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- Borrowers with poor credit or no credit score
- Unexpected expenses
Mariner Finance specializes in serving borrowers with poor credit, and has more than 450 branch offices in two dozen states. Here’s what you should know about getting a personal loan from Mariner Finance.
In this post:
- Mariner Finance interest rates and loan details
- Mariner Finance personal loan review
- How Mariner Finance compares to other lenders
- How to take out a personal loan with Mariner Finance
- How Mariner Finance can improve
Mariner Finance interest rates and loan details
Mariner Finance offers personal loans as small as $1,000 and as large as $25,000, depending on your state of residence. Although there’s no minimum credit score to qualify for a Mariner Finance loan, interest rates run as high as 36%, and you may also be charged upfront origination fees.
|Fixed rates||Up to 36% APR|
|Loan size||$1,000 to $25,000 (minimums and maximums varies by state)|
|Loan terms||Up to 5 years|
|Min. credit score||None|
|Time to get funds||Typically within 2 business days|
|Loan use||Debt consolidation, unexpected expenses, home improvements, vacation, weddings|
Mariner Finance personal loan review
Mariner Finance specializes in providing personal loans for bad credit — close to 40% of Mariner Finance’s customers have a FICO score of 620 or less. They’ll even consider you if you’ve filed for bankruptcy, as long as you meet other qualifying requirements.
The downside to taking out a personal loan with poor credit is you’ll often pay a higher interest rate. Mariner Finance charges borrowers that it considers high-risk up to 36% interest.
But there’s no harm in checking to see what rates you can qualify for, since Mariner Finance uses a “soft” credit pull to provide personalized rates. When requesting rates, be sure to note whether you’ll also be charged upfront origination fees, which will be reflected in the APR.
Explore More: Personal Loans for Bad Credit
Best uses for Mariner Finance personal loans
Mariner Finance advertises that its personal loans can be used for:
- Debt consolidation
- Unexpected expenses
- Home improvements
The company has relationships with thousands of retailers and home improvement contractors across the country, who recommend Mariner Finance loans to pay for goods and services.
But given the high interest rates many borrowers will pay, Mariner Finance loans may be best for unexpected emergency expenses like car repairs and medical bills.
There’s no prepayment penalty if you want to pay your Mariner Finance loan off early, which can be a smart move if you’re paying a high interest rate.
How to qualify
Mariner Finance is unusual in that it provides both unsecured and secured personal loans. If you’re having trouble getting approved, or are hoping to get a lower rate, you may be able to use your car or other valuable property as collateral for a loan.
About one-third of the loans Mariner Finance makes are secured by collateral. You can also apply with a cosigner, who does not have to be a family member.
An analysis of more than 100,000 recent Mariner Finance loans sheds some light on who the company likes to lends to, as well as the typical loan size and interest rate:
- Average FICO score: 631
- Average loan size: $2,698
- Average interest rate: 27.16%
If you live in one of the 24 states Mariner Finance serves*, you can obtain loans between $1,500 and $15,000 online. But you’ll have to visit a branch office if you’re looking for a loan that’s less than $1,500 or greater than $15,000.
When closing a loan at a branch office, you’ll be asked to bring:
- A copy of a valid, government issued photo ID like a driver’s license or passport
- Social Security card
- Proof of residence (a driver’s license, utility bill, or signed lease)
- Proof of income (paystubs or tax returns)
- Your recent tax return and copy of bank statements if you’re self-employed
If you’re eligible to complete your loan application online, funds can be deposited directly into your bank account within two days. If you close a loan at a Mariner Finance branch locations, you’ll be provided with a check.
Mariner Finance offers loan repayment terms of up to five years. Although a longer repayment term can help make your monthly payments more affordable, keep in mind you’ll typically pay more in interest.
When you take out a loan from Mariner Finance, you don’t receive a monthly statement. Instead, you’ll access your account information and make payments through Mariner Finance’s website or your local branch.
You may be charged fees in some states if you make one-time online payments or phone payments. You can avoid those fees by setting up automatic payments from your banking account.
How Mariner Finance compares to other lenders
|Fixed rates||Up to 36% APR||9.95% - 35.99% APR||8.13% - 35.99% APR4|
|Loan Amounts||$1,000 to $25,000 (varies by state)||$2,000 to $35,000||$1,000 to $50,0005|
|Min. credit score||None||580||600
(in most states)
How to take out a personal loan with Mariner Finance
Before you apply for a loan with Mariner Finance, you can improve your chances of getting the best rate by reviewing your credit report and fixing any issues that could be hurting your credit score.
Mariner Finance will provide rates when you authorize a soft credit inquiry, which doesn’t hurt your credit score. If you see a loan you want to apply for, you’ll be asked for permission to do a hard credit pull, which has only a minor impact (five points or less) on most people’s credit scores.
Because no two lenders evaluate borrowers the same way, it’s smart to compare rates from multiple personal loan lenders. Mariner Finance isn’t one of Credible’s partner lenders, but you can use Credible to fill out a single form in two minutes and compare prequalified rates from other online lenders who offer personal loans for fair credit.
How To: Improve Your Credit Score
How Mariner Finance can improve
Although Mariner Finance is willing to work with many borrowers who can’t get loans from other lenders, it could improve its services by:
- Serving borrowers in more states*
- Not requiring borrowers seeking larger loans to visit a branch office
- Providing more transparency on upfront origination fees
Check Out: The Best Personal Loan Lenders
*As of November 2019, Mariner Finance provides loans in 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, Washington, and Wisconsin.
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 4.99-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.
4The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 15% and 36 monthly payments of $33 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
5This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Duplicate offers received are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the www.upstart.com website.
6If you accept your loan by 5pm EST (not including weekends or holidays), loan funds will be sent to your designated bank account on the next business day, provided that such funds are not being used to directly pay off credit cards. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.