Mariner Finance Personal Loans Review: What You Need to Know

Quick take: Mariner Finance is a consumer finance company that offers secured and unsecured personal loans online, over the phone or in its branches. It’s known to work with borrowers who have bad or thin credit, but borrowers with good-to-excellent credit could likely find more affordable financing. 

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Pros & Cons 

Pros 

• Offers secured and unsecured loans

• Considers borrowers with poor or thin credit 

• Loans as low as $1,000

• 15-day satisfaction guarantee

• Offers branch support

• Allows co-signers

Cons 

• High APRs

• Charges origination, late payment and other fees

• All loans capped at $20,000

• Online loans limited from $1,500 to $12,000 

• Secured loans require risking your vehicle

• Not available in all states 

Company Overview 

Founded in 2002, Mariner Finance is a private consumer finance company that originates loans through partner banks and its own branch network. 

It offers unsecured and secured personal loans to borrowers of all credit profiles, including people with poor credit and a prior bankruptcy. Its secured loans require a qualified vehicle as collateral. 

Headquartered in Nottingham, Maryland, Mariner Finance has physical locations in 27 U.S. states. 

Key Features 

Interest Rates 

You can gauge how much a personal loan will cost each year by its annual percentage rate (APR), which accounts for its total fees and interest. The higher your APR, the more your loan costs.

Mariner Finance charges high fixed APRs of 20.99% to 35.99%, with its lower rates reserved for secured loans or borrowers with top-tier credit. Most top lenders offer personal loans with fixed APRs ranging from 8% to 36%, depending on an applicant’s risk profile. 

So, simply put, if you have good credit and a stable income, you might be able to qualify for a more competitive APR. This chart illustrates how much a lower APR could save you on a 2-year, $2,000 personal loan.

In this scenario, Mariner Finance’s high starting APR could increase your monthly payment by $13 and your total borrowing costs by nearly $300. The flip side is that top interest rates require top-tier credit, and you have to qualify to save.

Loan Amounts 

Mariner Finance offers loans between $1,000 to $25,000, but you’ll need to apply in a branch or over the phone to get a loan under $1,500 or over $12,000. Even without the additional online lending restrictions, that’s a relatively thin window. 

Most top lenders offer loans up to $50,000, and some, like LightStream, offer loans up to $100,000. Large-dollar loans, however, usually require good-to-excellent financial profiles, so Mariner Finance’s loan limits are in line with its openness to riskier borrowers.  

It could be an option if you need a smaller-dollar loan for medical bills, car repairs or other emergency expenses, particularly if you have poor credit. Some lenders that cater to a similar demographic, like Avant or Prosper, have minimum borrowing amounts of $2,000. 

Repayment Terms 

Mariner Finance’s repayment terms range from 2 to 5 years. Those are relatively flexible, considering Mariner’s higher APRs and lower lending cap. A few small-dollar lenders, like Alliant Credit Union, offer 1-year loan terms, though these providers often have lower starting APRs.

Shorter loan terms usually require higher monthly payments, but save you on total fees and interest. Longer loan terms, conversely, may help you get a more affordable monthly payment, but cost you more over the loan’s life. That’s because you’re paying interest for a longer period. It’s also because longer loan terms tend to carry higher APRs to account for a higher default risk.

This chart illustrates how Mariner Finance’s different loan terms could affect the monthly payments and total borrowing costs for a $5,000 loan.

Funding Speed 

You can complete a Mariner Finance loan application online in minutes, and most applicants receive a response in 1 business day. Once approved, Mariner Finance can disburse funds via check or ACH direct deposit, usually within another business day. 

Timelines can vary by application complexity, disbursement method, bank and when your loan gets approved, but the whole process is usually completed within a business week. 

That’s a fairly standard timeframe, though some fintech platforms, like LendingClub, advertise funds in as little as 24 hours.

Other Notable Features 

Mariner Finance lets you pre-qualify for offers without a hard credit pull, so you can avoid potential credit score damage. One of its most notable features includes a 15-day Satisfaction Guarantee during which you can return your loan proceeds without paying fees or interest. 

It also has a mobile app for existing loan holders that’s well-rated in the Apple App Store and moderately rated on Google Play. 

Mariner Finance has a “great” rating on Trustpilot. It has a non-accredited A- rating from the Better Business Bureau (BBB). 

However, the finance company is currently facing a multi-state lawsuit alleging that it engaged in aggressive sales tactics and charged customers for add-on products they didn’t know about or agree to, like loan insurance.  Mariner Finance called these claims “meritless” in a 2022 press release.    

