Rocket Loans offers a bigger loan amount compared to Goldman Sachs’ Marcus loan. Rocket Loans can approve a loan amount in between $2,000 and $35,000 with a loan term that ranges from 36-60 months. The actual amount of loan that you will be approved is determined by the income level and the number of existing loans that you already have. The interest rate range of Rocket Loans is from 5.893% – 28.99%. The interest rate that you are assigned not just depend on your credit score but it also depend on a number of factors such as monthly salary, debt to income ratio, the number of loans you recently apply, and etc.
You can get preapproved for a Rocket Loans and it will not cause any problem to your credit score. To get preapproved, you must provide basic personal information like SSN, name and address. The preapproval process will perform a soft credit inquiry to retrieve the interest rate. It will only perform a hard inquiry when you submit the real loan application. The origination fee for Rocket Loans varies in between 1%-6%. The origination fee is already deducted from the loan amount when the loan is released to the borrower. Rocket Loans only takes a few minutes to review your loan. If the loan application is approved, you can expect to see the fund in your checking account in 1 – 3 days.
Goldman Sachs introduced Marcus line of personal loans that offers a minimum loan amount of $3,500 and a maximum loan amount of $30,000. The advantage of Marcus loan is that it does not have any fee including application, origination, early payment and late payment fees. No fee is charged on a returned check. Marcus loans is introduced after a survey that involves more than 10,000 customers was carried out. You must first get preapproved for the loan to find out the loan amount that you are allowed to borrow and how much is the amount you are responsible for paying every month. It is free to get preapproved for Goldman Sachs’ Marcus loan.
Once you are preapproved, you will be asked to provide further information such as payslip, and bank statement. You have the option of choosing the loan term. The loan term varies in between 2 – 6 years. The longer the loan term you choose, the higher the interest APR of the Marcus loan will be. The interest rate for Marcus loan starts from as low as 5.99% and can reach up to a maximum of 22.99%. Applicants with excellent credit score will be able to qualify for the lowest interest APR. You must have a minimum credit score of 640 to get approved for the Marcus loan.