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
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.
- 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
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.
- 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?Here are the top personal loan lenders of 2019!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.
†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at reviews.lendingclub.com
**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.
7 Important Disclosures for Earnest.
8 Important Disclosures for Avant.
* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.
** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33
* Important Disclosures for Upgrade Bank.
Upgrade Bank Disclosures
** 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.
|5.75% – 16.24%1||$5,000 - $100,000|
|7.46% – 35.99%||$1,000 - $50,000|
|7.99% – 35.89%*||$1,000 - $50,000|
|5.99% – 24.99%2||$5,000 - $35,000|
|5.99% – 29.99%3||$7,500 - $40,000|
|6.79% – 20.89%4||$5,000 - $50,000|
|9.99% – 35.99%5||$2,000 - $25,000|
|6.95% – 35.89%6||$1,000 - $40,000|
|6.99% – 18.24%7||$5,000 - $75,000|
|9.95% – 35.99%8||$2,000 - $35,000|