Marcus Personal Loans Ended for New Borrowers

If you have been searching for Marcus Personal Loans by Goldman Sachs, you may have noticed that the current Marcus website looks very different from older loan reviews and advertisements. Marcus continues to operate as a Goldman Sachs brand, but Personal Loans are no longer part of its current offering for new borrowers.

For customers who obtained a Marcus Personal Loan before the product was discontinued, the situation is different. Their loans did not automatically end when Marcus stopped accepting new applications. Instead, existing borrowers continued to be responsible for their outstanding balances, while an important change eventually occurred in the servicing of those accounts.

This distinction is essential because there are really two different situations today: existing Marcus Personal Loan customers who may still be repaying their loans, and consumers searching for a new Marcus Personal Loan that is no longer available.

What Happened to Marcus Personal Loans?

Marcus by Goldman Sachs previously offered Personal Loans through Goldman Sachs Bank USA. The product provided consumers with an online borrowing option that could be used for different personal financial needs, with structured repayment and fixed payments.

Marcus eventually stopped accepting applications for new Personal Loans. However, discontinuing new applications did not cancel loans that had already been issued. Customers with outstanding balances remained responsible for repayment according to the agreements they had accepted when obtaining their loans.

A major administrative change occurred later. Effective December 11, 2023, Goldman Sachs Bank USA transferred the servicing of existing Marcus Personal Loans to Systems & Services Technologies, Inc. (SST). From that point forward, SST became responsible for servicing the affected existing accounts.

What Does the Transfer to SST Actually Mean?

One of the easiest mistakes to make is assuming that Marcus Personal Loans simply became “SST Personal Loans.” That is not what happened. SST became the loan servicer for existing affected Marcus Personal Loans rather than replacing Marcus with a new loan product.

A loan servicer handles administrative responsibilities related to an existing debt. Depending on the account, this can include processing payments, maintaining account information, providing statements and helping borrowers with servicing-related questions.

For an existing Marcus borrower, SST therefore matters because it may be responsible for the ongoing administration of the loan. For someone looking for a new Personal Loan, however, the situation is completely different: SST should not be viewed as a new version of Marcus Personal Loans or as a place to apply for the former product.

What Changed for Existing Marcus Borrowers?

The transfer involved the servicing of the loan rather than replacing the borrower’s existing agreement with an entirely new loan. According to Marcus, the servicing transfer itself did not change several fundamental elements of existing Personal Loan agreements.

For affected borrowers, important points include:

• Interest rate – The servicing transfer itself did not change the interest rate on the existing loan.
• Payment due date – Borrowers did not receive a new due date simply because servicing moved to SST.
• Loan terms – The fundamental terms and conditions of the existing agreement remained in place, apart from servicing-related administrative changes.
• Credit reporting – SST became responsible for reporting account information to the credit bureaus after the transfer.
• Outstanding balance – Borrowers remained responsible for repaying any remaining balance according to their agreement.

Marcus also indicated that the servicing transfer itself did not result in a hard credit inquiry. In other words, the borrower did not apply for or receive a completely different loan simply because another company became responsible for servicing the account.

Can Existing Customers Still Have a Marcus Personal Loan?

Yes. This is one of the most important points for readers to understand. Although Marcus is no longer accepting applications for new Personal Loans, a borrower who obtained one before the program ended could still have an active balance if the loan has not yet been fully repaid.

These customers should rely on the current servicing information associated with their accounts rather than older Marcus promotional pages. Their original loan did not become a new SST loan; SST simply took responsibility for servicing affected existing accounts.

Existing customers should continue monitoring their payment information, statements, outstanding balance and official communications. If they need assistance related to an active loan, the current servicing instructions for their individual account should take priority over historical Marcus marketing information found online.

Can New Customers Apply for Marcus Personal Loans?

For new borrowers, the answer is different: Marcus Personal Loans are no longer available for new applications. Someone visiting Marcus today should therefore not expect to find the former Personal Loan application that may still appear in older articles, reviews or search results.

This is particularly important because historical information about Marcus Personal Loans remains available online. You may still encounter former loan amounts, repayment periods, benefits and other details that accurately described the product when it was offered.

Those details can provide useful historical context, but they should not be interpreted as a current offer. A consumer who needs a new Personal Loan today will need to explore financing options from lenders that are currently accepting applications.

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What Were the Benefits of Marcus Personal Loans?

When Marcus Personal Loans were available, several characteristics helped the product attract consumers looking for relatively straightforward financing. Understanding those former benefits also helps explain why people continue searching for the product even after new applications ended.

