How do I Qualify for a Marcus Personal loan?


You must meet the following requirements to be eligible for a Marcus personal Loan:

  • You must be over 18 years old (19 in Alabama, 21 Mississippi and Puerto Rico).
  • A valid U.S. bank account
  • You must have a valid Social Security ID or Individual Tax I.D. Number

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Marcus does not specify a minimum credit score on their website. A company representative told us that Marcus evaluates loan applications based on “numerous credit histories, including FICO scores”. To qualify for a Marcus loan, however, you will need to have good credit or excellent credit. Your chances of getting a low interest rate are higher if you have a good credit rating.

Marcus doesn’t require applicants to have proof of income, but they do not specify a minimum income requirement. Acceptable documents are pay stubs and recent bank statements, W-2s and tax returns. Marcus will assess “the customer’s income and debt obligations to determine the affordability of their monthly Marcus Loan payments.”

Marcus doesn’t allow cosigners or joint applications. This means that a friend or relative won’t be eligible to help you if Marcus isn’t approved.

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Marcus Personal Loans for Whom Should They Be?

Marcus personal loans are for borrowers who have good credit to excellent credit and stable earnings, and need cash to pay for non-emergency expenses. You can borrow as much as $40,000 without worrying about late fees, origination fees or penalties.

It can take Marcus up to five days to send your money. This is why it’s best to plan for expenses such as:

  • Consolidate your debt
  • Renovations to your home
  • Property repairs
  • Future medical bills
  • Vet bills
  • Adoption financing

Marcus lets you use the money however and with some exceptions. You cannot use your personal loan for student loans repayments or education expenses.

Marcus personal loans have many perks. However, people with poor credit or fair credit may not be eligible. You might want to look at our top personal loans for people with bad credit if your credit score is not stellar.

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How to apply for a Marcus Personal loan

Here’s how you can apply for a Marcus personal loan if you have decided that a Marcus loan is right for you.

Check your loan options. Marcus’ loan prequalification tool “Review Your Options”, allows you to see the rates and terms that you might be eligible for, without having to affect your credit score.

Choose the terms that are most suitable for you. Marcus will present you with several loan options that offer different interest rates, repayment terms, monthly payments, and repayment periods. Select the loan that best suits your needs and go to the application section.

Complete the application. Marcus will need your personal information including your name and birth date, Social Security number, as well as your mailing address. Your intended use of the loan, monthly housing expenses, employment and income information will be required. Marcus will conduct a credit inquiry when you apply for the loan. This could impact your credit score.

Check your loan agreement. After you have submitted your application, Marcus will send you a loan contract to read and sign. The agreement will include the amount of the loan, APR, repayment term, and other terms. Before signing, make sure you have read and understood all information.

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Verify your identity. Marcus cannot issue funds until you verify your identity or bank information. A photo ID such as a driver’s license and bank routing numbers will be required.

Receive your loan. Marcus will issue the loan once Marcus has verified your information. You will typically receive the money within five days depending on the date the loan was approved.