Pioneer Credit is now known as Mariner Finance. Check out our Mariner Finance personal loans review to learn more.
The Pioneer Credit Company has been in business since 1974. The company started with a single office in Cleveland, Tennessee, and now has 75 offices in various states across the country. It is also an affiliate of Mariner Finance, which allows the company to reach even more people.
While anyone can apply for a loan from Pioneer Credit Company or Mariner Finance, the institutions typically cater to those with poor credit.
Personal Loans With Pioneer Credit Company
Pioneer Credit Personal Loans range from $1,000 to $50,000. These loans can be used for things like vacations, debt consolidation, home improvement, auto repair, medical expenses, and the holidays. Pioneer offers both secured and unsecured loans.
To be eligible for a loan, borrowers must have a credit score of at least 600. Most borrowers have annual earnings that sit between $35,000 and $45,000, although those who make less might also qualify depending on circumstances. Those who earn more than this have a greater chance of approval.
An established credit history also works in the borrower’s favor. The average borrower has a credit history of at least five years.
The APR for loans with Pioneer currently range from 24% to 36%. The amount of interest the borrower pays depends on things like their credit history, debt-to-income ratio, and other factors.
Loan terms range from 1 to 5 years. If possible, borrowers should go with a shorter loan term to pay less in interest costs. However, this will result in larger monthly payments.
Alternatives to Pioneer Credit Personal Loans
Loans up to $4,000 – No credit check required
- Get your cash as soon as the next business day
- Affordable payments and personal service
Loans from $2,000 to $35,000 – No collateral required
- Apply in as little as 5 minutes
- Funds available as soon as tomorrow
Loans up to $10,000 – Lines of Credit up to $3,500
- Get personalized loan options and choose the terms that work for you
- Rates from 34% to 155% APR
What Sets Pioneer Credit Apart?
While most lenders use algorithms to approve or deny loans, Pioneer does things a little differently. Loan officers look over the application and take the borrower’s specific circumstances into account when approving or denying loans.
For instance, someone who has gotten behind on bills due to a medical problem can explain that to the loan officer. The officer might approve the borrower based on having that information.
Also, bankruptcy does not necessarily disqualify borrowers from getting money from Pioneer. Again, loan officers would listen to the borrower’s explanation and determine if he or she is a good fit for the loan.
Having a cosigner is also an option with Pioneer. While some companies only allow family members to be cosigners, Pioneer allows others who meet their credit requirements cosign for a loan.
It’s also worth noting that Pioneer often offers promotional financing. This allows people to pay less interest for a set amount of time. Promotional rates have different lengths, and consumers are encouraged to talk to their loan officers to find out more. At the end of a promotional term, consumers typically pay the standard interest rate.
People can borrow up to $10,000 without securing the loan. Anything over $10,000 must be secured with assets, such as a vehicle.
There are fees charge for loan origination, late payments, and insufficient funds, but they vary by state. Borrowers are encouraged to get a list of fees for the state they reside in before applying for the loan.
Applying for a Pioneer Credit Personal Loan
Borrowers can apply for online personal loans, but they end up applying with specific branches. They begin by choosing their state of residence. Those who reside in Georgia or Texas will be redirected to Mariner Finance to apply for the loan.
Receiving the Financing
Loans are typically approved within a day, and consumers usually receive the funds the day of approval. After approval, consumers have the option of setting up automatic payments, or they can pay the loan in person, over the phone, or online.
The Pioneer Credit Company is a good option for people who have subprime or low credit. While the APR is high, the product is available to those who might get denied by other lenders.
Also, the ability to use a cosigner who isn’t a family member and the high loan amounts are attractive to many borrows. Borrowers might also like the option of getting up to $10,000 without securing the loan.
Of course, borrowers need to be aware they’ll pay back quite a bit more than they borrowed due to the high interest rate. Those who don’t mind picking up interest can benefit from a Pioneer Credit loan.
Author: Jeff Gitlen
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