If you need a personal loan, but your credit isn’t where it should be, your options are limited. But that doesn’t mean you have to resort to payday or auto title loans. There are several lenders who specialize in working with people with bad and fair credit, and their rates are relatively reasonable.
For example, Mariner Finance personal loans offer competitive interest rates and fees for people with bad credit.
But the lender’s rates are on the high end compared with similar personal loan companies. So, it’s important to know the full package before you apply. In this review, you’ll learn everything you need to know about Mariner Finance personal loans.
Mariner Finance personal loans review
Mariner Finance is a consumer finance company that was founded in 2002 and is based in Baltimore, Maryland. Though the company doesn’t offer education loans, it does offer several other types of loans, including:
- Auto loans for new and used cars
- Auto refinance loans
- Mortgage loans, including those from the Department of Veterans Affairs and the Federal Housing Administration
- Mortgage refinance loans
- Reverse mortgage loans
- Personal loans
The lender has 450 branches in 22 states, so you can apply online or at your local branch. A blog on its website provides extra resources and financial advice to current and prospective customers.
Mariner Finance personal loan amounts typically range from $1,000 to $25,000, although the limits can vary depending on where you live. If you need to borrow between $1,500 and $7,000, you typically can get approved online. But if you want less than $1,500 or more than $7,000, you’ll need to visit a Mariner Finance branch to get approved. Repayment terms range from one to five years.
While you generally can use personal loans to build your credit, that benefit is limited at Mariner Finance. The lender reports your activity only to two of the three national credit bureaus, Equifax and TransUnion.
If future lenders pull your Experian credit report when you apply for credit or pull a credit score based on Experian data, they won’t see any payment information for your Mariner Finance loan.
Mariner Finance is licensed in the following states: Alabama, California, Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Maryland, Mississippi, Missouri, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Wisconsin.
Interest rates and fees
Mariner Finance personal loan rates can range from 24.00% to 36.00%, depending on your creditworthiness. With that wide of a range, the good news is that you can view your rate offer with a soft credit check, which won’t hurt your credit score.
Those rates are much better than the triple-digit rates you’d get with payday loans or auto title loans, and they’re somewhat competitive with rates you might get from similar lenders.
Here’s a quick comparison. The APR ranges were current as of May 1, 2018. For the latest available rates, visit the lender websites below.
|Personal loan company||APR range||Minimum credit score|
|Mariner Finance||24.00% to 36.00%||N/A|
|Avant||9.95% to 35.99%||580|
|LendingClub||6.16% to 35.89%||600|
|OneMain Financial||16.05% to 35.99%||N/A|
You might be charged an origination fee on a personal loan, but the amount can vary depending on where you live. When I went through the Mariner Finance application process in the state of Utah, my hypothetical loan didn’t have an origination fee. The lender doesn’t charge an application fee, and there’s no prepayment penalty if you pay off your loan early.
Mariner Finance doesn’t share its eligibility requirements publicly. A representative for the lender mentioned only that it reviews several different factors and can change its requirements at any time.
If you can’t qualify for a loan on your own, you can apply with a cosigner who would need to meet the lender’s credit requirements. Keep in mind, however, that your cosigner will be equally liable to pay off the loan. So, if you miss some payments or default, it could put a strain on your personal relationship.
How to apply for Mariner Finance personal loans
As mentioned earlier, some loan amounts might require you to apply in person at a Mariner Finance branch; you can find a local branch on the company’s website.
If you apply online, the application should take about five minutes to complete. Start by visiting the Mariner Finance personal loans page and click on the “Get Started” button. Then, you’ll choose the amount you want to borrow. If you’ve received an offer code in the mail, you’ll enter it there.
On the next page, you’ll share your personal information as well as details about your income and employment, housing situation, and your reason for requesting the loan. You also will create a password so you can have an online account with Mariner Finance.
Once you submit all your information, you’ll see whether the lender has any offers for you. Mariner Finance doesn’t perform a hard credit check at this stage, so there’s no impact on your credit score.
Then, you can customize your loan based on the amount and term. Once you pick the terms, you’ll review and e-sign your application. Then you’ll click on the “Apply Now” button to have Mariner Finance perform a hard credit check and confirm the offer. At this point, the lender will ask you to submit a copy of a valid government-issued photo ID, as well as proof of income, which can include pay stubs, a W-2 tax form, or bank statements.
You typically will get a response on the same business day, although that can vary depending on the time of day and application volume. Once the loan is finalized, Mariner Finance will send you a check with your funds.
Mariner Finance customer service reviews
While Mariner Finance has an A+ rating on the Better Business Bureau website, the customer reviews are overwhelmingly negative.
As of May 21, 2018, 83% of the 36 reviews were negative. Recent complaints include issues with the lender’s advertising, billing, and service. Here are a couple of examples (with minor spelling corrections):
“I have an account with this company and I have made several attempts to pay my bill online but every month there seems to be issues with the online system … My friends and co-workers are getting phone calls from Mariner finance, they were asked to call my phone ONLY and NOT my employer or friends.”
“Mariner Finance garnished my wages last years for a debt I owed to them. The debt was paid off at the end of November, however, Mariner continued to garnish my wages for all of my December paychecks and my 1st paycheck in January before stopping. They issued me a refund check for an overpayment in November, however, I did not receive that check until January.”
To its credit, Mariner Finance responds to each negative review, answering questions, reporting resolutions, or recommending that the person call the customer service team.
Are Mariner Finance personal loans right for you?
For people who need cash fast and want to avoid predatory loan rates, Mariner Finance personal loans are a great alternative. Before you apply, however, consider other personal loans with similar eligibility requirements. As you shop around, you’ll be able to see other personal loan rate offers you might qualify for, as well as other terms and features.
Avoid rushing through the process. Even if you need the money soon, taking a little extra time to compare top personal loans can help you save money in the long run through potentially lower interest rates and fees.
Note: Student Loan Hero has independently collected the above information related to Mariner Finance personal loans. The lender has neither provided nor reviewed the information shared in this article.
Interested in a personal loan?Here are the top personal loan lenders of 2018!
|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 6.16% to 35.89%. 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 time of application. The origination fee ranges from 1% to 6% and the average origination fee is 5.49% as of Q1 2017. 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 or longer.
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.
|7.73% – 29.99%||$1,000 - $50,000||Visit Upstart|
|6.26% – 14.87%1||$5,000 - $100,000||Visit SoFi|
|6.99% – 35.97%*||$1,000 - $50,000||Visit Upgrade|
|8.00% – 25.00%2||$5,000 - $35,000||Visit Payoff|
|4.99% – 29.99%3||$10,000 - $35,000||Visit FreedomPlus|
|5.99% – 18.99%4||$5,000 - $50,000||Visit Citizens|
|15.49% – 34.49%5||$2,000 - $25,000||Visit LendingPoint|
|6.16% – 35.89%6||$1,000 - $40,000||Visit LendingClub|
|6.99% – 18.24%7||$5,000 - $75,000||Visit Earnest|
|9.95% – 35.99%8||$2,000 - $35,000||Visit Avant|