Mariner Finance is a personal finance company that was started in 2002 out of Maryland. They focus on only a few lending products: personal, auto, and home. They operate in 22 states with over 450 branches. Mariner Finance works with borrowers who might have poor or limited credit histories. Their personal loans are a great alternative to payday or title loans. They are competitive for borrowers with bad credit
- Loan amount range: $1,000 -$25,000 Varies by state
- Interest rate rage: 24.00%- 36.00%
- Terms: 12 to 60 months
- Origination fee: 2%-5% Varies by state
- Late payment fee: Varies by state
- Prepayment fee: None
- Online Payment: $2 (non autopay)
- Pay by Phone: $6
- Funding: Typically 1 day
Mariner Loan Key Takeaways
- Borrow between $1,000 and $25,000 depending on your state of residency.
- Interest rates range between 24.0% and 36.0% APR.
- Repayment terms range from 1 to 5 years.
- A minimum credit score of 600 is required.
Mariner Loan Pros & Cons
- Joint Borrowers – Mariner Finance allows for joint borrowers on their personal loans. Many loan providers do not allow for this.
- Soft Pull Inquiry –Mariner Finance does an initial soft pull inquiry so the borrower can get an idea of the options for which they may qualify.
- No Prepayment Fees –Mariner Finance does not have a fee for paying your loan off early.
- Offer Credit Insurance- Mariner Finance offers credit insurance, which can help cover the loan if you are unable to make the monthly payments due to life events like job loss, illness, or disability. This service is not free. It does have a premium.
- No Minimum Credit Score-Mariner Finance does not have a minimum credit score requirement and works with borrowers who have poor or limited credit.
- Quick Turnaround Times –Mariner Finance has a quick process and many borrowers are approved or rejected within 24 hours.
- Bankruptcy-Mariner Finance will work with borrowers who have had a past bankruptcy.
- Use People to Review Application –Many online personal loan providers rely on computer algorithms to determine whether your application is approved or not. Mariner Finance has actual people look at the application to consider the borrower’s financial needs and the circumstances of the loan.
- High Rates-If you have good to excellent credit history and strong cash flows you can find better rates elsewhere. The lowest rate with Mariner Finance is 24.00%.
- Sign at Branch –Mariner Finance requires most of their borrowers to visit a branch to review the loan and sign loan documents. Many other personal loan providers use an application process that can all be done online.
- Not Available in All States –Mariner Finance is only available in 22 states. You can use their branch locator to see if they are available in your state.
- Origination Fee-Mariner Finance deducts a one-time origination fee amount directly from your loan funds. This should be considered in the pricing of your loan when you apply
- Fee Transparency –Mariner Finance also has many other fees such as late fees, processing, and application fees. Their fee schedule is not clear because it depends on in which state you reside. Take into consideration that there are other lenders who do not charge some of these fees.
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Getting a Loan Through Mariner Finance
Prospective borrowers can fill out an online application for a Mariner Finance personal loan in just a few minutes. Once you have decided on a loan amount, you’ll need to provide the following information:
- Phone number
- Citizenship status
- Social Security number
- Annual income
- Employer information
- Housing costs
- Loan purpose
Following a soft credit pull, available loan options will be displayed onscreen. Once you choose a loan offer, though, a hard credit check takes place.
You’ll need to provide documentation to prove your identity and income. Some of the items you might be asked to submit include paystubs, bank statements, and/or a government-issued ID. You might be asked to submit these materials in person at a branch or online. Once the process is complete, you usually receive the funds within one to two business days.
Basic Information: Rates, Terms, Fees, & Limits
Mariner Finance personal loans are available from $1,000 to $25,000. However, only loans between $1,500 and $7,000 will be approved online; if your loan needs fall outside these amounts, you’ll need to go into one of the branches. Mariner Finance only has branch locations in the following states:
Alabama, Indiana, Mississippi, Pennsylvania, Virginia, Delaware, Kentucky, North Carolina, South Carolina, Wisconsin, Florida, Louisiana, New Jersey, Tennessee, Georgia, Maryland, New York, Texas, Illinois, Missouri, Ohio, Utah.
Additionally, borrowers requesting Mariner loans in excess of $10,000 will be asked to provide collateral. (Note: An auto loan will automatically be a secured loan.)
Mariner Finance’s personal loan rates, which are largely based on your credit history, are on the high side compared to some other online lenders. If you’re having trouble qualifying for a personal loan with Mariner Finance, you can either get a cosigner or opt for a secured loan instead of an unsecured loan.
