What is Mariner Finance? How does it work? What are the requirements? Should I apply? These are prominent questions that come with this type of personal loan. However, lucky for you, this Mariner Finance Review has all of these questions sorted out. All that’s required is that you patiently read through it as this post covers everything from Mariner Finance’s pros and cons, fees, payments, reviews, and the application process.
Mariner Finance Review: Overview
Mariner Finance was established in 1927 and now has over 470 locations across 25 states. Its $1,000 minimum personal loan amount makes it a good fit for those who don’t need or want to take out a large loan.
It’s also a good option for people who have filed for bankruptcy, need a co-signer, or want to file a joint application. There is no minimum credit score requirement to qualify.
When you apply for a loan with Mariner Finance, you will be subjected to a “soft” credit inquiry, which has no impact on your credit score. If you continue with the application and accept an offer, your credit will be pulled “hard.”
Basically, personal loans from Mariner Finance are aimed at people with bad credit. However, it may not be a good first choice because of the lender’s high rates and fees, as well as possible deceptive practices.
Mariner Finance Pros and Cons
Here’s a rundown of some of the advantages and disadvantages of taking out a personal loan with Mariner Finance:
Pros:
- The $1,000 personal loan minimum is ideal for folks who don’t want or need to borrow a large sum of money.
- You can apply online, over the phone, or in person at a branch. Unlike internet lenders, Mariner Finance allows you to apply for a personal loan using a variety of methods.
- People with weak credit who have filed for bankruptcy or who require a joint application or a co-signer may be eligible for loans.
Cons:
- In most scenarios, a branch visit may be required, especially for a personal loan of less than $1,500 or more than $15,000. In this case, you must apply in a branch, and branches are only available in 25 states.
- Mariner Finance has a high-interest rate range, starting at 18 percent APR. For qualified borrowers, lower rates can be available elsewhere.
- Mariner Finance, unlike many other personal loan lenders, does not give a rate cut if you pay on time.
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Mariner Lending Terms Review
The minimum and maximum loan amounts, as well as interest rates, are determined by the applicant’s state of residence and the loan’s underwriting. The loan amounts range from $1,000 to $25,000, with APRs ranging from 18% to 36%. The repayment period ranges from 12 to 60 months.
Basically, personal loans from Mariner Finance can be used for a variety of purposes, including:
- Consolidation of debts.
- Unexpected expenses.
- Vacations.
- Weddings.
- Home improvements.
Meanwhile, personal loan applications are assessed by Mariner Finance based on the following criteria:
- Credit history.
- Income.
- Debt payment obligations.
- Availability of collateral, if needed.
Penalties and Fees
- There are no penalties for paying in advance.
- There are no charges for first setups.
- A credit investigation fee of $25 is charged.
- Depending on the amount of the loan, there may be a document tax.
How to Apply for a Mariner Finance Loan
A personal loan from Mariner Finance can be applied for online, over the phone, or in person. Online funding is available for loans ranging from $1,500 to $15,000. It takes about five minutes to complete the application, after which a representative from Mariner Finance will call you, generally on the same business day.
If you want to apply using your smartphone, go to the bank’s website and use the interactive map to discover the branch closest to you. Then contact that branch.
Loans under $1,500 and over $15,000 must be funded at a Mariner Finance location.
Mariner Finance has over 470 locations across 25 states, including Alabama, Arizona, California, Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Maryland, Michigan, Mississippi, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, and Wisconsin.
Meanwhile, you’ll need the following documents if you apply at a Mariner Finance branch:
- A government-issued photo ID is required.
- Social Security Card.
- Proof of address (utility bill, lease, driver’s license).
- Proof of earnings (pay stubs, tax returns, bank statements, Social Security award letters).
- A tax return was recently filed.
Applicants who conclude a loan over the phone or online must have access to email and electronic documents via a mobile device or computer.
Comprehensive Mariner Finance Review
Busienssyield analyzed Mariner Finance’s personal loans by gathering information from the lender’s website, verifying details with various customer service representatives, and comparing the lender to others that target the same demographic or offer a similar personal loan product. State-specific loan terms and costs may apply.
As we mentioned earlier, personal loans from Mariner Finance are available to borrowers with bad credit. They, however, come with hefty interest rates and costs, making them a less-than-ideal solution for most people.
When examining an application, this lender examines factors such as credit history and debt-to-income ratio.
According to customer support employees, Mariner’s unsecured loan has a minimum annual percentage rate of 24 percent, which is higher than most lenders, and its secured loan has a minimum APR of 18.99 percent. The repayment period can last anywhere from one to five years.
In addition, the lender engages in various tactics that may be harmful to consumers, such as sending unsolicited loan proposals to potential borrowers and marketing credit insurance.
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Mariner Finance’s Distinctive Features
Here are some distinctive features of the Mariner Finance personal loan.