Costs & Fees

Mariner Finance may charge an upfront loan processing fee, also known as an origination fee, which varies by state. In New Mexico, for instance, this fee costs 10% of your loan amount, but is capped at $200.

It doesn’t charge prepayment penalties, but might impose a late fee of 5% of your outstanding payment, capped at $10, depending on where you live. Secured loan holders could also face legal fees, certificate-of-title fees, release fees and repossession fees.

Many lenders, like Discover, charge $0 origination and late fees. However, these lenders typically provide loans to people with good-to-excellent credit.  

Eligibility Criteria 

Mariner Finance personal loans are available to borrowers in the following states:

• Alabama

• Arizona

• California

• Delaware

• Florida

• Georgia

• Illinois

• Indiana

• Kentucky

• Louisiana

• Maryland

• Mississippi

• Missouri

• New Jersey

• New Mexico

• New York

• North Carolina

• Ohio

• Oklahoma

• Oregon

• Pennsylvania

• South Carolina

• Tennessee

• Texas

• Virginia

• Washington

• Wisconsin

To apply, you’ll need a government-issued ID, Social Security card, proof of residence, proof of income and, if you’re self-employed, tax returns or bank statements.

The company doesn’t have a hard minimum credit score requirement, and it will consider applicants who have filed for bankruptcy. It also allows co-signers to boost your approval odds. 

How To Apply 

You can apply for a Mariner Finance loan online, over the phone, or in one of its branches. To do so:

1. Pre-qualify so you can check offers without incurring a hard credit inquiry.

2. Select an offer and complete your application. 

3. Provide any documentation needed to verify and finalize your loan. You may be called to a branch to do so. 

4. Sign your loan documents, provide preferred disbursement details, and get your funds. Mariner Finance can provide a check or deposit the loan into your bank account.

Comparable Options 

Mariner Finance might be on your radar if you’re looking for a small loan, but it’s not your only option. See how it compares to other lenders with lower borrowing limits. 

Avant

Avant is an online fintech lender that offers unsecured personal loans to borrowers with riskier profiles. Its minimum credit score requirement is 550, which is considered poor by traditional measures. It offers a decidedly lower starting fixed APR (9.95%) than Mariner Finance, though its borrowing minimum is higher at $2,000. Like Mariner, Avant isn’t available nationwide. 

PenFed

PenFed is a large, nationwide credit union that offers low-cost unsecured personal loans. Its fixed APRs range from 6.74% to 17.99%, and it charges $0 origination fees. You’ll need good-to-excellent credit to qualify, however. For people with strong credit history, it’s worth noting that PenFed’s minimum borrowing amount is only $600. 

Who It’s Best For 

Mariner Finance is best for people with bad credit who need financing, particularly in smaller amounts, but have limited options. It’s much less of a fit for people with good-to-excellent credit, as these borrowers can likely qualify for significantly lower APRs and fees. 

Final Take 

If you have poor credit and need a small-dollar loan, Mariner Finance might provide a path to approval. However, you may have to pay high APRs and other financing fees. While a risky financial profile can limit your options, it’s still worth shopping around and comparing offers. Consider pre-qualifying with a few personal loan providers known for their less traditional lending standards and potentially easier approvals. 

FAQs 

How hard is it to get approved at Mariner Finance?

Mariner Finance offers decent loan approval odds, as it has no hard credit score requirements and considers applicants with past bankruptcies. Still, approvals aren’t guaranteed, and if you get an offer, it’s likely to include a high APR and an origination fee. 

What are the risks of borrowing from Mariner Finance?

The risks of borrowing from Mariner Finance include high rates and fees. If you take out a secured loan, you risk losing the vehicle used as collateral. Defaulting on an unsecured personal loan can also hurt your financial standing and credit score.

Does Mariner Finance do a hard pull?

Mariner Finance does a hard pull when you formally complete a loan application. It does a soft credit pull during its pre-qualification process, allowing you to check offers without harming your scores.

Sources

• MarinerFinance.com - Personal Loans Official Website

• LightStream.com - Personal Loans Official Website

• Prosper.com - Personal Loans Official Website

• Avant.com - Personal Loans Official Website 

• AlliantCreditUnion.org - Personal Loans Official Website

• LendingClub.com - Personal Loans Official Website

• Discover.com - Personal Loans Official Website

• Wisdoj.gov - Mariner Finance Lawsuit Press Release

• MarinerFinance.com - Mariner Finance Strongly Opposes Blog Post

• Trustpilot.com - Mariner Finance review