May 17, 2022

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Mariner Finance Personal Loans Review 2022

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Mariner Finance personal loan amounts and interest rates

Mariner Finance has personal loans that range from $1,000 to $25,000. You’ll be able to get a loan amount between $1,500 and $15,000 online, but loans outside that range will require you to visit a branch in person. 

The lender offers both secured and unsecured personal loans. The difference between the two is that you need to put up collateral for a secured loan, while you don’t need to for an unsecured loan. All of Mariner Finance’s loans have fixed interest rates, meaning your rate will stay the same over the life of your loan. 

Your APR will range from 18.99% to 35.99%. Compared to other lenders designed for borrowers with bad credit, this range is similar. For instance, you’ll get rates between 18% to 35.99% with OneMain Financial, and between 9.95% to 35.99% with Avant. 

Borrowers can use personal loans for a variety of purposes, including home improvement projects, medical bills, and even vacations (though be careful before you jump to do so). Mariner Finance offers repayment term lengths from 12 to 60 months. 

Pros and cons of Mariner Finance personal loans

Who is Mariner Finance best for?

Mariner Finance is best for borrowers with poor credit who may not be eligible for a loan elsewhere. The lender also offers secured loans, which isn’t very common for personal loan lenders. You might qualify for a better rate and larger loan amount if you pledge collateral to get your loan. 

On the other hand, you can get much better rates with another lender if your credit is in decent shape. If you don’t live in one of the states Mariner Finance serves, you won’t be able to get a loan with the company at all. 

How Mariner Finance personal loans compare

All three lenders cater to borrowers with poorer credit histories. Both OneMain Financial and Mariner Finance don’t have a minimum credit score, while most of Avant’s borrowers have a credit score between 600 and 700. 

OneMain Financial charges an origination fee ranging from $25 to $400, or 1% to 10% of the loan’s value. Avant has an administration fee of up to 4.75%, which will be deducted from your loan proceeds when the loan is funded. Mariner Finance doesn’t have an origination or administration fee. 

All three lenders will usually disburse your money in one business day, so they could be a good option for borrowers who need money fast. You’ll pay the same maximum interest rate of 35.99% with all three lenders, and Avant offers the lowest starting rate. 

Is Mariner Finance trustworthy?

Mariner Finance has an A+ rating from the Better Business Bureau, a nonprofit organization focused on consumer protection and trust. The BBB evaluates businesses by looking at their transparency in business practices, honesty in advertising, and responses to customer complaints.

Mariner Finance has a top-notch BBB score, but that doesn’t necessarily mean you’ll have a good experience with the company. Reach out to people you know who have used the company to get a firsthand account of what the lender is like.

There have been no recent controversies involving Mariner Finance. Between the company’s great BBB grade and clean history, you may feel comfortable borrowing from the lender. 

Frequently asked questions

Does Mariner Finance accept bad credit?

Yes, Mariner Finance is accessible to borrowers with bad credit. The lender has no listed minimum credit score, while other lenders require credit scores in the mid-to-high-600s to qualify for a loan. Mariner Finance will take your entire financial situation into account before making a loan decision, not just your credit score. 

Does Mariner Finance do a credit check?

When you apply for a loan and check your rates, Mariner Finance performs a soft credit check, which doesn’t show up on your credit report and won’t affect your score. If you choose to move forward with the loan process, the company will generate a hard credit inquiry, which gives the lender a comprehensive view of your credit history and may negatively impact your credit score. 

How long does it take to get approved by Mariner Finance?

You’ll usually get a response from the company within the same business day you apply, and if you are approved, you’ll receive your money within one to three business days.