What we like:
Access to physical branch
|Rates (APR)||24% – 36%|
|Loan Terms||1 – 5 years|
|Loan Amounts||$1,000 – $25,000|
|Fees||Origination fee: Varies by state|
Prepayment penalty: None
Late fee: Varies by state
Established in 2002 by a group of financial experts, Mariner Finance is a Maryland-based private lender that focuses on offering a variety of lending products to individuals and business owners. The company operates more than 450 branch locations throughout 22 states, and they provide financing solutions for personal, auto, and home lending.
Mariner Finance allows individual consumers who meet their qualification criteria to borrow for large expenses. On the personal loan side of its business, the finance company gives borrowers the opportunity to take out an unsecured loan for unexpected expenses, debt consolidation, home repair or renovation, wedding costs, and even vacations.
What’s the Deal With Mariner Finance Personal Loans?
Mariner Finance Personal Loans are unsecured, meaning there is no need to use assets like a bank account or property to back the loan in most cases. Borrowers may take out a personal loan in an amount ranging from $1,000 to as much as $25,000. The maximum loan amounts available to qualified borrowers vary by state.
Loan repayment terms range from 1 to 5 years, and interest rates for personal loans offered by the finance company currently range from 24% to 36%. Because of the higher interest rate compared to other personal loan providers, Mariner Finance focuses on borrowers who may have a poor credit history or a low credit score.
Qualifying for a Mariner Finance personal loan includes having an established credit history of at least five years and a minimum credit score of 600. Individuals with higher credit scores and a strong credit history may qualify for the lowest possible interest rates.
Mariner Finance personal loans require an application submitted either online or in person at a branch location, although some of the application questions may be answered via phone. Notably, Online applications are only available for personal loans up to $7,000; any loan request above this maximum amount must be submitted in person at a branch location.
To submit an application online, borrowers simply navigate to the finance company’s website and enter the information requested. Potential borrowers may also visit a branch location to submit an application, so long as the correct information is provided at the time a loan request is made. Information required by Mariner Finance includes:
- Proof of residence, such as a driver’s license, a utility bill, or a signed lease
- Proof of income, such as pay stubs or a previous year’s tax return
- Copy of bank statements or recent tax return if self-employed
- Copy of a valid, government-issued photo ID, such as a driver’s license, ID card, or passport
- Social security card
- Reason for the personal loan which may include vacation, wedding expenses, debt consolidation, home repair or renovation, or unexpected major expenses
Applications submitted either online, via phone, or in person usually take less than five minutes to complete. However, a personal loan application decision may take up to one business day. Once a borrower has submitted all the required information, Mariner Finance evaluates the creditworthiness of the borrower to determine the amount and cost of the loan to be offered. Individuals with previous bankruptcies, delinquencies, or other negative items on their credit history may qualify, so long as other underwriting requirements are met.
Once a personal loan with Mariner Finance is approved, borrowers have the ability to establish recurring monthly payments through the online customer portal. Payments may also be made over the phone or in person at a branch location. For phone payments, a one-time fee may be assessed. Borrowers also have the option to mail monthly payments for a personal loan which does not incur any fee. Mariner Finance does not provide monthly statements to borrowers but instead allows individuals to access their loan balance and payment information securely online.
Borrowers with a personal loan from Mariner Finance may pay an origination fee once the loan proceeds are dispersed. The origination fee varies from state to state, and may be tied to the amount of the loan offered. Mariner Finance does not impose a prepayment penalty for paying off a loan balance before the end of the term. However, the finance company does charge a late fee for payments not made by the due date. Late fees also vary by state. Personal loans through Mariner Finance are reported to Equifax and TransUnion each month, which can help borrowers working to rebuild their credit, so long as payments are made on time and in full.3.89 Mariner Finance Personal Loans
Author: Jeff Gitlen
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