepting new personal loan applications in January 2023, **SoFi is the unequivocal recommendation for anyone seeking a new personal loan in 2025/2026.** SoFi offers competitive rates, a wide range of loan amounts, flexible terms, and a transparent fee structure with no origination, late, or prepayment fees. Their fast funding and additional member benefits further solidify their position as a top choice.
For those who previously secured a Marcus personal loan, the terms and servicing remain unchanged. However, for new borrowing needs, SoFi provides a robust and accessible solution.
Marcus by Goldman Sachs: Full Review
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#1 Top Pick #1
Marcus by Goldman Sachs Personal Loans
**Note: Marcus is no longer accepting new personal loan applications.**
N/A
New Loans
6.99% - 24.99%
Historical APR (with autopay)
$3,500 - $40,000
Historical Loan Amounts
Historical Pros
- No origination, prepayment, or late fees
- Competitive fixed interest rates for qualified borrowers
- Flexible payment date and ability to skip one payment
- Direct payment to creditors for debt consolidation
Current Cons
- **No longer accepting new personal loan applications**
- Strict credit requirements for the best rates
- Limited customer service hours compared to some competitors
Marcus by Goldman Sachs, a digital-first banking platform, previously offered personal loans known for their competitive rates and borrower-friendly features. A significant draw was the absence of various fees, including origination, prepayment, and late fees, which could save borrowers a substantial amount over the life of the loan. The platform also provided flexibility with payment dates and the unique option to skip one payment after 12 consecutive on-time payments, extending the loan term without additional interest.
However, as of January 2023, Marcus ceased accepting new applications for personal loans. While existing loans continue to be serviced under their original terms, this change means that Marcus is no longer a viable option for individuals seeking new personal financing. This decision has shifted the landscape for many potential borrowers who valued Marcus's transparent fee structure and competitive offerings.
Historically, Marcus personal loans were well-suited for individuals with good to excellent credit scores who were looking to consolidate high-interest debt or finance large purchases without incurring extra fees. The direct payment option for debt consolidation was particularly beneficial, simplifying the process for borrowers. Despite its past strengths, the current unavailability of new loans makes it imperative for prospective borrowers to explore alternative lenders like SoFi.
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SoFi: Full Review
SoFi Personal Loans
Personal Loans for Good-to-Excellent Credit
7.74% - 35.49%
Current APR (with discounts)
$5,000 - $100,000
Loan Amounts
2 - 7 Years
Loan Terms
Pros
- No origination, prepayment, or late fees
- Competitive fixed interest rates with potential discounts
- High loan amounts up to $100,000
- Flexible repayment terms (2 to 7 years)
- Fast funding, often as soon as 1 business day
- Unemployment protection program
- Access to financial advisory services
Cons
- Best rates reserved for borrowers with excellent credit
- Minimum loan amount of $5,000 may be too high for some
- Discounts require specific actions (autopay, direct deposit, SoFi Plus)
SoFi (Social Finance, Inc.) stands out as a leading online lender offering personal loans designed for individuals with strong financial histories. Their personal loans are characterized by competitive fixed interest rates, which can be further reduced through various discounts, including autopay, direct deposit, and SoFi Plus membership. A significant advantage of SoFi is its transparent fee structure, notably the absence of origination fees, late fees, and prepayment penalties, which can lead to considerable savings for borrowers.
SoFi offers a broad range of loan amounts, from $5,000 up to $100,000, catering to diverse financial needs, from debt consolidation to large purchases or home improvements. The repayment terms are also flexible, extending from two to seven years, allowing borrowers to choose a plan that best fits their budget. Furthermore, SoFi is known for its efficient funding process, with many applicants receiving their funds as quickly as one business day after approval.
Beyond just lending, SoFi provides additional benefits to its members, such as unemployment protection, which can temporarily pause loan payments in case of job loss, and access to financial advisors. These features, combined with their competitive rates and customer-centric approach, make SoFi a highly attractive option for responsible borrowers seeking a personal loan in the current market.
Who Should Choose Marcus by Goldman Sachs?
While Marcus by Goldman Sachs is no longer accepting new personal loan applications, historically, it was an excellent choice for individuals who:
- Had good to excellent credit scores and a strong financial history.
- Sought a personal loan with absolutely no origination, prepayment, or late fees.
- Needed to consolidate debt and appreciated the option for direct payment to creditors.
- Valued the flexibility of choosing their payment date and the ability to skip one payment.
For existing Marcus personal loan customers, the service continues as per their original terms, and the benefits of their fee-free structure remain.
Who Should Choose SoFi?
SoFi is the recommended choice for individuals currently seeking a personal loan who:
- Have a good to excellent credit score and a responsible financial history.
- Are looking for competitive fixed interest rates and appreciate potential discounts for autopay, direct deposit, or SoFi Plus membership.
- Need a larger loan amount, as SoFi offers up to $100,000.
- Value fast funding, with the possibility of receiving funds as soon as one business day.
- Desire additional member benefits like unemployment protection and access to financial advisors.
- Prefer a lender with no origination fees, late fees, or prepayment penalties.