Mariner Finance Personal Loans Review

Getting a personal loan to cater for some urgent matter might become necessary in your case, and Mariner Finance can help you take care of these needs.

One of the points that stands out with Mariner Finance is their tolerance of bad credit score, which means that of your credit score is not too good, you might be able to get a personal loan.

Before making a decision on the company, consider the information below.

• Mariner Finance LLC Profile
• Why Choose Mariner Finance Personal Loans
• How does Mariner Finance Personal Loan Work
• Is Mariner Finance Legit?
• How to Apply for Mariner Finance Personal Loan
• How Mariner Finance compares
• Mariner Finance Affiliate Program
• Mariner Finance Locations
• Best Banks in the US for Personal Loans

Mariner Finance LLC Profile

Mariner Finance, LLC provides financial lending services. The Company offers a variety of lending options including personal, home, auto, and home improvement loans, as well as debt consolidation. Mariner Finance serves customers in the United States.

Mariner Finance, with its affiliates and subsidiaries, now features nearly 500 branches in twenty-two states throughout the country. With a growing number of employees, superior customer service remains the cornerstone of our business.

Read Also: Eloan Personal Loan Review

They pride themselves in delivering the variety of loans offered by our competitors with an enhanced focus on exceptional service. Mariner Finance work with consumers to find options that are beneficial to their specific needs, which is why we are recognized as the community’s consumer finance company of choice.

SECTOR

Financials

INDUSTRY

Specialty Finance

SUB-INDUSTRY

Consumer Finance

FOUNDED

04/30/2002

ADDRESS

8211 Town Center Drive Baltimore, MD 21236 United States

PHONE

1-877-310-2373

WEBSITE

www.marinerfinance.com

Why Choose Mariner Finance Personal Loans

Mariner Finance is a good option for borrowers with poor credit who have trouble being approved elsewhere. Unlike other lenders, Mariner Finance does not require a minimum credit score and evaluates all loan applications on a holistic basis.

One of the things that you may like about Mariner Finance is that they don’t specify a minimum credit score for approval. They even accept applicants who have declared bankruptcy in the past. All borrowers are evaluated on a holistic basis, so a low credit score does not automatically disqualify an application. Borrowers should be aware that a poor credit history may require them to post collateral or obtain a cosigner.

Mariner Finance allows borrowers to apply online, over the phone or in person. Based on our experience, online applications will not always be offered the same terms as in-person applications.

For instance, we were unable to obtain terms outside of 3 years for our online loan application. Follow-up conversations with customer service representatives indicated that we would need to apply in person if we wanted to adjust our loan terms.

One of the benefits of applying online is that Mariner Finance charges no closing costs for online applications. However, depending on your state, you may incur added closing costs by applying in person. Loan officers informed us that the closing costs in some states can reach as high as $150. Borrowers seeking less than $7,000 may wish to apply online to avoid closing costs altogether.

Mariner Finance charges interest rates commensurate with your loan term rather than your credit score. Borrowers with stellar credit profiles will not necessarily obtain better rates than borrowers with below-average credit scores. Mariner Finance is a poor choice for borrowers who can qualify for better rates elsewhere.

However, Mariner Finance does offer a 15-day grace period at initiation, where you can pay off your entire balance interest-free. This stands in contrast to other lenders who either don’t provide this option, or cap the grace period at seven days.

Finally, Mariner Finance may not be as flexible with its payment times as other lenders. Borrowers may only move their payment date once over the life of their loan. Once the payment date has been moved, you will not be allowed to change it again.

A quick Internet search revealed a high number of collections-related complaints reported through the Better Business Bureau. We recommend that borrowers setup automatic payments to avoid any additional charges.

Mariner Finance offer personal loans from $1,000 to $25,000, with minimum and maximum amounts dependent on an applicant’s state of residence and the underwriting of the loan. Loans between $1,500 and $7,000 may be funded online.

Loans greater than $7,000 or less than $1,500 are funded through our branch network. Specific interest rates and fees are determined as permitted under applicable state law and depend upon loan amount, term, and the applicant’s ability to meet our credit criteria, including, but not limited to, credit history, income, debt payment obligations, and other factors such as availability of collateral.

