Mariner Finance Review 2023

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Mariner Finance Review 2023

Mariner Finance is a consumer finance company that specializes in providing personal loans to individuals in 27 states. If you’ve been struggling to qualify for a personal loan due to damaged credit, Mariner Finance may offer a potential solution.

It’s important to note, however, that Mariner Finance charges high annual percentage rates (APRs), and loan amounts are capped at $25,000. If you have a good credit history, you might be able to secure better rates with other lenders.

Benefits of Mariner Loans

Mariner Finance personal loans are most beneficial for borrowers with poor credit who face challenges when trying to obtain loans elsewhere. Here are some advantages of using Mariner Finance:

1. Fast cash: Mariner Finance boasts a quick application process, ensuring that you can receive funds promptly, typically within one or two business days.
   
2. Fixed monthly payments: Unlike credit cards, Mariner Finance personal loans offer fixed monthly payments, making budgeting more manageable.
   
3. Personal loans for poor credit: Mariner Finance specializes in loans for individuals with bad credit. Even if you’ve been turned down by other lenders, you still have a chance to qualify with Mariner Finance.
   
4. Cosigner options: Mariner Finance allows you to include a cosigner on your loan application, increasing your chances of approval. It’s worth noting that the cosigner doesn’t have to be a family member.

Furthermore, Mariner Finance provides optional credit insurance to safeguard against unexpected events such as major illnesses or job loss, which could impede your ability to make loan payments. However, it’s important to be aware that this insurance policy is costly and will increase the overall cost of your loan.

Pros of Mariner Finance:

• Offers both secured and unsecured personal loans
• Allows online prequalification with a soft credit check
• Will consider borrowers with a history of bankruptcy

Cons of Mariner Finance:

• APRs are higher compared to some other lenders
• For loan amounts below $1,500 or exceeding $15,000, in-person applications are required
• Operates in only 27 states

Who Should Choose Mariner Finance?

Mariner Finance is best suited for borrowers who meet the following criteria:

1. Damaged credit or history of bankruptcy: If you have a poor credit profile and are unable to secure a better interest rate on a personal loan from another lender, Mariner Finance can be a helpful option.
   Unlike certain lenders, Mariner Finance considers applicants who have filed for bankruptcy in the past, although underwriting requirements will apply.
   
2. Seeking a secured loan or cosigner inclusion: Prospective borrowers can apply for secured loans or include a cosigner on their loan application. Utilizing collateral or having a cosigner increases your chances of qualifying for better interest rates.
   
   However, it’s important to note that if you fail to repay your loan, you risk losing your collateral or negatively impacting your cosigner’s credit.

Who Should Avoid Mariner Finance?

Mariner Finance may not be the ideal choice for the following individuals:

1. Borrowers with good credit: If you have good to excellent credit, there’s a possibility of securing better interest rates on a personal loan from alternative lenders. While Mariner Finance’s rates start in the double digits, some other lenders offer rates starting in the single digits.
   
2. Borrowing less than $1,000 or more than $25,000: Mariner Finance restricts personal loan amounts between $1,000 and $25,000. Moreover, if you reside outside the 27 states where it operates, you will not be eligible for a loan.

Mariner Finance Personal Loan

Loan Amounts and Terms

When it comes to loan amounts, Mariner Finance offers personal loans ranging from $1,000 to $25,000. However, the specific minimum and maximum amounts depend on your state of residence and the loan’s underwriting.

Online applications allow borrowing between $1,500 and $15,000, but amounts outside this range require an in-person application at a branch. Loan terms are flexible, allowing you to choose between 12 and 60 months to repay the loan.

Personal Loan Costs

Here are the key cost factors associated with Mariner Finance personal loans:

APR: The annual percentage rate (APR) for Mariner Finance personal loans varies from 18.99% to 35.99%, depending on factors such as your creditworthiness and state law limits.

Origination and Late Fees: Depending on the state you reside in, you may be subject to origination fees and late fees.

Prepaid Finance Fee: Some states may charge a prepaid finance fee, which you should take into account.

Prepayment Penalty: Mariner Finance does not impose a prepayment penalty, allowing you to repay your loan early without additional charges.

Perks and Features

Mariner Finance offers several perks and features to enhance the borrowing experience:

Prequalification Online: You can check your loan rates online without impacting your credit score. However, if you decide to proceed with a full application, a hard credit inquiry will be conducted, temporarily affecting your credit score.

Credit Bureau Reporting: Mariner Finance reports your loan payments to all three major credit bureaus—TransUnion, Equifax, and Experian—providing an opportunity to improve your credit score through timely repayments.