To qualify for a Mariner Finance personal loan, borrowers will need the following:
- Reasonable debt-to-income ratio.
- Verifiable Social Security number.
- Three years of credit history.
Mariner Finance will evaluate your credit history, debt-to-income ratio, planned use of funds, as well as your unique situation when approving your loan application.
Who Mariner Personal Loans are Best for:
- Consumers with payday loans who can benefit from the lower rates Mariner Finance offers.
- Anyone with bad credit who needs a loan in an emergency.
- Consumers who need to borrow between $1,000 and $25,000 but can’t get approved by other lenders.
What you need to know about a Mariner Finance personal loan
Baltimore-based Mariner Finance was founded in 2002 and has more than 450 branches, though it doesn’t offer loans in all states. Loan amounts range from $1,000 to $25,000 when you apply directly through Mariner Finance, though the maximum loan amount varies by state
Mariner Finance offers auto loans and home loans along with personal loans that can be used for things like debt consolidation, emergency expenses, home improvements and large expenses like vacations and weddings.
15-day satisfaction guarantee for personal loans
Mariner Finance offers a 15-day satisfaction guarantee on personal loans. That means if you change your mind about your personal loan within the first 15 days, you can use your loan funds to pay off your entire balance and cancel it without a penalty. You’ll also receive a full refund for any finance charges you may have incurred. If you’re not 100% sure about your personal loan, this 15-day satisfaction guarantee may give you some peace of mind.
An in-person application may be required
If you’d like a loan amount that’s less than $1,500 or greater than $15,000, Mariner Finance requires you to visit a nearby branch to complete the application process. This can be a drawback if you lead a busy life and prefer the convenience of applying over the phone or online.
You may not need good credit
If you’ve filed for bankruptcy in the past, you might still be considered for a personal loan through Mariner Finance, though any approval is subject to its underwriting process. Take note that if your credit needs some work, you may only qualify for Mariner’s higher interest rates, which are high compared with what some other lenders offer.
A co-signer is allowed
Mariner Finance accepts co-signers for personal loans, including non-family members. Applying with a co-signer who has good credit may help you secure a better interest rate than if you apply on your own.
Frequently Asked Questions
What personal loan APRs does Mariner Finance Personal Loans offer?
Mariner Finance Personal Loans offers a fixed APR personal loan product that ranges from 24% APR up to 36% APR.
Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.
How much can you borrow via Mariner Finance Personal Loans?
Loan amounts start at $1,000 and go up to $25,000.
What can a personal loan from Mariner Finance Personal Loans be used for?
Personal loans from Mariner Finance Personal Loans are typically used for special purchases, debt consolidation, home improvement projects, weddings, unexpected expenses or similar purposes.
What is the maximum loan term you can get with Mariner Finance Personal Loans?
Mariner Finance Personal Loans offers personal loans with terms ranging from 12 to 60 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
Does Mariner Finance Personal Loans charge an origination fee?
Mariner Finance Personal Loans charges a loan origination fee of 2% to 5% of the loan amount. Mariner Finance Personal Loans deducts the fee directly from your loan amount before depositing your money, so make sure you take this fee into account when deciding how much you need to borrow.
Does Mariner Finance Personal Loans charge a late fee?
Yes, Mariner Finance Personal Loans may charge borrowers a late payment fee
Does Mariner Finance Personal Loans charge prepayment fees?
No, Mariner Finance Personal Loans does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.
The Bottom Line
Although borrowing money is never an easy decision, there are times when a personal loan can be a blessing to your finances. While personal loans from Mariner Finance charge high rates compared with some other personal lenders, their rates could still be lower than what you are paying now.
If you have less than perfect credit and have struggled to qualify for a personal loan elsewhere, mariner finance may be a good option. It does not have any demands on hard and fast credit. And the next business day maybe you can get your funds.
But at 24.99 percent, APRs start strong. And at $25,000, the loans cap out. If you are looking to borrow more than $7,000, you will also need to visit your local branch and apply your application in person. And, to be eligible, you’ll need to stay in one of the 24 states that it loans in.
Because Mariner Finance lets customers apply with credit scores as low as 600, if you desperately need to escape the pit of high-interest loans, they might be your best option. Still, you should make sure that at least three other lenders compare the rates and conditions before you decide.
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