Not all rates and loan amounts are available in all states. Not all applicants will qualify for the lowest rates or larger loan amounts, which may require a first lien on a motor vehicle not more than ten years old titled in the applicant’s name with valid insurance.

How does Mariner Finance Personal Loan Work

Rates, fees and loan amounts depend on factors like your credit score, income and debts. Most applicants won’t qualify for that 26.96% APR — and if you can, you’ll likely be able to find a better deal elsewhere.

One way to get a better deal if you don’t qualify for the lowest rate is to secure your loan with a car. Using a vehicle as collateral can help you qualify for a lower interest rate, and is required for the longest term.

Your loan amount also depends on where you apply. Loans from $1,000 to $15,000 are available online. If you need to borrow more, you’ll have to visit a branch. Maximum loan amounts can also vary depending on your state of residence.

Is Mariner Finance Legit?

Yes, Mariner Finance is a legitimate lender — you can easily view its state licenses on its website. It also protect the information you send through its website with SSL encryption. While it shares your information with third parties for marketing purposes, you can limit that sharing by calling 877-310-2373 and selecting option 3.

How to Apply for Mariner Finance Personal Loan

Filling out an application with Mariner Finance should only take a few minutes.

1. Visit Mariner Finance’s website and click Apply now.
2. Select the loan amount you’re interested in and click Continue.
3. Enter information about yourself, including your Social Security number and income.
4. Create an account by entering a password and reviewing Mariner Finance’s Terms of Service.
5. Follow the instructions to complete the application.

If you Visit a Branch to Apply

If you need to visit a branch, Mariner Finance provides a helpful chat box that connects you with a live customer service representative. They can help answer any questions you have and provide you with the address and contact information of the nearest branch. Alternatively, you can also use the Find a Branch tool on the top right corner of Mariner Finance’s website.

When visiting your local branch, be sure to bring the following items:

• Driver’s license or passport
• Social Security card
• Proof of residence such as a driver’s license or recent utility bill
• Proof of income such as a recent paystub or w-2
• Recent tax return
• Copy of bank statements (if self-employed)

When meeting with a Mariner Finance loan officer, you will be asked to verify a number of items, including your identity and financial status. They may have questions about the purpose of your loan as well as the unique circumstances of your situation. This is your chance to present any supporting evidence that you may need to strengthen your application.

If your initial application is insufficient, you may need to return with a cosigner or collateral to complete the process. If approved on-site, your funds will be available once you’ve completed the process. You will be provided with a paper check that can be deposited at any banking institution.

If you Apply Online

If you proceed with the online application, you will need to review and electronically sign the e-document to complete the application process. You will also need to check the box at the bottom of the page, which acknowledges your intent to submit the application and permits Mariner Finance to pull your credit report.

After you click the apply now button, Mariner Finance will do a hard pull of your credit report, which may impact your credit score. It will take approximately one business day to review and approve your online application.

In the meantime, a Mariner Finance representative may call you to assist you through the rest of the process. They will require further documentation to verify your identity. Be prepared to provide the following:

• A legible electronic copy or picture of your most recent paystub
• A legible picture of your driver’s license or government-issued photo ID
• A picture of you holding your driver’s license or government-issued photo ID
• ACH payment information to transfer the funds

Once you’ve completed your application and provided all the requested documents, Mariner Finance will usually notify you of its decision within one business day. If approved, your funds will take around two business days to arrive.

How Mariner Finance compares

OneMain and Avant also cater to borrowers with bad credit and offer similar time to funding. But they have lower starting annual percentage rates.

OneMain doesn’t have a minimum credit score requirement, but its borrowers’ average score ranges from 600 to 650. Like Mariner, OneMain also offers loans that can be secured by a car title.

Avant requires a 580 credit score or higher, although its borrowers’ average score is between 600 to 700. Avant also requires at least $20,000 in gross annual income to qualify

What happens after you apply?

The process uses a “soft” credit inquiry to determine whether a loan offer is available, which does not impact your credit score. If you continue with the application process online and accept a loan offer, or are referred to a branch and continue your application there, Mariner Finance will pull your credit report and credit score again using a “hard” credit inquiry. This “hard” credit inquiry may impact your credit score.

