Mariner Finance can be a good option if you have poor credit, need a personal loan, and have difficulty qualifying elsewhere. While their rates are higher on average than other lenders, they're a much better option than any payday lender. Borrowers who live outside the 22 states serviced by Mariner Finance and its affiliates will be unable to apply.
- Review: Should You Apply?
- Mariner Finance Personal Loan Features
- Application Process
- How Does Mariner Finance Compare to Other Online Lenders?
Mariner Finance Personal Loan Review: Should You Apply?
Mariner Finance is a good option for borrowers with poor credit who have trouble being approved elsewhere. Unlike other lenders, Mariner Finance does not require a minimum credit score and evaluates all loan applications on a holistic basis.
One of the things that we liked about Mariner Finance is that they don't specify a minimum credit score for approval. They even accept applicants who have declared bankruptcy in the past. All borrowers are evaluated on a holistic basis, so a low credit score does not automatically disqualify an application. Borrowers should be aware that a poor credit history may require them to post collateral or obtain a cosigner.
Mariner Finance allows borrowers to apply online, over the phone or in person. Based on our experience, online applications will not always be offered the same terms as in-person applications. For instance, we were unable to obtain terms outside of 3 years for our online loan application. Follow-up conversations with customer service representatives indicated that we would need to apply in person if we wanted to adjust our loan terms.
One of the benefits of applying online is that Mariner Finance charges no closing costs for online applications. However, depending on your state, you may incur added closing costs by applying in person. Loan officers informed us that the closing costs in some states can reach as high as $150. Borrowers seeking less than $7,000 may wish to apply online to avoid closing costs altogether.
Mariner Finance charges interest rates commensurate with your loan term rather than your credit score. Borrowers with stellar credit profiles will not necessarily obtain better rates than borrowers with below-average credit scores. Mariner Finance is a poor choice for borrowers who can qualify for better rates elsewhere. However, Mariner Finance does offer a 15-day grace period at initiation, where you can pay off your entire balance interest-free. This stands in contrast to other lenders who either don't provide this option, or cap the grace period at seven days.
Finally, Mariner Finance may not be as flexible with its payment times as other lenders. Borrowers may only move their payment date once over the life of their loan. Once the payment date has been moved, you will not be allowed to change it again. A quick Internet search revealed a high number of collections-related complaints reported through the Better Business Bureau. We recommend that borrowers setup automatic payments to avoid any additional charges.
To qualify for a Mariner Finance personal loan, borrowers will need the following:
- Reasonable debt-to-income ratio.
- Verifiable Social Security number.
- Three years of credit history.
Mariner Finance will evaluate your credit history, debt-to-income ratio, planned use of funds, as well as your unique situation when approving your loan application.
Mariner Finance Personal Loan Rates, Terms and Fees
Mariner Finance makes unsecured and secured personal loans with fixed interest rates. Loans terms can last from one to five years. Depending on the amount you request as well as the term you desire, you may need to visit a physical branch to complete your application.
|Loan Amount Range|
|Direct Payment to Creditors||Yes (only for customers who apply in person)|
Mariner Finance Application Process
Depending on the loan terms you seek, you may be able to complete the entire application online or you may need to apply in person. The online application process should take five to 10 minutes, but applicants should carefully review their agreement before submitting the application.
The initial part of your application can be started online but you also have the ability to apply over the phone or in person at one of their branch locations. First, you'll be asked to select your desired loan amount on the application screen. After you've selected the amount, you'll need to provide some information about yourself including: your full name, address, birthday, citizenship, and Social Security number. You will also need to disclose your employment information as well as any housing payments you're responsible for. Finally, you will be asked to describe the purpose of your loan and create an account. Agreeing to create an account will result in a soft pull of your credit information, but will not impact your credit score.
|Application Process||Online, by phone or in person|
|Time to Get Funds||Up to 2 business days (same-day funding available for in-person applications)|
By continuing onto the next step, Mariner Finance will either reject your application, or present you with a number of loans for which you may apply. Mariner Finance also provides an online chat box—staffed by live customer service representatives—to assist you from this point on. You will need to do the following depending on the requested loan amount:
|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|
If you need to visit a branch, Mariner Finance provides a helpful chat box that connects you with a live customer service representative. They can help answer any questions you have and provide you with the address and contact information of the nearest branch. Alternatively, you can also use the Find a Branch tool on the top right corner of Mariner Finance's website.
