2019 Mariner Finance Review – Personal Loans
Mariner Finance Review Summary: Mariner Finance personal loans are best for people with bad credit because the interest rates are very high: 24% - 36%. People with fair credit or better should be able to score lower rates elsewhere. But it is worth noting that Mariner Finance also offers secured personal loans and allows co-signers. People with bad-to-fair credit may be able to get a rate on the low side through either of these methods.
Mariner Finance offers quick funding, usually taking only 2 business days or so. However, their loans are only available to people in 22 states. Mariner’s personal loans also charge origination fees.
Below you’ll find more details about Mariner Finance personal loans, along with a comparison to some similar lenders.
Mariner Finance Personal Loan Terms
|APRs||24% - 36%|
|Loan Amount||$1,000 - $25,000|
|Loan Term||36 months|
|Credit Score Requirement||Excellent*|
|Loan Purpose||Debt Consolidation,Home Improvement,Big Purchase,Other|
|How long does it take to receive the funds?||N/A|
Mariner Finance Personal Loan Interest Rates & Fees
Mariner Finance personal loans are expensive. The lowest interest rate you can get is 24%, and the highest is 36%. People with fair-to-excellent credit won’t find competitive rates. But Mariner Finance does consider people with bad credit, and a cap of 36% is comparable to what many other lenders may offer applicants with bad credit. There are lenders that may give cheaper rates even to people with bad credit, though. Local credit unions are a great place to start. Mariner Finance’s interest rates are fixed, so they’re locked in at the beginning.
Personal loans from Mariner Finance can have origination fees, but those depend on the state in which you live. Mariner Finance unfortunately does not disclose any kind of overall range. The same goes for late fees. However, Mariner Finance does say they never charge a fee for paying off a personal loan early.
Mariner Finance Personal Loan Requirements & Application Info
Mariner Finance does not give any minimum credit score to qualify for a personal loan. However, they do consider applicants with bad credit. And while Mariner Finance also does not disclose a minimum requirement for income, they do require proof of your income when you apply.
Applicants need to be 18+ years old, plus a U.S. citizen, permanent resident or immigration visa holder. You must also have a Social Security number, proof of income and a government-issued photo ID. And if you apply for a secured personal loan instead of an unsecured one, you’ll need to provide collateral. Typically, Mariner Finance will ask to secure the loan with something that has a title, such as a car, ATV, motorcycle or trailer, according to representatives from the company.
Applicants must also live in one of the 22 states that Mariner Finance operates in: AL, DE, FL, GA, IL, IN, KY, LA, MD, MO, MS, NC, NJ, NY, OH, PA, SC, TN, TX, UT, VA and WI.
States Where You Can Get a Mariner Finance Loan
You can see if you’re pre-qualified for a Mariner Finance personal loan by clicking the “Check My Offers” button on their website and inputting some personal information along with details about how much money you need. Mariner Finance also sends out pre-qualified offers by mail. If you have an offer code, you can enter it on the same page. Pre-qualification won’t impact your credit score at all. Only submitting an actual loan application can lower your score. Mariner Finance lets applicants apply online or at one of their 450 branches, and they do allow co-applicants.
Mariner Finance Personal Loan Reviews & Transparency
Mariner Finance is not very clear about the terms of their personal loans. They don’t provide overall ranges for their fees, and they don’t disclose minimum credit or income requirements. However, they do have a pre-qualification process, which can help people estimate their costs ahead of time. Read on for information on Mariner Finance’s ratings with various sources.
- Better Business Bureau: Mariner Finance isn’t BBB-accredited. But they still get an A+ from the Bureau.
- Consumer Financial Protection Bureau: The CFPB has records of 130 complaints about Mariner Finance personal loans, with some as recent as March 2019. Complaints include accounts being incorrectly reported as in default and loan insurance not being honored. Mariner Finance has a good track record of responding to complaints in a “timely” manner.
- WalletHub: Due to high interest rates and limited availability, WalletHub only gives Mariner Finance personal loans 2/5 stars.
Mariner Finance Personal Loans vs. Popular Competitors
|APR||24% - 36%||18% - 35.99%||9.95% - 35.99%|
|Loan Amounts||$1,000 - $25,000||$1,500 - $20,000||$2,000 - $100,000|
|Loan Term||36 months||24, 36, 48 or 60 months||24, 36, 48 or 60 months|
|Credit Score Required||Excellent||Bad||Bad|
WalletHub relied on 23 unique factors to score Mariner Finance personal loans. We grouped them into seven overall categories, which you can view below.
- APR: WalletHub looked at Mariner Finance’s range of interest rates and whether they are fixed or variable.
- Fees: We checked what major fees customers might have to pay on Mariner Finance loans.
- Loan amounts: Our editors researched how much Mariner Finance offers customers to borrow, and how long their payoff periods are.
- Requirements: We found out what it takes to qualify for a Mariner Finance loan, such as what income and credit score you need. And we checked whether you need to be a U.S. citizen and have a SSN.
- Application process: WalletHub learned about both the pre-qualification and application processes. We looked into whether it’s possible to submit joint applications and learned the timeline for getting funded.
- Customer satisfaction: Our editors relied upon Mariner Finance’s CFPB complaints, BBB rating and WalletHub user reviews to determine satisfaction.
- Transparency: This category scored how clear information about Mariner Finance loans and how to qualify is to potential customers.
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