Mariner Finance Personal Loans Review for 2024

Mariner Finance offers personal loan solutions that cater to a range of borrowers, even those with bad credit. This financial institution distinguishes itself by relying on personalized loan officer evaluations rather than automated decision-making processes. This human touch can be a game-changer in securing the funds you need.

However, every convenience has its cost. Mariner Finance’s loans, while accessible, come with certain conditions and fees. In this review, we discuss the advantages and disadvantages of their loan offerings. We’ll also guide you through the application process, helping you determine whether Mariner Finance is the right choice for your financial needs. Let’s explore what Mariner Finance has in store for potential borrowers this year.

Exploring Mariner Finance Personal Loan Options

Personal loans from Mariner Finance can range from $500 to $50,000. If you want a loan for $10,000 or more, you’ll need to secure it with personal property assets, such as a vehicle or boat. The lender has one of the higher minimum interest rates online, which is set at 24%.

Rates can go up to 36%. So though they start at a higher threshold, you still might get the same or better offer as another lender depending on your credit history, even if the other lender starts with lower rates.

When you take out a loan with Mariner Finance, you have the option of selecting a loan term anywhere between one and five years. This allows you to choose how aggressively you want to repay the funds. You’ll likely incur an origination fee, but the exact amount varies depending on the state in which you live.

Mariner Finance is not one of our top picks for 2024. Click the link below to see which companies we think are better.

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Who qualifies for Mariner Finance loans?

Mariner Finance, LLC positions itself as a lender for individuals with poor credit, but you’ll still have to meet several basic requirements to qualify. With a minimum credit score of 580, you don’t need a great credit score, although you’ll get better rates with a higher credit score.

Additionally, you’ll need at least five years of credit history to be considered. And while there’s no minimum income level, most borrowers earn between $35,000 and $45,000 annually.

There’s no set maximum debt-to-income ratio, but that’s certainly something the loan officer considers when evaluating your application. Also, keep in mind that you’ll need collateral if you decide to take out a secured loan, which is required for any loan amount over $10,000.Mariner Finance

Mariner Finance Application Process

You can begin the application process online for a Mariner Finance personal loan, but you’ll need to visit a local branch to continue your application. To get started, fill out the application form on the lender’s website. You’ll be asked to provide information such as your Social Security number, job and income data, and the closest branch to you.

At that point, Mariner Finance will pull a hard credit check through Equifax. Be aware that this slightly affects your credit score and will be listed as a credit inquiry on your credit report for two years.

Once approved, you’ll receive a phone call from a loan specialist and will be asked to visit a branch in person. When you’re there, you need to bring documents to verify both your identity and income.

Post-Approval: Receiving Funds and Making Payments

After your loan application is approved and finalized, the funds will be deposited into your bank account, as soon as the next business day. Note that the origination fee will be subtracted from that amount, so you’ll actually get a little bit less than what you requested.

There are several ways to make payments towards your balance each month, including online, by phone, in person at a branch, or by mail.

You can also set up automatic payments so you don’t have to worry about it each month. In addition, there aren’t any penalties for paying off your loan early, so you can always put extra money towards your principal to shorten the loan term.

You might be charged fees for situations like making late payments, processing checks, or paying with insufficient funds. The actual amount charged varies by state.

They also do not have a prepayment penalty, so there are no worries if you pay the loan off early.

Mariner Finance Special Features

One of Mariner Finance’s most unique features is its over 300 physical branches across the country.

Mariner Finance provides loans in the following states: Alabama, Delaware, Florida, Illinois, Indiana, Kentucky, Louisiana, Maryland, Missouri, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Wisconsin.

The application itself only takes five minutes to complete, so it’s a quick and easy process. Once submitted, you can call your branch directly to check on its status, rather than wondering what’s happening.

Unlike many other lenders, you may use a cosigner on your Mariner Finance personal loan. They’re not required to be a family member, giving you flexibility in deciding whom to use.

Mariner Finance History

Based in Baltimore, Maryland, Mariner Finance was founded in 2002 and focuses on flexible and convenient lending options for consumers. The company prides itself on superior customer service, which is something you can take advantage of as a borrower.

They routinely participate in community service outreach programs, including benefit runs, fundraisers, food drives, and more. Mariner Finance has also partnered with the AFSA Education Foundation to create an online consumer finance program called MoneySKILL.

What Customers Say: Analyzing Mariner Finance Reviews

Gaining insights from those who have already been through the process of personal lending can be invaluable. Third-party reviews offer a glimpse into the real experiences of Mariner Finance customers. These reviews can shed light on everything from customer service responsiveness to the ease of the loan application process.

Mariner Finance boasts an A+ rating from the Better Business Bureau (BBB), a testament to their commitment to customer service and satisfaction. With a minimal number of complaints registered, this rating suggests a reliable and positive experience for most borrowers. However, for a well-rounded perspective, exploring reviews across various platforms can provide a more comprehensive understanding of Mariner Finance’s performance according to its customers.

Key Considerations for Mariner Finance Personal Loans

Choosing a personal loan, be it from Mariner Finance or elsewhere, is a significant financial step. It’s essential to thoroughly consider several aspects to ensure that you’re making a wise decision. Remember, a personal loan is a substantial commitment, often involving repayments extending over several years.

To ensure you are on the right track, ponder over these important questions tailored to your personal financial situation. This process will help you make a confident and well-informed decision:

  • Financial stability: Are your finances stable enough to handle additional debt? Assess your current debts, income, and savings.
  • Purpose of the loan: What is the main reason you are applying for this loan? Ensure that the purpose is significant and warrants taking on additional financial obligations.
  • Repayment capability: Can you manage the monthly payments without straining your budget? Analyze your monthly expenses to see if they align with the potential loan payments.
  • Interest and fees: Have you considered the total cost of the loan, including interest rates and other fees? Being aware of these costs is vital for a sound decision.
  • Long-term financial goals: How will this loan impact your financial objectives and credit health in the long run? It’s important to think about how this decision fits into your broader financial plan.

By carefully considering these factors, you can move forward with confidence, knowing that your choice is the result of a thorough and thoughtful process.

Bottom Line

In summing up, Mariner Finance offers a range of personal loan options that can cater to various financial needs, particularly for those with less-than-perfect credit scores. With its human-centric approach to loan approval, flexible loan amounts, and varied term lengths, Mariner Finance stands out as a potentially accessible option for many borrowers.

However, you need to weigh the higher interest rates and potential origination fees against your financial capacity and goals. Customer reviews and the company’s A+ BBB rating indicate a generally positive experience, but individual circumstances will ultimately determine the suitability of their loans for you.

Before deciding, reflect on your financial health, the purpose of the loan, and your ability to manage repayments. A personal loan is a significant commitment, and the right choice should align with both your immediate needs and long-term financial stability. By carefully evaluating all these factors, you can make an informed decision on whether a Mariner Finance personal loan fits your financial journey.

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