The ideal borrowers for Mariner Finance are those who:
- Possess a history of bankruptcy or credit damage
Mariner Finance may be useful to prospective borrowers with damaged credit histories who are unable to qualify for a better rate on a personal loan from another lender. Applicants who have already filed for bankruptcy may be taken into consideration by Mariner Finance, subject to underwriting standards, unlike many other lenders.
- Desire to add a co-signer or obtain a secured loan.
Applying for secured loans is an option available to prospective borrowers, as is adding a co-signer. You may be able to get a lower rate if you put up collateral or get a co-signer, but if you default on the loan, you run the risk of forfeiting the asset or destroying the credit of co-signer.
The following people may not be a good fit for Mariner Finance:
- Those who have excellent credit. You might be able to get better terms on a personal loan from a different lender if your credit is good to exceptional. Certain other lenders provide rates that begin in the single digits, but Mariner Finance’s rates begin in the double digits.
* Borrowing up to $25,000 or less than $1,000. Only personal loans between $1,000 and $25,000 are available from Mariner Finance. Furthermore, you wouldn’t be able to borrow money if you didn’t reside in one of the 27 states where it is available for use.
Details about the terms and amounts of a personal loan from Mariner Finance
- The amount of loans. Personal loans from $1,000 to $25,000 are available from Mariner Finance; however, the minimum and maximum amounts may vary based on your state of residency and the loan’s underwriting. Online loans between $1,500 and $15,000 are available, but sums beyond that require in-person applications at a branch.
- Conditions of loans. There are terms available ranging from 12 to 60 months.
Costs of Personal Loans:
- APR: 18.99% to 35.99%, based on state legal limitations and your creditworthiness.
• Late and origination fees. In some states, you may be required to pay both an origination fee and late costs.
• Cost of prepaid financing. Moreover, this fee may be assessed based on your state.
• Penalty for early repayment. Prepayment penalties don’t exist.
Benefits and Features
- Online prequalification is available: You can examine your rates without affecting your credit score. Your credit score will be momentarily lowered if you choose to submit a complete application since the lender will initiate a hard credit inquiry.
• Notifies the three credit bureaus of payments made: Mariner Finance notifies TransUnion, Equifax, and Experian of your payments. Making your payments on time will raise your credit score.
This lender provides both secured and unsecured loans. If you’re experiencing problems getting approved for an unsecured personal loan, you can apply for a secured loan and use your automobile as collateral.
• Accepts co-signers: By including a co-signer on your application, you might increase your chances of being accepted or receiving better rates.
Provides a 15-day satisfaction guarantee: You can return the loan within that time frame without incurring any penalties if you decide you no longer need it.
How to Get a Personal Loan from Mariner Finance
There are several factors that determine whether personal loan applications are approved or denied. Though every lender has different underwriting guidelines, they usually contain details from the applicant’s credit report along with other elements that show the applicant has the financial capacity to repay the loan, like income. Even though meeting the standards below won’t ensure approval, they can assist you in determining whether a personal loan is the best option for you.
Credit Score Conditions
There is no minimum credit score required for Mariner Finance. When evaluating you for a loan, the company considers a number of things, such as your income, credit history, and credit score, according to a customer service agent. By including collateral or a co-signer with your loan application, you may also be able to make up for bad credit.
Requirements for Income
When assessing your eligibility for a loan, Mariner Finance takes into account your income, credit score, and other criteria; nevertheless, it does not provide exact income requirements.
Co-applicants and co-signers
You can apply through Mariner Finance with a co-applicant or co-signer. Your chances of being approved or of receiving better rates may increase if you include a creditworthy co-signer. It’s not necessary for your co-signer to be related to you. If you submit a joint application with someone else, you both have to sign it and agree to be notified about loan details.
Attached
You must pledge an asset, such your automobile, as security when qualifying for a secured personal loan. In contrast to an unsecured loan, a secured loan may be granted with a lower interest rate or a larger loan amount, according to Mariner Finance.
How to Submit a Personal Loan Application to Mariner Finance
Applying for a personal loan with Mariner Finance is as simple as following these steps:
- Fill out an online personal loan prequalification form. On the Mariner Finance website, choose “Check My Offers” to begin the application process. You will provide personal details such your name, address, household income, and loan purpose after choosing your loan amount. After a light credit check, Mariner Finance will present you with offers that you are prequalified for.
2. Determine if an in-person application is required. You may be directed by the Mariner Finance website to complete your application in person at a nearby branch after reviewing your rates online. - Take a loan offer and give the necessary paperwork. You can agree to a hard credit inquiry and accept a loan offer if it appeals to you. Along with the required paperwork, you must also present supporting documents including a current tax exchange, proof of income, evidence of residency, and a valid ID.
4. Await the personal loan’s approval. Depending on the volume of applications and the time of submission, you should hear back about your application within one business day, although response times can change.
5. Get the money from your loan. You can pick up a cheque from your local branch or have the funds sent to your bank by Mariner Finance.
Occasionally, applicants who have been prescreened and qualified receive “live checks” from Mariner Finance. You can fill out and sign the check’s reverse and deposit it into your bank account if you receive a check and decide to accept the loan.
Please ensure that you are aware of what you are getting into by carefully reading the loan agreement and disclosure clauses. To confirm the check and get more information, it could be a good idea to give your local bank a call. To make payments, you can also create an online account.
Qualified customers receive offer codes in the mail from Mariner Finance in addition to real checks. To accept your loan offer and finish the application process, you can input the offer code you get on the offer code page of Mariner Finance.
Client Opinions
Based on 151 reviews, Mariner Finance has a rating of 4.6 out of 5 stars on TrustPilot. Merely 8% of those reviews are negative, and 85% of them are fantastic. Positive reviews highlight the company’s professional, polite, and helpful support staff as well as the speedy and simple application process. When attempting to use their loan offer code, a few disgruntled consumers complained about “bait-and-switch tactics,” delayed loan processing timeframes, and inadequate communication.
The Better Business Bureau (BBB) has 93 customer reviews, most of which are negative. Mariner Finance has a rating of 1.24 stars. One client expressed dissatisfaction on TrustPilot, claiming that their preapproval letter did not result in a loan for the same amount. In spite of the complaints, Mariner Finance receives an A+ BBB rating in spite of the bad evaluations; nonetheless, it is not BBB accredited.
The Amount of Personal Loans Offered by Mariner Finance
It is a good idea to compare rates and terms from different lenders when shopping for a personal loan. These are some other personal loan lenders and how Mariner Finance compares.
Upgrade versus Mariner Finance
At a maximum borrowing sum of $50,000, Upgrade also provides larger personal loans than Mariner Finance. Furthermore, Upgrade only requires a 580 credit score as a minimum to qualify.
LightStream vs. Mariner Finance
LightStream provides personal loans ranging from $5,000 to $100,000, contingent on the purpose of the loan—four times the highest amount that Mariner Finance gives. LightStream also provides affordable prices. To be eligible for a LightStream personal loan, you must have a minimum credit score of 660.
