In this Comparison
There is a multitude of different online lenders on the market today that can provide you with a quick and easy personal loan.
Here you will find a comparison between OneMain, Mariner Finance, and NetCredit.
Mariner Finance | OneMain | NetCredit | |
|---|---|---|---|
APR | 18.99% – 35.99%
| 18.00% – 35.99%
| 34.00% – 155.00%
|
Terms | 12 – 60 months
| 24-60 months
| 24 – 60 months
|
Range | $1,000 – $25,000
| $1,500 -$20,000
| $1,000 – $10,000
|
Minimum Score | 500
| No Minimum
| 500
|
When OneMain Shines?
OneMain Financial offers personal loans online, as well as having more than 1,500 physical branches around the United States. You can choose between many different loan options, as well as quickly get your hands on your borrowed money.
OneMain personal loan can be a better choice than NetCredit and Mariner Finance if you:
- You need fast access to funds
- You want a small loan
- You need a secured loan or joint loan
When Mariner Finance Shines?
Mariner Finance is another lender that has both an online presence and physical branches. It often deals with people who might not have the best credit.
Mariner Finance personal loan can be a better choice than NetCredit and OneMain if you:
- You have poor credit
- You want a small loan
- You need fast approval
When NetCredit Shines?
NetCredit is an Enova International subsidiary that tries to look after the needs of customers who are seemingly underserved by other lenders.
NetCredit personal loan can be a better choice than Mariner Finance and OneMain if you:
- You need funds on the same day
- You want access to great financial education
- You seek a wide range of contact options
Requirements
OneMain offers a decent minimum loan size but doesn’t have the biggest max loan around, with this range being $1,500-$20,000. This is close to the loan sizes that Mariner Finance offer, which are $1,000 to $25,000. NetCredit has a very small range of loan sizes starting at $1,000 and reaching $10,000.
OneMain, NetCredit, and Mariner Finance do not have an out and out minimum credit score for applicants or any income requirements. All three of these lenders will need the personal loan applicants to be 18 years old, in addition to either being a US visa holder, citizen, or resident
OneMain Financial - Pros & Cons
- Range of Loan Types
You can get a joint loan and secured loan through OneMain.
- Fast Funding
You will often receive your borrowed funds the following business day after you get approval for your application.
- Small Loans Available
OneMain can provide you with a personal loan that is worth as little as $1,500.
- Branch Locations
Unlike many online lenders, OneMain Financial operates physical branch locations across the country, providing in-person support for those who prefer face-to-face interactions.
- Origination Fee
With a OneMain personal loan, you will need to pay an origination fee. This can change depending on what state you are in and can start at 1% and go up to 10%.
- High APRs
OneMain Financial typically charges higher-than-average interest rates, especially for borrowers with lower credit scores, potentially increasing the overall cost of borrowing.
- Limits on Loan Amounts
Maximum loan amounts are capped at $20,000 in most states, limiting options for borrowers who require larger sums.
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Mariner Finance - Pros & Cons
- Co-signer Options
With Mariner Finance, you are able to get the likes of co-signed loans and secured loans.
- Efficient Application Process
You can quickly apply for a Mariner Finance personal loan online and get approval within 24 hours usually.
- Caters to Poorer Credit Scores
Mariner Finance does not have a specific credit score requirement and will consider applications from a wide range of types of people.
- Soft Credit Check
When you are initially seeing what Mariner Finance can provide to you, there will be no hard credit check carried out.
- Many Excluded States
Mariner Finance operates in only 27 states, restricting access to their loan products for individuals residing outside these areas.
- High APRs
Mariner Finance's APRs can be higher compared to some other lenders, particularly for borrowers with good credit scores.
- Physical Visits Needed Sometimes
There will be times when Mariner Finance will require you to visit a physical branch in order to sign the loan documents.
NetCredit - Pros & Cons
- Quick Funding
You will often get your funds on the same day or the next business day after your NetCredit application has gotten approval.
- Refinancing Options
Qualified borrowers may have the opportunity to refinance their existing NetCredit loans for potentially better terms and rates.
- No Hard Credit Check Initially
When you initially look to see what NetCredit can offer you when it comes to a personal loan, there will only be a soft credit pull.
- Repayment Flexibility
You will be able to change your payment dates with NetCredit.
- Small Loans Only
The max loan you can get from NetCredit is just $10,000 which is quite low.
- Late Payment Fees
Late payments may incur a fee of around $25, which can add to the overall cost of the loan and negatively impact the borrower's credit score.
- High Rates
NetCredit will usually have rates of interest that are quite high.
Repayment Options
OneMain gives you the ability to set your preferred payment date and to change this payment date as you please for your personal loan. You will not be able to get an autopay discount with OneMain, NetCredit, or Mariner Finance. However, there are also zero late fees in place.
Mariner Finance does not allow you to change the payment due date for your personal loan, but NetCredit does. NetCredit also does not have any prepayment penalty in place, while it also offers a hardship plan.
Customer Experience
OneMain Financial | Mariner | NetCredit | |
|---|---|---|---|
iOS App Score | 2.8 | 4.6
| N/A
|
Android App Score | 2.8 | 4.4
| N/A
|
BBB Rating | A+ | A+ | B- |
Contact Options | phone | phone | phone/mail |
Availability | 7 am – 7 pm (CT) | 9 am – 5 pm | 8 am – 8 pm (CT) |
Which Personal Loan is The Winner?
All three of these lenders share many similarities. They all cater to individuals with lower credit scores and may have relatively high interest rates.
NetCredit and OneMain are great options if you need quick access to funds, and all of them offer smaller loan amounts. However, OneMain stands out the most for its variety of loan options.
FAQ
You can typically apply for a loan of up to $15,000 online with Mariner Finance. However, if your loan amount exceeds this or if there are any issues with your application, you’ll need to visit a local branch in person. Be prepared to bring supporting documents and discuss your loan needs with an agent.
Mariner FInance is a good option if your debts have compromised your credit score and it has now dropped to the point where you may struggle to qualify for another loan.
You can borrow up to $25,000, but there are no specific debt consolidation features such as direct payments to creditors. So, if your credit score is good or excellent and you are simply looking to restructure your debt, this may not be the best option for you.
Yes, it is possible to prequalify for a Mariner Finance personal loan. You can use the website to check your rate and see if you can qualify for a loan without impacting your credit. Mariner Finance will use a soft credit check to process this inquiry. However, some applicants may be directed to contact their local branch without seeing any offers.
Netcredit is a bad credit lender, so it has no specific credit score requirements. However, this comes at a cost of high rates. For this reason, while you may be able to obtain a Netcredit loan with your 600 credit score, you may find there are better alternatives in the marketplace that offer a better deal.
Since Netcredit is a bad credit lender with no credit score requirements, they are often a last resort for many applicants. As such, they are highly unlikely to be willing to negotiate on rates when you’re looking for a loan.
However, if you have an existing Netcredit loan and want to negotiate a settlement, you have nothing to lose by trying.
It is possible to prequalify for a Netcredit personal loan and check your eligibility and rate. This process only uses a soft credit check, so there is no worry about it impacting your credit score.
A hard credit check will only be triggered if you decide to go ahead with a loan.
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