Mariner Finance will assess your information and let you know if you prequalify for a loan. Then you may need to visit your nearest Mariner Finance branch to provide your loan officer with the necessary documentation.

How Repayment works with Mariner Finance

Log in to your online account. From here, you can make payments, set up automatic withdrawals, update your information and review the terms of your loan. Keep up with your payments and be aware of late fees. Loan fees with Mariner Finance vary by state, so review your loan agreement to familiarize yourself with potential penalties and fees.

Mariner Finance reports payments to TransUnion and Equifax.

Mariner Finance Affiliate Program

Mariner Finance operations through its online portal and many physical locations. The company provides personal loans starting at $1000 with a maximum $25000. The purpose of these loans is dependent on the client though most are for personal use, auto loans, or home expenses.

The high-rated company provides exceptional customer support, flexible terms, and educational resources.

There’s not much to say about the Mariner Finance affiliate program other than you can begin earning commissions based on funded loans. This, coming from a company operating from over 450 branches, with a strong reputation and placement in their industry.

The Mariner Finance Affiliate Program: Advantage and Disadvantage

The Mariner Finance program is offered in-house. There is no open sign up link. Though, prospective partners can email their marketing team to discover its opportunities.

Advantage:

• Earn commissions from loan referrals by a highly reputable brand (with physical footprint)

Disadvantage:

• Very little details are openly available at this program

In all, the Mariner Finance offers and promotions are quite ideal for their customer type. This is a strong brand with thousands of stellar reviews. But, we can’t say much about its affiliate program because they don’t give us much.

You could inquire and learn more, or visit their affiliate page, but if you can’t be bothered there are plenty of other loan programs in our directory worth exploring.

Mariner Finance Locations

Alabama	Illinois	Missouri	Ohio	Utah
California	Indiana	Mississippi	Pennsylvania	Virginia
Delaware	Kentucky	North Carolina	South Carolina	Washington
Florida	Louisiana	New Jersey	Tennessee	Wisconsin
Georgia	Maryland	New York	Texas

Marine Finance Workplace Culture

In a recent comment about the working culture that exists in Mariner Finance, the HR department made some interesting points below.

“Mariner Finance is committed to making every employee feel safe, comfortable and appreciated. Hopefully you have seen and heard our communications about the Coronavirus. Federal, state and local authorities have deemed our business as essential because we provide access to credit.

For the safety of our team members and customers, we are following CDC protocols and our doors are locked except for scheduled appointments. With both federal and state direction changing daily, we are also preparing to enable remote work.

Our team has been working diligently to test our remote work capabilities to sustain our business operations. We encourage you to reach out to us at contactus@marinerfinance.com so we can learn more about your specific situation”.

Who Cashes Mariner Finance Checks

If you received a check from Mariner Finance by mail, Congratulations! You received this check because of your credit history.  To receive your funds, take the check to your bank and cash or deposit it, or deposit it with your mobile device at your earliest convenience.

No lines. No waiting. Simply deposit or cash your check.

If, for any reason, you are dissatisfied with your loan, they offer a 15-day satisfaction guarantee.

You can deposit the check in your bank account or cash with your bank or at any other business that cashes checks. If you would like to request more money, simply call or visit your local branch. They may be able to help you obtain additional funds

How does it work?

It’s as easy as 3 steps…

1. Read the loan agreement.  Before cashing the check be sure to read the loan agreement and disclosure statements included in the mailing. This information provides all of the terms of the loan.  Keep this information for your records. Cashing or depositing the check constitutes a loan transaction that you will be obligated to repay.
2. Fill out and sign the back of the check. If you agree to the terms and want to take out the loan, provide the requested information and sign the back of the check!
3. Deposit or cash the check to receive the loan proceeds!

Below are some customers reviews regarding Mariner Finance checks.

“The loan check arrived in the mail just when I had been advised that my car needed some serious unexpected repairs. At the time I had no idea how I was going to pay for repairs on my own so I took a chance and deposited the Mariners check into my account.”

– Brenda

“It was just what I needed at that very moment! I was not stressing over will I qualify for a loan. No one was pressuring me. I took the time to read the fine print and time to look at my ability to repay the loan. I put it away and reviewed my options.”