Some notable characteristics included:

• Fixed-rate financing – Borrowers could repay their loans through predictable scheduled payments.
• No origination fees – The former Personal Loan was known for not charging an origination fee.
• Flexible uses – Financing could be used for different qualifying personal financial needs.
• Online convenience – Much of the borrowing and account-management experience was digital.
• Established banking institution – Personal Loans were provided by Goldman Sachs Bank USA.

These characteristics belong to the former Marcus Personal Loan offering. New borrowers should not assume that they represent a Personal Loan currently available through Marcus or SST.

What Does Marcus by Goldman Sachs Offer Today?

Marcus by Goldman Sachs remains active, which can make the disappearance of its Personal Loans initially confusing. The brand did not close when new Personal Loan applications ended; instead, its current consumer offering has shifted toward other financial products.

Today, the Marcus website primarily highlights Online Savings Accounts and Certificates of Deposit (CDs), including different CD options. Marcus also continues to provide financial resources, account access, security information and digital account-management tools.

Therefore, seeing an active Marcus website does not mean the former Personal Loan has returned. Consumers should distinguish between the Marcus brand, which continues to operate, and Marcus Personal Loans, which are no longer available to new applicants.

What Should Existing Marcus Borrowers Do?

Anyone who still has an outstanding former Marcus Personal Loan should focus on the details of the actual account rather than old advertisements or reviews. Historical promotional information may describe how the loan originally worked, but the borrower’s current statement and servicing information are much more relevant.

Existing borrowers should keep track of:

• Outstanding loan balance
• Interest rate
• Monthly payment
• Payment due date
• Remaining repayment period
• Current SST servicing information
• Official statements and account communications

If information found on an older website conflicts with current account documentation, borrowers should rely on official servicing information associated with their individual loan.

What Should New Borrowers Consider Instead?

Consumers who reached this page hoping to apply for a Marcus Personal Loan will need to consider other currently available lenders. Rather than searching for an exact replacement, it may be more useful to compare the characteristics that made the former Marcus product attractive with features available from today’s lenders.

When comparing new Personal Loan options, consider:

• APR – Compare the actual rate offered based on your qualifications.
• Fees – Check for origination fees and other borrowing costs.
• Monthly payment – Make sure the payment comfortably fits your budget.
• Repayment term – Consider both the length of repayment and its effect on total cost.
• Total borrowing cost – Look beyond the monthly payment to understand what the loan could cost overall.
• Prepayment conditions – Review whether there are costs associated with paying the loan off early.
• Funding time – If you need money quickly, check how long funding could take after approval.

A new lender does not need to duplicate every characteristic of Marcus to be suitable. The more important question is whether the actual offer fits your financial needs and repayment capacity.

Frequently Asked Questions

Are Marcus Personal Loans still available?

No. Marcus is not currently accepting applications for new Personal Loans. The Marcus brand continues to operate, but its current consumer product lineup is primarily focused on savings products and CDs.

What happened to existing Marcus Personal Loans?

Existing loans did not automatically end when Marcus stopped accepting new applications. Effective December 11, 2023, Goldman Sachs Bank USA transferred the servicing of affected Marcus Personal Loans to Systems & Services Technologies, Inc. (SST).

Did Marcus Personal Loans become SST Personal Loans?

No. SST became the servicer of existing affected loans. This should not be confused with SST taking over the Marcus name or offering the former Marcus Personal Loan to new customers.

Did the transfer change existing loan terms?

According to Marcus, the servicing transfer itself did not change fundamental terms such as the existing interest rate or payment due date. Borrowers should consult their individual loan documentation and current servicing information for account-specific details.

Can I apply for the former Marcus Personal Loan through SST?

No. SST’s role in this transition concerns the servicing of existing affected Marcus Personal Loans. New borrowers should not view SST as a replacement application destination for the discontinued Marcus product.

Final Considerations

The situation becomes much easier to understand when existing customers and new borrowers are treated separately.

For existing Marcus Personal Loan customers:

• Your loan may still be active if it has not been fully repaid.
• SST services affected existing accounts.
• The servicing transfer did not itself create a new loan.
• Continue following the official servicing instructions associated with your account.

For new borrowers:

• Marcus Personal Loans are no longer accepting new applications.
• SST is not a replacement Marcus Personal Loan provider.
• Historical Marcus loan information may be outdated.
• New financing must be explored through lenders currently offering Personal Loans.

Marcus by Goldman Sachs continues to serve consumers through other financial products, but its former Personal Loan offering belongs to an earlier stage of the brand’s business.

Understanding what changed allows existing customers to manage their loans correctly while helping new borrowers avoid confusing an old Marcus Personal Loan offer with a financing option that is still available today.