- Applicants can acquire a personal loan with a car or add a co-signer to their application to get a cheaper interest rate or a higher loan amount. If you don’t pay back the debt, both options have penalties. A secured loan could result in the lender seizing your vehicle, and a co-signer could be held liable for missed payments.
- To pre-qualify, Mariner uses a soft credit check, which allows borrowers to view their possible loan rate and amount without damaging their score. Without seeing an offer, certain applicants may be forwarded to a branch.
- Money-back guarantee: Borrowers can return their loan without paying any fees or interest if they return it within 15 days of receiving it. This is a unique feature for a personal loan.
- Choose your payment date: According to customer support personnel, you can choose a first payment date within 30 to 45 days of signing the loan agreement, but that date will be the date for the duration of the loan. Lenders’ policies on payment dates differ, although some may allow you to set a date and then amend it afterward.
Mariner Finance’s Biggest Flaw
- According to customer service representatives, you may be charged a loan origination fee, as well as costs for nonsufficient funds or making a one-time payment by phone or online, depending on your state. Late fees are common in personal loans, and origination costs are popular among bad-credit lenders, but you’ll be hard pushed to find a lender who charges you to make a payment.
- Borrowers can apply for loans between $1,500 and $7,000 online, but sums outside of that range will require a visit to a location. This is not required by the majority of internet lenders.
- Transparency: Mariner’s website does not properly explain its rates, terms, or fees, making it impossible for borrowers to compare its loans to those offered by competing lenders.
- It’s only available in a few states: The lender doesn’t do business in 25 states or the District of Columbia. Many more internet lenders are now available.
Mariner Finance Review: What You Should Know
Mariner employs a loan-by-mail offer, or “live check,” that may be signed and cashed by the recipient, to reach out to new consumers. This loan does not require an application; instead, Mariner says it seeks out customers who fulfill its underwriting standards, which include debt payback history and credit use.
But then, Mariner’s loan-by-mail program has been the subject of multiple customer complaints, according to the Consumer Financial Protection Bureau.
It gives borrowers the option of credit insurance, which covers your debt if you are unable to make payments due to unforeseen circumstances such as job loss, illness, accident, or death.
This insurance, however, will increase your loan expenses and may not be essential if you already have life or health insurance.
What are the requirements for a Mariner Finance loan?
Many of Mariner Finance’s borrower requirements aren’t made public. Due to the lender’s focus on bad-credit consumers, people with a FICO score of 629 or lower may be eligible. The lower your rate is, the better your credit score and income are.
For example, a two-year, $6,000 loan with a 28.7% APR would have $331 in monthly payments. That loan would cost you $1,944 in total interest.
The Application Process for Mariner Finance
You may be able to complete the entire application online or you may need to apply in person, depending on the loan terms you seek. The online application process should take about five to ten minutes, but applicants should read their agreement carefully before submitting it.
On the application screen, you’ll be asked to choose your desired loan amount. After you’ve decided on a payment amount, you’ll need to provide some personal information, such as your full name, address, birthday, citizenship, and Social Security number.
You’ll also need to provide information about your job and any housing payments you’re responsible for. Finally, you’ll be asked to specify your loan’s purpose and create an account. Accepting to create an account will result in a soft draw of your credit information, but your credit score will not be affected.
| Requested Loan Amount | Required Action |
|---|---|
| Less than $1,500, or greater than $7,000 | Visit a Mariner Finance or affiliate branch to complete the application process |
| Between $1,500 and $7,000 | Select the offer you desire and complete the application process by reviewing and signing their online agreement |
Mariner Finance will either reject your application or give you a list of loans to which you can apply if you proceed to the next step. From this point forward, Mariner Finance offers an online chat box manned by real customer service specialists to assist you. Depending on the loan amount sought, you will need to complete the following:
Branch Application
If you need to contact a branch, Mariner Finance offers a convenient chat window that connects you to a live customer service agent. They can assist you with any questions you may have and give you the address and phone number for the closest branch. You can also utilize the Find a Branch function on Mariner Finance’s website, which is located in the upper right corner.
You will be asked to verify a variety of things during your meeting with a Mariner Finance loan officer, including your identification and financial situation. They could inquire about the objective of your loan as well as the specifics of your condition. This is your time to submit any supporting evidence that may help your application stand out. If your initial application isn’t enough, you may need to come back with a cosigner or collateral to finish the procedure. Your cash will be ready once you’ve completed the process if you were accepted on-site. You will receive a paper check that you can deposit at any banking institution.
Application over the internet
If you choose to apply online, you must examine and electronically sign the e-document. You must also tick the box at the bottom of the page, which confirms your plan to submit the application and authorizes Mariner Finance to obtain your credit report.
Mariner Finance will conduct a hard pull of your credit report once you click the apply now button, which may have an impact on your credit score. Your online application will be reviewed and approved within one business day. Meanwhile, you may receive a call from a Mariner Finance specialist who will guide you through the remainder of the process. They’ll need more evidence to confirm your identification. Prepare to supply the following information:
- A photo of you holding your government-issued photo ID or driver’s license.