– Patricia

Best Banks in the US for Personal Loans

Not all banks offer personal loans. Bank of America, one of the biggest financial institutions in the country, doesn’t carry them, for example. Most personal loans are unsecured, meaning they are not backed up by an asset that the lender can take if you default, and some banks don’t want the risk. Others just don’t want to deal with the expense of lending and servicing relatively small, four- and five-figure amounts.

The best banks for personal loans vary in your needs, but many have competitive offers for a variety of different potential borrowers. Before you choose to take out a personal loan with a bank, make sure you review all your options, including alternatives, first.

Depending on your needs and how quickly you need money, you may find some banks or lenders are more friendly than others. If it takes you days or weeks to apply for a loan and get your money, that won’t help in a time-sensitive situation.

With those points out of the way, here are some banks in the US where you can get a personal loan.

Wells Fargo

Wells Fargo is one of the nation’s biggest banks. If you don’t want to visit one of their 5,400 branches across the U.S., you can access info on their easy-to-navigate website. Wells Fargo offers competitive rates, a big range of loans, and less stringent credit requirements than others.

Advantages:

• Long repayment terms: up to 84 months
• Minimal fees: No origination fee or prepayment penalties
• Quick funding: Money available on the next business day
• Discounts: Interest-rate breaks for auto payments, additional WF accounts

Disadvantages:

• No prequalification: You have to actually apply for a loan, which triggers a score-dinging hard credit check
• Application process: Online/phone applications for current bank clients only; newcomers must apply in person at a branch

Other Important Information

• Loan ranges: $3,000 to $100,000
• APR range: 5.49% to 24.49%
• Credit requirements: Minimum 600 score (though of course, the higher the better)

Marcus by Goldman Sachs

If you have a mountain of outstanding credit card balances or other high interest liabilities, you might consider using a personal loan to consolidate them into one big debt for better terms.

Marcus by Goldman Sachs, the online consumer banking arm of the investment management firm, specializes in such debt consolidation loans to those with decent credit.

Advantages:

• Fees-free: No charges for late payment, prepayment, or loan origination
• Flexible repayments: Borrowers can choose and change repayment dates, and even skip a payment
• Discounts: .25% reduction in interest with auto-pay

Disadvantages:

• Stringent requirements: Good to excellent credit score required
• No cosigners allowed: No helping hand if your own credit isn’t solid enough to qualify

Other Important Information

• Loan ranges: $3,500 to $40,000
• APR ranges: 6.99% to 19.99%
• Credit requirements: A minimum score of 660 is recommended

LightStream

LightStream is the online lending division of SunTrust Bank, now known as Truist. LightStream prides itself on offering loans for nearly every need or occasion, from a new car to a wedding; however, one of their specialties is financing for home improvement projects.

Some people prefer using personal loans for remodels or major repairs because they don’t require putting up the residence as collateral, as home equity loans or lines of credit do.

Advantages:

• Large loan ranges: As low as $5,000 or as much as $100,000
• No fees: None. Really.
• Long repayment terms: as high as 12 years

Disadvantages:

• Stringent credit requirements: While LightStream doesn’t specify the credit score you need, they suggest having good to excellent credit to qualify
• No prequalification: You have to actually apply for a loan, which triggers a score-dinging hard credit check

Other Important Information

• Loan ranges: $5,000 to $100,000
• APR range: 4.99% to 16.99% with autopay
• Credit requirements: Good or excellent credit recommended

TD Bank

Those with sketchy credit histories or low credit scores can still often qualify for a loan if the lender allows cosigning. A cosigner acts as an additional repayment source—responsible for the loan should the primary borrower default or fall behind—and their presence not only helps you qualify for the loan but can also improve its terms and size. TD Bank allows for cosigning, and offers competitive terms and features, too.

Advantages:

• Low APR: Maximum APR is 18.99%, far lower than many lenders’ upper limit
• Fast process: Funds in 48 hours (with Express Loan)
• No hidden costs: No origination or application fees

Disadvantages:

• Limited availability: TD Bank operates in only a few states
• Application process: While you can apply online, by phone, or in person, you might have to visit a branch to complete the process

Other Important Information

• Loan range: $2,000 to $50,000
• APR range: 6.99% to 18.99%
• Credit requirements: At least 660 score

Avant

Overview: Avant specializes in lending to people with fair or poor credit. Not everyone has great credit, but that doesn’t mean they shouldn’t be able to have the chance to borrow a loan.

