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Why We Ask for Income on a Loan Application

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You probably know that Marcus by Goldman Sachs, like most other lenders, asks for your total annual income in one of the first steps of our application. However, you may not fully understand why. Let us explain. 

The income you provide, along with other details like your monthly housing payment and requested loan amount, are used to help decide if we can offer you a loan and a few loan options for you. We aim to provide loans and monthly payment options that are affordable to our customers. 

The types of information that helps us make decisions

We consider income from wages, retirement benefits, investments and/or rental properties in your application. We ask you to include these earnings in the ‘Total annual income’ amount you provide on the application. Including income from child support, alimony or separate maintenance is optional. 

The total annual income you provide does not have to be exact but it is important to be as accurate as possible.

We may ask you for recent pay-stubs, personal bank statements, W-2s, and tax transcript among other documents to verify your self-reported income. When we ask for these documents, it’s because we want to make sure we have an accurate understanding of a customer’s financial picture. We do not sell your income amount, or any other personally identifiable information you submit, to any third parties for marketing purposes.

Marcus by Goldman Sachs® offers products and tools designed to help people achieve financial well-being. The total annual income you provide, along with other things that make up of your financial profile, help us provide you with loan options to aid in your financial well-being.

Learn more about Marcus' no-fee, fixed-rate personal loans.

This article is for informational purposes only and is not a substitute for individualized professional advice. Articles on this site were commissioned and approved by Marcus by Goldman Sachs®, but may not reflect the institutional opinions of The Goldman Sachs Group, Inc., Goldman Sachs Bank USA or any of their affiliates, subsidiaries or divisions.