- A legible electronic copy or picture of your most recent paystub
- ACH payment information to transfer the funds
- A legible picture of your driver’s license or government-issued photo ID
Meanwhile, Mariner Finance will often inform you of its decision within one business day after you’ve finished your application and given all needed documentation. Your cash will come in two business days if you are accepted.
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Mariner Finance Repayment
Mariner Finance offers up to five-year loan payback lengths. While a longer repayment term may make your monthly payments more manageable, keep in mind that you will normally pay more in interest.
You will not receive a monthly statement if you take out a loan with Mariner Finance. Instead, you’ll have to log in to Mariner Finance’s website or visit a local branch to get account information and make payments.
If you make one-time online or phone payments, you may be charged fees in some states. So it’s better to set up automatic payments from your bank account to avoid paying those costs.
How can Mariner Finance make a difference?
Despite its willingness to deal with numerous consumers who have been turned down by other lenders, Mariner Finance could improve its services by:
- Broadening their horizon (serving borrowers in more states)
- Increasing loan amount limit for online users to avoid visiting a local branch
- Providing more transparency on fees and charges
Mariner Finance Review: How Do Mariner Finance Compare with Other Online Lenders Compare?
If you’re not interested in a personal loan from Mariner Finance, here’s a list of additional personal loan companies to look into.
#1. OneMain Financial vs. Mariner Finance
Prospective Mariner Finance borrowers might also consider OneMain Financial, as both organizations offer personal loans with similar rates and terms. While both organizations have above-average interest rates, OneMain has a rewards program that allows you to earn points that can be used for gift cards at national retailers and restaurants. In addition, OneMain is licensed in 44 states, whereas Mariner Finance is only licensed in 22. Mariner Finance, on the other hand, allows you to apply online or in person, whereas OneMain requires you to visit a branch.
Highlights
- APRs range from 18.00% to 35.99%.
- Amounts range from $1,500 to $20,000
- Duration: 2 to 5 years
- The cost of starting a business varies by state.
#2. iLoan vs. Mariner Finance
Borrowers who require an unsecured personal loan of more than $7,000 but do not wish to apply in person might consider iLoan. For candidates with bad credit, both Mariner Finance and iLoan offer similar rates, but iLoan allows you to get unsecured funding for up to $25,000 without needing to visit a branch. However, because iLoan is only regulated in 12 states, not all applications will be accepted. If you want to review the terms of your loan, you should be informed that iLoan only offers a 7-day interest-free payback option. Borrowers with Mariner Finance, on the other hand, have up to 15 days to change their minds.
Highlights
- APRs range from 17.60% to 35.99%.
- Amounts range from $2,550 to $25,000
- Time Span: 2 to 5 years
- The cost of starting a business varies by state.
#3. Discover Personal Loans vs. Mariner Finance
Take a look at Discover Personal Loans if you have a higher-than-average credit score. The APRs offered by Discover are significantly lower than those offered by Mariner Finance. Personal loans from Discover are also a fantastic option for debt consolidation because Discover can pay your creditors immediately. It provides borrowers with a 30-day money-back guarantee if they change their minds.
Finally, Discover offers repayment terms of up to 7 years, which is longer than the industry norm. Borrowers with low household incomes or unstable credit records, on the other hand, may have problems applying for Discover financing.
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Highlights
- APRs range from 6.99 percent to 24.99 percent.
- Amounts range from $2,500 to $35,000
- Duration: 3 to 7 years
- There are no charges for the initial consultation.
Mariner Review FAQs
What credit score do you need for Mariner?
Mariner Finance, unlike other lenders, does not require a minimum credit score and assesses all loan applications holistically. In plain terms, to qualify for a loan, you do not need a minimum credit score. The company has a 15-day no-fee refund policy. Also, borrowers have the option of applying online or in a branch.
What bank owns Mariner Finance?
Mariner Finance is owned and managed by Warburg Pincus, a legendary New York firm, which controls an $11.2 billion private equity fund.
Is Mariner Financial check legit?
Yes, it is legit according to their website. Mariner Finance sends pre-screened, approved individuals live checks. Although they claim that they may not be able to guarantee the legitimacy of all checks you may receive in the mail. However, you can verify their authenticity by calling the branch phone number listed on the letter accompanying the check.
Is Mariner finance a pay day loan?
To a large extent, consumers who have payday loans might benefit from the cheaper rates offered by Mariner Finance. This personal loan is also best for anyone with poor credit who requires a loan in a hurry and those who require a loan of $1,000 to $25,000 but have been denied by other lenders.
How long does it take to get a personal loan from Mariner Finance?
In most circumstances, getting money from a Mariner Finance personal loan takes 1 to 3 business days. This includes both the time it takes to get accepted and the time it takes to receive the funds once granted.
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