No, Mariner Finance does not offer credit-builder loans, but the company does offer personal loans. Mariner Finance personal loans are available to applicants that have a bad history, which will help you build credit if you use the loan responsibly.
If you’re set on getting a credit-builder loan, there are some options available from other companies. Most major banks and credit unions do not offer them, however.
Yes, Mariner Finance does a hard inquiry when you apply for a loan. This credit report inquiry will likely drop your credit score by about 5 to 10 points, but you'll be able to get back on track with a few months of on-time payments.
Mariner Finance's hard inquiry will stay on your credit report for two years, but it won't affect your credit after one year, and the impact may subside before then. To see how your individual credit score may be affected by a hard inquiry, you can use the … read full answercredit score simulator on WalletHub.
It's worth noting that some people may be uncertain about whether Mariner Finance does a hard inquiry because there's only a soft inquiry during the pre-qualification process. Soft inquiries do not impact your credit score. But that's just the first step, and a hard inquiry is required when you officially apply.
If not having a hard inquiry is important to you, lenders that don't do a hard pull at all include Integra Credit and LendUp.
To apply for a Mariner Finance personal loan, first check for pre-qualification and decide which way you will apply (online, by phone or in person), then enter your personal and financial information on the application. Next, verify the accuracy of the information, submit the application and wait to receive a decision.… read full answer
How to Apply for a Mariner Finance Personal Loan
Check for pre-qualification. Pre-qualification is a way to check your approval odds and potential rates before applying for a Mariner Finance personal loan. It doesn’t hurt your credit. You can check for pre-qualification on the Mariner Finance website.
Decide which way to apply. You can apply for a Mariner Finance personal loan online, by phone or in person. Applying online is the best way because it typically offers the fastest decision.
Enter your personal information on the application. Mariner Finance requires the following personal information on the application: your name, date of birth, phone, citizenship and Social Security number.
Enter your financial information on the application. Mariner Finance requires the following financial information on the application: your personal and household annual income, employment status and period, employer’s number, monthly rent/mortgage payment, and loan purpose.
Double check the application for accuracy. To ensure that your Mariner Finance personal loan application gets processed as quickly as possible, make sure that all the information is correct and complete before you submit it.
Submit your application. Mariner Finance will typically provide a decision on your application within 1 business day.
If you are approved for a Mariner Finance personal loan, you will generally receive the funds within 2 business days after approval. After that, it’s your responsibility to make monthly payments until you have fully paid back your loan, including interest.
Yes, a Mariner Finance personal loan does affect your credit score, both when you apply and during the entire time that you are paying the loan off. Initially, a Mariner Finance personal loan will affect your credit score in a negative way, but the long-term impact can be very positive, assuming you repay the loan on schedule.… read full answer
How a Mariner Finance Personal Loan Affects Your Credit Score
Hard pull: When you apply for a Mariner Finance personal loan, Mariner Finance will do a hard inquiry into your credit history, which will temporarily drop your credit score by about 5-10 points in most cases.
Increased debt level: Taking out a Mariner Finance personal loan will naturally increase the amount of debt that you have. Since your debt level is one of the components of your credit score, you can expect that to have a negative impact initially.
Account diversity: One positive way that getting a Mariner Finance personal loan can impact your score right away is by adding more diversity to the types of accounts you have open. Your "credit mix" is one of the components of your credit score, and the more types of accounts you have, the better - as long as you handle them responsibly.
Payments: The biggest factor in how a Mariner Finance personal loan affects your credit score is whether you pay on time. If you make on-time payments, your score should steadily increase as a result. If you pay late or fail to make payments altogether, you can expect your credit score to drop.
The bottom line is that while a Mariner Finance personal loan does affect your credit score, most of the way that your score changes depends on how responsible you are with the loan. If you'd like to estimate how certain actions might affect your credit score, you can use WalletHub's free credit score simulator.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by WalletHub.
Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.