Perks: Most Avant customers have a credit score between 600 and 700. You can get your money within a day after getting approved and take advantage of fixed interest rates. Loans start as low as $2,000, which is helpful if you don’t need to borrow a lot of money but still need access to cash. Terms go as high as five years. This is helpful if you need to have low monthly payments to ensure you make them on time.

What to watch out for: Interest rates start at 9.95 percent APR and can go as high as 35.99 percent APR, which is higher than those of other lenders. Avant also charges a 4.75 percent administration fee and late fees as high as $25.

SoFi

Overview: SoFi, a digital lender, offers products ranging from personal loans to student loan refinancing, private student loans, home loans, investing and various types of insurance. It’s working on becoming an all-encompassing place to save, spend and manage your money.

Perks: SoFi offers a wide range of benefits that go beyond just funding your personal loan. It offers customers an autopay discount and unemployment protection in case you lose your job and can’t afford to repay your loan. It also offers career counseling and a referral bonus if a qualifying friend signs up.

Members get personalized financial planning and aren’t charged any fees. Loans, which are fee-free, range from $5,000 to $100,000 and must be repaid in two to seven years. APRs for variable-interest personal loans are capped at 14.95 percent, while other lenders may charge as much as 36 percent. Fixed-rate loans range from 5.99 percent APR to 18.64 percent APR.

What to watch out for: You’ll need to have a solid credit score — at least 680 — to take advantage of these perks.

Best Egg

Overview: Best Egg offers personal loans for a variety of purposes, whether it’s debt consolidation, credit card refinancing, family needs or home improvements.

Perks: Best Egg offers loans starting as low as $2,000, and you can borrow as much as $35,000. Interest rates start as low as 5.99 percent for those with the best credit. There are no prepayment penalties for paying off your loan early.

What to watch out for: Origination fees range from 0.99 percent to 5.99 percent, and $15 late payment fees are charged within three days of a missed payment.

Upstart

Overview: While Upstart has minimum credit score requirements, it evaluates more than just your credit score when you apply. The lender looks at your education, your job history and some credit score factors when determining your eligibility.

Perks: You can apply even if you don’t have a long credit history. If you’re relatively new to borrowing money, you might be eligible. There’s no prepayment penalty for paying off your loan early, and you can borrow as little as $5,000.

What to watch out for: Co-signers aren’t allowed, and Upstart charges an origination fee and a late fee

PNC Bank

Overview: Sometimes you just need to see someone face to face. PNC Bank has 2,400 locations across 37 states.

Perks: There are no application, origination or prepayment fees with PNC personal loans. You can apply online, over the phone or in person. Loan amounts start at $1,000, and you can apply with a co-applicant, which can help you qualify if you wouldn’t on your own.

What to watch out for: PNC products and features vary by location. When you visit PNC Bank online, you’re required to enter your ZIP code before seeing offers. PNC is also not transparent about its eligibility requirements and repayment terms, making it harder to determine if the bank is the right choice for you.

Payoff

Overview: Payoff loans are specifically geared toward borrowers who want to pay off high-interest credit card debt. If you’re struggling to get out of credit card debt and facing mounting interest rates, you can use a Payoff loan to get rid of it and then make fixed monthly payments to your one Payoff loan.

Read Also: Upstart Personal Loans Review

Perks: You have access to your free FICO score, updated monthly. There’s no penalty for paying off your loan early or making additional payments. There are also no late payment fees or fees if you have a returned check.

What to watch out for: You’ll need to have a credit score of at least 640 and three years of established credit to qualify. Loans get funded between two and five business days after approval, which is slower than many other online lenders. There’s also an origination fee of 0 to 5 percent.

The decision to borrow money is never an easy one, but there are times when a personal loan can be a boon for your finances. Even though Mariner Finance personal loans charge high rates when compared to some other personal lenders, their rates could still be lower than what you’re paying now.

Since Mariner Finance lets consumers qualify with credit scores as low as 600, they could be your best option if you desperately need to escape the trap of high-interest loans. Still, you should make sure to compare rates and terms from at least three other lenders before you decide.