Mariner Finance Personal Loan Review

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What is Mariner Finance?

Originally associated with 1st Mariner Bank in Baltimore, Md., Mariner Finance is now an independent financial services organization which issues personal loans, auto loans, mortgages and home refinancing options. The company claims to be growing quickly, with over 450 branches across 22 states, and the ability to issue personal loans in 23 states.

Launched in 2002, Mariner Finance is unique in that it has no minimum credit score requirements, making its personal loans available to a wider spectrum of borrowers — especially those who may have trouble getting approved for a personal loan elsewhere. That flexibility comes with a price, though, as reflected in the APR offerings.

Mariner Finance personal loan highlights

  • No prepayment penalties: Mariner Finances does not charge any prepayment penalties, allowing you to reduce the amount of interest you incur by paying off your loan at a faster clip.
  • No minimum credit score requirement. By not setting a minimum credit score requirement, Mariner Finance opens its doors to all who may need a personal loan. This is a big deal as many times, those who could benefit most from a personal loan are shut out of the system.
  • High APR. Just because you can get a personal loan doesn’t mean it will be affordable. With a negative credit history, you’re more likely to end up with an offer at the high end of Mariner Finance’s APR range — 36.00%. While this is a cheaper alternative to a payday loan, it’s still going to be an expensive way to borrow money.
  • Terms: 12 to 60 months
Mariner Finance Personal Loan Details
Terms
Fees and Penalties
  • Term lengths: 12 to 60 months
  • APR: up to 36.00%
  • Loan amounts: $1,000–$25,000
  • Time to funding: As soon as 2 days after loan approval.
  • Credit check: A Soft Pull will be performed when you check your offers, which will not affect your credit score. If you decide to follow up on that offer and file an application, a hard pull will be performed, which may have a negative impact on your credit score.
  • Origination fee: Varies
  • Prepayment fee: None
  • Late payment fee: Not specified
  • Other fees: Not specified

Mariner Finance product details

Loans between $1,500 and $7,000 can be completed online. When you complete a loan online, it can be funded in as little as two days after you have submitted your final paperwork. Loans in amounts less than $1,500 or greater than $7,000 can be initiated online, but must be completed at one of Mariner Finance’s physical locations. These loans may take a little longer to turn around.

Mariner Finance’s personal loans come with a 15-day guarantee. What that means is if you change your mind about your loan within the first 15 days and would like to return it, you can do so without penalty, repaying all the money and receiving a full refund for any finance charges you may have paid.

Eligibility requirements

  • Minimum credit score: No minimum credit score
  • Minimum credit history: Not specified
  • Maximum debt-to-income ratio: Not specified

Mariner Finance is licensed to issue personal loans to residents of the following states: Alabama, California, Delaware, Florida, Georgia, Indiana, Illinois, Kentucky, Louisiana, Maryland, Mississippi, Missouri, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia and Wisconsin. Qualified residents of these states will be U.S. citizens, U.S. residents or foreign residents.

When you apply, you will need a government-issued photo ID and proof of income. If you apply for a loan greater than $7,000 or less than $1,500, you will need to complete the application process at one of Mariner Finance’s physical locations. In these instances, you will also need to provide your Social Security card and proof of residence.

Mariner Finance is very lenient in its qualification requirements. In fact, it even accepts applicants who have filed for bankruptcy. Bear in mind that while you may qualify for a loan, the more negative line items there are on your credit report, the more likely you are to get an APR offer in the top end of Mariner Finance’s range. This is an expensive way to borrow money, though it is still better than a payday loan.

Applying for a personal loan from Mariner Finance

The first step in getting a personal loan from Mariner Finance is checking your offers. You will be asked to provide information such as your name, citizenship or residency status, address, phone number, email, date of birth, employment status, employer information, income, Social Security number, loan amount and loan purpose. While your Social Security number will be ran to get an overview of your credit history, this will be a soft pull. Soft pulls do not affect your credit score.

After you have received an offer, you can move forward if you so choose. At this point in the application process, you will need to provide supporting documentation such as your government-issued ID and proof of income. If you are applying for a loan of less than $1,500 or more than $7,000, this documentation will need to be submitted in person. In these instances, you’ll also need to provide your Social Security card and proof of residence. At this point, a hard pull will be done on your credit. This may lower your credit score, but it’s a standard part of the lending process regardless of which financial institution you work with.

If you complete the process online, your loan could be funded as soon as two days after completing the application process. Loans which require an in-person meeting at a physical Mariner Finance location may take longer.

