Can Non-Resident Aliens Get Loans From Marcus?

Marcus by Goldman Sachs offers loans to US citizens, permanent residents, or immigration visa holders. Applicants must be at least 18 years old, have a Social Security Number, and have enough income or assets to make monthly payments. While Marcus does not explicitly state that it provides loans for non-resident aliens, it does require applicants to have a Social Security Number or an Individual Taxpayer Identification Number for tax-filing and security purposes.

Marcus by Goldman Sachs's loan requirements

Marcus by Goldman Sachs no longer offers new personal loans. However, it previously offered personal loans ranging from $3,500 to $40,000 for borrowers with good to excellent credit (690 credit score or higher). The requirements for borrowers included being at least 18 years old, having enough income or assets to make the monthly payments, and having a Social Security number. A verifiable bank account was also necessary to qualify for a Marcus by Goldman Sachs personal loan. A credit score of 730+ VantageScore or a 720 FICO score was required.

Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and Goldman Sachs & Co. LLC. All loans and deposit products are provided by Goldman Sachs Bank USA, Salt Lake City Branch. The bank is an FDIC member, which means that funds deposited in Marcus savings accounts are insured up to $250,000 for all individually-owned accounts.

Marcus Invest eligibility

Marcus by Goldman Sachs® offers loans, deposit products, and investment advisory services. The eligibility criteria for Marcus Invest are as follows:

Citizenship and Residency

Marcus Invest is available to US citizens or those considered US residents for tax-filing purposes. Individuals with a US address and located in the United States are eligible.

Age

Marcus Invest is only available to individuals who are at least 21 years old.

Social Security Number or Individual Taxpayer Identification Number

Marcus Invest requires your Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) for security, tax reporting, and identity verification purposes.

Account Requirements

To open or maintain a Marcus Invest account, you must receive approval from your firm. If your firm requires duplicate statements and confirms, you can email Marcus Invest Support. Additionally, if you are no longer employed by FINRA or a FINRA member, you must inform Marcus Invest to cease the delivery of duplicate statements.

International Considerations

If you are outside the US for less than 90 days, you can maintain an existing Marcus Invest account, but you cannot open a new account from outside the country.

Investment Amount

Marcus Invest allows you to start investing with as little as $5, with no account minimum ($10 is required to begin investing).

It is important to note that the eligibility criteria outlined above are specific to Marcus Invest. Marcus by Goldman Sachs® also offers other financial products and services that may have different eligibility requirements.

FATCA and NRAs

Marcus by Goldman Sachs® is a brand of Goldman Sachs Bank USA and Goldman Sachs & Co. LLC. Marcus Invest is available to US citizens or those considered US residents for tax-filing purposes. If you are abroad in certain countries for less than 90 days, you can maintain your existing account, but you will be unable to open a new account from outside the US.

There have been reports of individuals being unable to open a Marcus savings account due to their residency status. In one instance, a UK citizen who had lived in the US but did not have a green card or US citizenship was unable to open an account. The individual was asked: "Are you currently required to file a US Tax Return or are you a US Resident Alien?" Despite the individual's circumstances, they were still considered a "US person" and were unable to apply for the account.

This issue appears to be related to the Foreign Account Tax Compliance Act (FATCA), which is a US tax law that aims to curb tax evasion by monitoring the income earned by NRIs (Non-Resident Indians) living in the USA from their non-US investments and assets. FATCA requires certain US taxpayers holding financial assets outside the United States to report those assets to the IRS on Form 8938. It also requires foreign financial institutions to report on the foreign assets held by their US account holders.

While FATCA does not apply to Non-Resident Aliens (NRAs), the broad definition of a "US person" used by Marcus may be causing issues for some applicants. It is important to note that NRAs are not subject to FATCA reporting requirements.

Marcus and US tax returns

Marcus by Goldman Sachs® is a brand of Goldman Sachs Bank USA and Goldman Sachs & Co. LLC. Marcus Invest is available to US citizens or those considered US residents for tax-filing purposes. Individuals must be at least 21 years old and have a residential US address.

To open or maintain a Marcus Invest account, individuals must provide their Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) for security, tax reporting, and identity verification purposes.

For those with existing accounts, Marcus by Goldman Sachs® provides resources to help customers navigate the US tax season. These resources include strategies for reducing taxable income, common tax breaks and deductions, and a survival guide for the tax season. The guide covers topics such as correcting mistakes on tax returns, filing amended returns, and understanding IRS audits.

It is important to note that Marcus by Goldman Sachs® does not provide financial, economic, legal, accounting, tax, or other professional advice through these resources. The information provided is for informational purposes only and should not be considered a substitute for individualized professional advice.

With regards to non-resident aliens, there are reports of individuals who are neither US citizens nor residents being unable to open a Marcus savings account due to their interpretation of US tax laws. However, it is unclear whether Marcus provides loans specifically for non-resident aliens.

Credit score impact

Marcus by Goldman Sachs requires applicants to be US citizens, permanent residents, or immigration visa holders. In addition, applicants must be at least 18 years old, have a Social Security Number, and have a verifiable bank account.

While it is not explicitly stated that non-resident aliens are ineligible for loans, the requirement for US citizenship or residency suggests that non-resident aliens may not meet the loan requirements.

Now, let's discuss the credit score impact of applying for a loan with Marcus by Goldman Sachs. When you apply for a loan with Marcus, they will perform a hard inquiry on your credit report. A hard inquiry will typically cause a temporary drop in your credit score by about 5 to 10 points. However, this drop is only temporary, and with a few months of on-time payments, your score should recover. The hard inquiry will remain on your credit report for two years but will not impact your credit score after the first year, and the impact may even subside before then.

It is worth noting that Marcus by Goldman Sachs is not the only lender in the market. Other lenders may have different requirements and credit score impacts, so it is always a good idea to shop around and compare offers from multiple lenders before making a decision.

Frequently asked questions