This non-traditional lender offers loans to low credit applicants in as little as one business day.
Before you apply for funding, you’ll need to assess your options. Comparing interest rates and loan fees could potentially sway your decision. We explore one of your personal loan options with Mariner Finance to help simplify your decision-making process.
|Product Name||Mariner Finance Personal Loan|
|Min Loan Amount||$1,000|
|Max. Loan Amount||$25,000|
|Minimum Loan Term||1 year|
|Maximum Loan Term||5 years|
- US citizen or permanent resident
- Age 18 or older
- Valid bank account
- Established credit history
- Live in a state serviced by Mariner Finance
What makes Mariner Finance personal loans unique?
Mariner Finance specializes in offering loan options to borrowers with less than stellar credit scores. Founded in 2002 with headquarters in Baltimore, Maryland, this lender has over 450 branch locations spread across 22 states.
It offers personal loans, car loans and home loans to eligible applicants with quick funding turnaround and repeat borrowing options.
What are Mariner Finance personal loans?
Mariner Finance offers secured and unsecured personal loans of up to $25,000. Interest rates with this lender start at 24.99% APR, and term lengths range from 12 to 60 months.
Personal loans with Mariner Finance can be used for home improvement, medical expenses, vehicle purchases, car refinancing, vacations, weddings and debt consolidation.
What are the benefits of a Mariner Finance personal loan?
- Speedy turnaround time. Average time to receive funding from a Mariner Finance personal loan is one business day, and its online application takes just minutes to complete.
- Low credit borrowers accepted. As long as you have an established credit history, you could be eligible for a Mariner Finance personal loan.
- No prepayment fees. Repay your loan early without worrying about prepayment penalties.
What to watch out for.
- High APR. Interest rates with Mariner Finance start at a steep 24.99% APR, which means you’ll be paying back more money in the long run.
- Limited availability. So far, Mariner Finance is only available to borrowers in 22 states, so loan availability with this lender is restricted.
- Lack of fee transparency. Mariner Finance doesn’t offer much by way of loan fee transparency on its website, stating that application fees and late fees vary by state.
- In-person application needed for loans greater than $7,000. While you can complete a prequalification application online, you’ll need to follow up with your application documentation in person at Mariner Finance location.
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What does the Internet say about Mariner Finance?
Mariner Finance is not accredited by the Better Business Bureau (BBB), which gives it an A+ rating. Borrowers with this lender enjoy fast access to loan funds and say that Mariner’s eligibility criteria is less stringent than most.
However, the lender received 3.79 out of 5 stars for its customer composite score, with 90% of the customer reviews being negative. Borrowers complain that Mariner uses predatory methods to persuade borrowers into accepting additional funding and warn of deceptive preapproval offers by mail. Multiple customers complain that the company does not send statements, bills or late notices — which makes it easy to get behind on payments.
Trustpilot doesn’t have sufficient information to conduct a review of Mariner Finance.
Am I eligible?
To be eligible for a personal loan with Mariner Finance, you must meet the following criteria:
- Have a valid bank account.
- Have an established credit history.
- Live in one of the 22 states serviced by Mariner Finance.
- Be a US citizen or permanent resident with a valid visa.
- Be at least 18 years old.
How do I apply?
- To begin your loan application process with Mariner Finance, visit its website and click Apply Now.
- Select the loan amount you’re interested in and click Continue.
- Tell Mariner Finance more about yourself, including your full name, address, date of birth, phone number, email address, Social Security number, employment status and income information.
- Finally, create an account by entering a password and reviewing Mariner Finance’s Terms of Service. Solve the captcha, and click Continue.
Mariner Finance will assess your information and let you know if you prequalify for a loan. Then, you’ll need to visit your nearest Mariner Finance branch to provide your loan officer with the necessary documentation.
Step-by-step application with screenshots
I got the Mariner Finance personal loan. Now what?
Log into your online account. From your online Mariner Finance account, you can make payments, set up automatic withdrawals, update your information and review the terms of your loan.
Be aware of late fees. Should you miss a payment, you could be subject to late fees. Loan fees with Mariner Finance vary by state, so review your loan agreement to familiarize yourself with potential penalties and fees.
Mariner Finance caters to low credit borrowers with flexible eligibility criteria, but its interest rates and potential origination fees could leave you with less money than you were hoping for.
If you’re having trouble securing a loan with a traditional provider, there are other non-traditional lenders that could lend a hand. Research your options here and learn more about what other lenders have to offer.