Either way, you have 15 days after your loan has been issued to reconsider your options. If you end up wishing you hadn’t taken out the loan, you can return the money within this timeframe with no questions asked. You will also receive a refund for any financing charges you may have paid.

Pros and Cons of a Mariner Finance Personal Loan
Pros
Cons
  • Lenient lending requirements: Mariner Finance lends to those with lower credit scores, and has no minimum credit score requirement. It’s even possible to get a personal loan with a bankruptcy on your credit report, but all of that leniency comes at a price.
  • No prepayment penalty: No prepayment penalty means you can pay off your loan faster, cutting down on the amount of interest you pay over the life of your loan.
  • Low minimum loan amounts: Loans of $1,500 are fairly low for the personal loan space, and you can get loans for even less if you are willing to visit an in-person location. Smaller loans mean that you’re not borrowing — and more importantly, paying interest on — more money than you need.
  • High APR offerings: Mariner Finance offers higher rates. Ostensibly, that’s because it needs to make up for he credit risk it’s taking on by being so lenient with borrower requirements. It also means you should shop around to see if you can get lower rates elsewhere.
  • Longer process for larger or smaller loans: Loans outside the $1,500-$7,000 range will require visiting a Mariner Finance location. This adds another step to the process, and can add time, too.
  • State residency requirements. Mariner Finance is only licensed to issue personal loans in 23 states. Even if you think its personal loans might be a good match for your situation, you’ll be out of luck if you live in one of the other 27.

Who’s the best fit for a Mariner Finance personal loan?

If you’ve had trouble getting a personal loan elsewhere, Mariner Finance can be a good alternative to payday lenders. Its APR offerings are high compared to much of the competition, but the flip side of high APR offerings is a very lenient acceptance policy with no hard and fast minimum credit score requirement and a willingness to consider giving you another chance even if you’ve filed for bankruptcy in the past.

That said, you can only take advantage of the low credit requirements if you live in one of the 23 states in which Mariner Finance is licensed to lend. If you live in one of the other 27, have good credit or need access to loan funding ASAP, this lender likely isn’t the right match for you.

Alternative personal loan options

Discover Personal Loans

  • APR range: 6.99% to 24.99%
  • Credit requirements: Minimum 660 credit score
  • Terms: 36 to 84 months
  • Origination fee: No origination fee

Discover offers personal loans with flexible repayment terms and No origination fee. The lender claims you may get a decision on your loan application in the same day you apply. Even better, if you have a change of heart, you can return your loan funds within 30 days without paying interest.

OneMain Financial

  • APR range: 16.05%–35.99%
  • Credit requirements: 0
  • Terms: 24 to 60 months
  • Origination fee: Varies

OneMain Financial has similar rates to Mariner Finance, but you can get access to your funds a lot more quickly — sometimes as soon as the same day. OneMain Financial does have physical locations if face-to-face interaction is important to you during the loan application process. These branches are spread across 44 states, which is nearly twice as many as Mariner Finance.

Affinity Federal Credit Union

  • APR: Starting at 9.75%
  • Credit requirements: 525
  • Terms: Up to 60 months
  • Origination fee: No origination fee

The fact that Affinity Federal Credit Union accepts those with credit scores as low as 525 is pretty incredible. On top of the low credit requirements, your APR, which could potentially start at 9.75%, is likely to be much lower than what Mariner Finance will offer you, even if you qualify by the skin of your teeth.

Interested in a personal loan?

Lendingtree allows you to compare rates from multiple lenders by filling out one easy form. Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

RATES (APR)loan amount
5.75% – 16.24%1 $5,000 to $100,000
7.46% – 35.99% $1,000 to $50,000
7.99% – 35.89%* $1,000 to $50,000
5.99% – 24.99%3 $5,000 to $35,000
5.99% – 29.99%4 $7,500 to $40,000
6.79% – 20.89% $5,000 to $50,000
compare rates on Lendingtree now
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1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.990% APR to 16.240% APR (with AutoPay). Variable rates from 5.75% APR to 14.60% APR (with AutoPay). SoFi rate ranges are current as of March 18, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.75% APR assumes current 1-month LIBOR rate of 2.50% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
  2. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
    See Consumer Licenses.
  3. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  4. SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
  5. If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.
  6. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
3 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.
4 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 5.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 5.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available.
* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

* Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.

** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.

 Important Disclosures for Citizen.

Citizens Bank Disclosures

  1. Personal Loan Rate DisclosureFixed interest rates from 6.79% – 20.89% (6.79% – 20.89% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

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