Mariner Finance Personal Loans Review 2024 (2024)

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Mariner Finance is an accessible lender for borrowers with poor credit, as the company considers applicants with all types of credit backgrounds. However, if you want a low rate or need a larger amount of money, you're better off looking elsewhere.

Mariner Finance Personal Loan Details

Mariner Finance has personal loans that range from $1,000 to $25,000. You'll be able to get a loan amount between $1,500 and $15,000 online, but loans outside that range will require you to visit a branch in person.

The lender offers both secured and unsecured personal loans. The difference between the two is that you need to put up collateral for a secured loan, while you don't need to for an unsecured loan. All of Mariner Finance's loans have fixed interest rates, meaning your rate will stay the same over the life of your loan.

Your APR will range from 15.49% to 35.99%.. Compared to other lenders designed for borrowers with bad credit, this range is similar. For instance, you'll get rates between 18.00% to 35.99% with OneMain Financial, and between 9.95% to 35.99% with Avant.

Borrowers can use personal loans for a variety of purposes, including home improvement project loans, medical bills, and even vacations (though be careful before you jump to do so). Mariner Finance offers repayment term lengths from 12 to 60 months.

Who Is Mariner Finance Best For?

Mariner Finance is best for borrowers with poor credit who may not be eligible for a loan elsewhere. The lender also offers secured loans, which isn't very common for personal loan lenders. You might qualify for a better rate and larger loan amount if you pledge collateral to get your loan.

On the other hand, you can get much better rates with another lender if your credit is in decent shape. If you don't live in one of the states Mariner Finance serves, you won't be able to get a loan with the company at all.

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Mariner Finance Personal Loan Pros and Cons

Mariner Finance Personal Loan Pros

• Secured and cosigned loans available. You're required to put up collateral for secured loans, which aren't offered by many personal loan lenders. Adding a cosigner to your loan makes the cosigner legally responsible to pay off the loan if you're unable. Both secured and cosigned loans may qualify you for better rates and larger loan amounts, as they help mitigate risk for the lender.
• Able to prequalify. You can see your rates with Mariner Finance without damaging your credit score. This allows you to shop around with different lenders and see which one offers you the best loan terms.
• Low minimum loan amount. If you only need a small amount of cash, you can borrow as little as $1,000 with Mariner Finance. Read more about other great lenders for small personal loans.
• No origination fee or prepayment penalties. Paying off your loan early won't cost you any extra money, and you won't be charged an origination fee — a percentage of your loan amount deducted from your overall loan proceeds — when you borrow.
• 15-day satisfaction guarantee. You're able to return the loan amount within 15 days of receiving the money without paying any interest or fees.

Mariner Finance Personal Loan Cons

• Might require you to go in person. If you want to take out a loan of less than $1,500 or more than $15,000, you won't be able to complete the loan process online. Instead, you'll have to visit a branch.
• Not available in all states. You're only able to get a loan if you're a resident of AL, AZ, CA, DE, FL, GA, IL, IN, KY, LA, MD, MO, MS, NC, NJ, NM, NY, OH, OR, PA, SC, TN, TX, UT, VA, WA, or WI.
• High APR range. Both the minimum and maximum APRs are high compared to some of our other best personal loan lenders. Especially if you have good credit, you can likely get a better rate elsewhere.
• Low maximum loan amount. Mariner Finance allows you to take out up to $25,000, while other lenders may let you borrow as much as $100,000. If you need a large debt consolidation loan or a more sizeable loan for another reason, you'll want to look elsewhere.
• Late fees. The exact amount you'll pay for a late payment depends on the state you live in and is undisclosed on the company's website.

How to Apply for a Mariner Finance Personal Loan

1.Fill out a loan application on Mariner Finance's website. You'll put in basic contact information, citizenship status, and home address, as well as your desired loan amount and loan purpose.

2.Receive an approval decision within minutes. Mariner Finance will conduct a soft credit check to generate your rates, which won't impact your credit score. If you're approved, you'll be able to review your personalized loan offers.

3. Verify your information. After sending in a formal application, Mariner Finance may ask you to send in proof of income, like a W-2, tax returns, or other financial documents.

4.Accept the money and work on a repayment plan. The lender will send the money to your bank or you can pick up a check at a local branch. Work your monthly payments into your budget, and make sure you have enough money to cover all of your financial responsibilities.

Are Mariner Finance Personal Loans Trustworthy?

Mariner Finance has an A+ rating from the Better Business Bureau, a nonprofit organization focused on consumer protection and trust. The BBB evaluates businesses by looking at their transparency in business practices, honesty in advertising, and responses to customer complaints.

Mariner Finance has a top-notch BBB score, but that doesn't necessarily mean you'll have a good experience with the company. Reach out to people you know who have used the company to get a firsthand account of what the lender is like.

There have been no recent controversies involving Mariner Finance. Between the company's great BBB grade and clean history, you may feel comfortable borrowing from the lender.

Mariner Finance Personal Loan Alternatives

Mariner Finance vs. OneMain Financial Personal Loan

Both lenders cater to borrowers with poorer credit histories. OneMain Financial has a minimum credit score of 600 and Mariner Finance don't have a minimum credit score.

OneMain Financial charges an origination fee ranging from $25 to $400, or 1% to 10% of the loan's value. Avant has up to 4.75% in administration fees with an undisclosed late fee and returned payment fee. Mariner Finance doesn't have an origination or administration fee.

Related: The best personal loans with no origination fee »

Mariner Finance vs. Avant Personal Loan

Avant has an a up to 4.75% in administration fees with an undisclosed late fee and returned payment fee, which will be deducted from your loan proceeds when the loan is funded. Mariner Finance doesn't have an origination or administration fee.

Both lenders will usually disburse your money in one business day, so they could be a good option for borrowers who need money fast. You'll pay the same maximum interest rate of 35.99% with both lenders, and Avant offers the lowest starting rate.

Why You Should Trust Us: How We Rated Mariner Finance

We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:

• Interest rate (20% of rating)
• Fees (20% of rating)
• Term lengths and loan amounts (15% of rating)
• Funding speed (15% of rating)
• Borrower accessibility (15% of rating)
• Customer support (7.5% of rating)
• Ethics (7.5% of rating)

Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating.

See more on how we rate personal loans >>

Mariner Finance Frequently Asked Questions