Mariner Finance Personal Loan Review, April 2025

If you have credit issues and are having a hard time getting approved for a personal loan, Mariner Finance could be a good option, especially if you live near a local branch and want some guidance with your application. But Mariner Finance charges higher APRs and fees than some other lenders, and people seeking an entirely digital application experience may find the process frustrating.

We’ll cover the pros and cons of Mariner Finance personal loans, how to qualify, and what fees to expect. We’ll also compare the finance company with a couple of similar lenders, so you can decide whether Mariner Finance is the right choice for your financial needs.

Who are Mariner Finance personal loans best for?

Best for borrowers with credit issues

While Mariner Finance doesn’t disclose a minimum credit score, the finance company is willing to work with applicants who have a blemished credit history. Mariner Finance will even consider applicants who have filed for bankruptcy, provided they meet other requirements. 

The company also allows you to apply with a cosigner, which may increase your approval odds. A cosigner could be a friend or family member with good credit who agrees to be responsible for the loan if you fail to repay. Few online lenders allow cosigners.

Mariner Finance also reports your loan payment activity to the three major credit bureaus, which may give you the opportunity to build credit with on-time payments. 

Great for auto-secured personal loans

Mariner Finance offers secured personal loans, allowing you to use your vehicle title as collateral for the loan. You’ll still keep your car, but Mariner Finance will have the right to seize and sell your vehicle if you fail to repay the loan. Since this is less risky for the lender, you may qualify for a lower rate or a larger loan amount if you use your car as collateral. Note that you’ll need a car no more than 10 years old that you own outright, along with an auto insurance policy, to qualify. 

Learn More: What Are Collateral Loans?

Pros and cons of Mariner Finance personal loans

Pros

• Allows cosigners: Mariner Finance is one of a few lenders that allow cosigned personal loan applications, which can help applicants with poor credit qualify.
• Offers auto-secured loans: Mariner Finance may allow you to use your car as collateral to access a larger loan or a lower rate. 
• 15-day satisfaction guarantee: If you’re dissatisfied with the loan disbursement or other aspects of the customer experience, you can repay the loan in cash or certified funds within 15 days and avoid all finance charges. 

Cons

• May require a visit to a branch: You can only apply online for loan amounts ranging from $1,500 to $12,000.
• High starting APR: The starting annual percentage rate (APR), which is the annual borrowing cost including interest and upfront fees, is 16% for personal loans. If you have good or excellent credit, you’ll likely find less costly options elsewhere. 
• Many potential fees: In addition to a loan processing fee that varies by state, Mariner Finance may charge incidental fees and document fees. In some states, the company may even charge you for making an electronic loan payment, though you can avoid this fee by visiting a branch, mailing a check, or setting up autopay. 

How to qualify for a Mariner Finance personal loan

Your credit score and financial history

Mariner Finance doesn’t disclose a minimum credit score, but the company is willing to work with people who have derogatory marks on their credit history. To get an idea of whether you’re eligible, you can prequalify to get an APR estimate without damaging your credit. Mariner Finance also offers options to improve your approval odds if you have bad credit — you can apply with a cosigner or offer your vehicle title as collateral.

Related: How Long Does a Hard Inquiry Affect Your Credit Report?

Your income and employment

Mariner Finance doesn’t publish a minimum income requirement, but you’ll need to provide proof of income to qualify for a personal loan. For example, if you’re a W-2 employee, you’ll need to submit pay stubs or tax returns. If you’re self-employed, you’ll need to submit your most recent tax return and bank statements. 

Mariner Finance personal loan purposes

Like most personal loan lenders, Mariner Finance allows you to use your loan funds for a variety of household expenses, including:

• Debt consolidation
• Home improvement
• Unexpected expenses
• Vacations 
• Weddings

Mariner Finance prohibits borrowers from using the funds for the following purposes:

• Business expenses
• College education expenses
• Purchase of securities
• Gambling and illegal activity

Related: What You Can't Use a Personal Loan For?

Mariner Finance personal loan fees and penalties

Loan origination fees

Mariner Finance charges an origination fee that varies by state. For example, Mariner Finance charges the lesser of $200 or 10% of the loan amount in New Mexico. Many lenders charge origination fees to cover the cost of processing your application and underwriting your loan, but you can find personal loans with no origination fee as well. Bear in mind, upfront fees like origination fees are reflected in the APR. 

Early repayment penalties

Mariner Finance doesn’t charge a prepayment penalty, and you only need to pay interest on the loan while it’s open. That means you can make extra payments or pay off your loan at any time to save money on interest. 

Other fees

Mariner Finance may charge incidental fees, government document fees, legal fees, and payment fees, depending on your state and how and when you make payments. You should read your loan agreement carefully to understand the full cost of the loan and when you may incur incidental fees. 

For example, if your autopay payment is returned due to insufficient funds, Mariner Finance may charge you an insufficient funds fee, cancel your enrollment in autopay, and charge you a late fee. If you then make a one-time electronic payment, the company may charge you a processing fee in some states. 

How Mariner Finance compares to other lenders

Borrowers with credit issues or a low income generally have access to lenders that charge higher rates and fees. When comparing Mariner Finance with other lenders that offer bad credit personal loans, we found that some competitors offer lower starting APRs, larger loan amounts, and/or an easy and fast digital application process for all loan options. 

If Mariner Finance isn’t available in your state or doesn’t meet your needs, you’ll want to explore other options. Here’s how Mariner Finance compares to two similar lenders. 

How Mariner Finance compares to more lenders: Best Personal Loans

How to contact Mariner Finance

If you need assistance, you have a few options for contacting Mariner Finance:

• Phone: 844-338-2080
• Email: [email protected]
• Visit a branch: Find a branch near you

About Mariner Finance personal loans

Mariner Finance is a consumer finance company founded in 2002 in Baltimore, Maryland. The company and its affiliates now have physical locations in more than half of U.S. states. Mariner Finance also offers online personal loans issued by WebBank. 

In addition to unsecured and secured personal loans, Mariner Finance offers home loans and auto loans. The company features many positive testimonials on its website and has an excellent Trustpilot rating. However, other third-party review sites, including the Better Business Bureau (BBB), show low average ratings for the company. 

Rating Mariner Finance personal loans

Credible evaluates personal loan lenders based on factors such as customer experience, minimum fixed rate, maximum loan amount, funding time, loan terms, and fees. Credible’s team of experts gathered information from each lender’s website, customer service department, in-house resources, and via email support. Each data point was verified to make sure it was accurate at the time of publication.

Learn more about how Credible rates lenders by exploring our personal loans lender rating methodology.