When visiting your local branch, be sure to bring the following items:
- Driver's license or passport
- Social Security card
- Proof of residence such as a driver's license or recent utility bill
- Proof of income such as a recent paystub or w-2
- Recent tax return
- Copy of bank statements (if self-employed)
When meeting with a Mariner Finance loan officer, you will be asked to verify a number of items, including your identity and financial status. They may have questions about the purpose of your loan as well as the unique circumstances of your situation. This is your chance to present any supporting evidence that you may need to strengthen your application. If your initial application is insufficient, you may need to return with a cosigner or collateral to complete the process. If approved on-site, your funds will be available once you've completed the process. You will be provided with a paper check that can be deposited at any banking institution.
If you proceed with the online application, you will need to review and electronically sign the e-document to complete the application process. You will also need to check the box at the bottom of the page, which acknowledges your intent to submit the application and permits Mariner Finance to pull your credit report.
After you click the apply now button, Mariner Finance will do a hard pull of your credit report, which may impact your credit score. It will take approximately one business day to review and approve your online application. In the meantime, a Mariner Finance representative may call you to assist you through the rest of the process. They will require further documentation to verify your identity. Be prepared to provide the following:
- A legible electronic copy or picture of your most recent paystub
- A legible picture of your driver's license or government-issued photo ID
- A picture of you holding your driver's license or government-issued photo ID
- ACH payment information to transfer the funds
Once you've completed your application and provided all the requested documents, Mariner Finance will usually notify you of its decision within one business day. If approved, your funds will take around two business days to arrive.
How Does Mariner Finance Compare to Other Online Lenders?
If you're interested in a personal loan with Mariner Finance, here is a list of other personal loan providers you may wish to consider.
Mariner Finance vs OneMain Financial
Prospective borrowers with Mariner Finance may also wish to take a look at OneMain Financial, as the companies offer similar rates and terms on their personal loans. While both companies feature higher than average interest rates, OneMain offers a rewards program—allowing you to earn points which can be redeemed for gift cards at national stores and restaurants. Additionally, OneMain is licensed to operate in 44 states while Mariner Finance only offers financing in 22. However, Mariner Finance offers you the option to apply online or in person, while OneMain will require a visit to a branch.
- APRs: 18.00% - 35.99%
- Amounts: $1,500 - $20,000
- Terms: 2 to 5 years
- Origination fee: Varies by state
Mariner Finance vs iLoan
Borrowers who need an unsecured personal loan for more than $7,000, and don't want to apply in person, should take a look at iLoan, the online-only affiliate of OneMain Financial. Both Mariner Finance and iLoan provide similar rates for applicants with poor credit, but iLoan allows you to obtain unsecured funding for up to $25,000 without having to visit a branch. iLoan is only licensed to operate in 12 states, so not all applicants will qualify. Borrowers should also be aware that iLoan only offers a 7-day interest-free payoff option if you wish to reconsider the terms of your loan. Mariner Finance, however, allows borrowers up to 15 days to change their minds.
- APRs: 17.60% - 35.99%
- Amounts: $2,550 - $25,000
- Terms: 2 to 5 years years
- Origination fee: Varies by state
Mariner Finance vs Discover Personal Loans
If you have an above-average credit score, take a look at the offerings from Discover Personal Loans. Discover offers APRs that are much lower than the APRs offered by Mariner Finance. Discover's personal loans are also a good choice for debt consolidation, as Discover can pay off your creditors directly. It offers borrowers the opportunity to change their mind with a 30-day money back guarantee. Finally, Discover offers longer than average repayment periods of up to seven years. On the other hand, borrowers with low household incomes or shaky credit profiles may have difficulty qualifying for financing with Discover.
- APRs: 6.99% - 24.99%
- Amounts: $2,500 - $35,000
- Terms: 3 to 7 years
- Origination fee: None