Secured and Unsecured Loans: If you’re facing difficulties qualifying for an unsecured personal loan, Mariner Finance allows you to apply for a secured loan by providing collateral, such as your vehicle.

Co-signer Option: Including a co-signer on your loan application can increase your chances of approval or help secure better interest rates. The co-signer doesn’t have to be a family member.

15-Day Satisfaction Guarantee: Mariner Finance provides a 15-day satisfaction guarantee. If you no longer require the loan, you can return it within this period without incurring any fees.

How To Qualify For A Mariner Finance Personal Loan

While approval for a Mariner Finance personal loan depends on various factors, understanding the qualifications can help you determine if it’s the right fit for you.

Credit Score Requirements

Mariner Finance does not specify a minimum credit score requirement. The company evaluates your credit score, credit history, and income, among other factors, when considering your loan application. If you have a low credit score, adding a co-signer or collateral to your application might help compensate.

Income Requirements

Mariner Finance doesn’t disclose specific income requirements. However, your income, along with your credit score and other factors, is taken into consideration during the evaluation process.

Co-signers and Co-applicants

You have the option to apply for a Mariner Finance personal loan with a co-signer or co-applicant. Adding a creditworthy co-signer can improve your chances of approval or secure better interest rates. The co-signer does not have to be a family member.

When submitting a joint application, both parties must sign and agree to receive loan-related disclosures. By understanding these loan details and qualification factors, you can make an informed decision about pursuing a personal loan with Mariner Finance.

Collateral

When applying for a secured personal loan with Mariner Finance, you will be required to provide collateral, such as your car. By offering collateral, you may have the opportunity to secure a lower interest rate or qualify for a higher loan amount compared to an unsecured loan.

In the case of an auto-secured loan, the lender can place a lien on your vehicle until the loan is fully repaid. If you default on the loan, the lender has the right to sell your car to recover the funds owed.

How to Apply for a Mariner Finance Personal Loan

Follow these steps to apply for a personal loan with Mariner Finance:

1. Prequalify Online: Initiate the application process by visiting the Mariner Finance website and clicking on “Check My Offers.” After selecting your desired loan amount, you will be asked to provide personal information, including your name, address, household income, and loan purpose. Mariner Finance will perform a soft credit check to present you with prequalified offers.
   
2. In-Person Application: Depending on the outcome of the online rate check, you may be instructed to complete the application process at a local branch in person.
   
3. Accept the Loan Offer and Submit Documents: If you receive a loan offer that suits your needs, you can accept it and consent to a hard credit inquiry. Additionally, you will need to provide supporting documentation, such as a valid ID, proof of residence, proof of income, and recent tax returns.
   
4. Approval Process: Mariner Finance aims to provide a response to your application within one business day, although response times may vary based on application volume and submission time.
   
5. Loan Disbursement: Once approved, Mariner Finance will either transfer the loan funds to your bank account or issue a check for pickup at your local branch.

Mariner Finance may also send out “live checks” to prequalified applicants. If you receive a check and decide to accept the loan, you can endorse the back of the check and deposit it into your bank account.

It is advisable to carefully review the loan agreement and disclosure terms and contact your local branch for further information. Setting up an online account for convenient loan repayment is also recommended.

Mariner Finance provides offer codes to eligible borrowers via mail. If you receive an offer code, you can use it to accept your loan offer and complete the verification process online by visiting Mariner Finance’s offer code page.

Our Approach

Our evaluation of Mariner Finance is based on 16 data points across several categories, including loan details, loan costs, eligibility and accessibility, customer experience, and the application process. Each category is assigned a specific weight:

• Loan cost: 35%
• Loan details: 20%
• Eligibility and accessibility: 20%
• Customer experience: 15%
• Application process: 10%

Within each category, we considered factors such as available loan amounts, repayment terms, APR ranges, applicable fees, credit score requirements, acceptance of co-signers or joint applications, and geographic availability.

Additionally, we assessed support tools, borrower perks, and features that simplify the borrowing process, such as prequalification options and mobile apps.

Conclusion

Mariner Finance primarily caters to individuals with poor credit who require quick access to funds. While you can receive your loan within one or two business days, it is important to consider the associated costs.
Due to the focus on borrowers with lower credit scores, Mariner Finance personal loans often come with high APRs. Additional expenses, including origination fees and credit insurance, may also apply.

To mitigate borrowing costs, you can explore options such as adding a co-signer or opting for a secured loan, which reduces the risk for Mariner Finance.

Choosing Mariner Finance over a payday loan, which typically carries even higher interest rates, can be a better alternative. Carefully evaluate your circumstances and compare interest rates from multiple lenders before making a decision regarding a personal loan with Mariner Finance.

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