Personal Loans » Personal Loan Lender Reviews » Mariner Finance Loan Review 2022: What Borrowers Should Know?
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Mariner Finance Loan Review 2023: What Borrowers Should Know?

Mariner Finance is a personal financial company that mainly works with borrowers who might have poor or limited credit histories.
Author: Andrew O'Malley
Andrew O'Malley

Writer, Contributor

Experience

Andrew O’Malley has a BSc in Economics and Finance. He has worked in the finance industry as a risk analyst and is now pursuing a career in writing. In recent years, he has written for a number of leading publications. He studied Economics and Finance and has been fascinated with the financial markets since his teens.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Author: Andrew O'Malley
Andrew O'Malley

Writer, Contributor

Experience

Andrew O’Malley has a BSc in Economics and Finance. He has worked in the finance industry as a risk analyst and is now pursuing a career in writing. In recent years, he has written for a number of leading publications. He studied Economics and Finance and has been fascinated with the financial markets since his teens.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

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Mariner Finance requires a minimum credit score of 600. You can borrow $1,000 to $25,000 at an APR of 24 - 36%, which is quite high but can be good for fair and even poor credit

APR

18.99% - 35.99%

Loan Amount

$1,000 - $25,000

Term

12 - 60 months

Min score

500

Mariner Finance requires a minimum credit score of 600. You can borrow $1,000 to $25,000 at an APR of 24 - 36%, which is quite high but can be good for fair and even poor credit

Mariner Finance personal loan review

APR

18.99% - 35.99%

Loan Amount

$1,000 - $25,000

Term

12 - 60 months

Min score

500

Mariner Finance is a personal finance company that was started in 2002 out of Maryland. They focus on only a few lending products: personal, auto, and home. They operate in 22 states with over 450 branches. Mariner Finance works with borrowers who might have poor or limited credit histories. Their personal loans are a great alternative to payday or title loans. They are competitive for borrowers with bad credit

Mariner Finance provides personal loans both at physical branches and online. The branch locations have loan officers who will assess and approve loan applications. This offers the opportunity for people in a tough financial situation to explain their circumstances. 

Mariner Finance requires a minimum credit score of 500 for personal loans. You can borrow $1,000 to $25,000 at an APR of 18.99% - 35.99% . This is a high minimum APR, but Mariner may consider underwriting factors such as credit history, level of debt and income to determine approval. There is also the option to add a co-signer to increase loan approval odds.

If your loan is above $10,000, Mariner may require that you secure your loan with an asset, such as a car. However, to ensure the funds are received quickly by new customers, Mariner has a loan by mail offer. This involves a “live check” that you can sign and cash. This type of personal loan does not require an application, as Mariner will solicit consumers based on credit report information.

  • Joint Borrowers
  • Soft Pull Inquiry
  • No Prepayment Fees
  • Offer Credit Insurance
  • No Minimum Credit Score
  • Quick Turnaround Times
  • Bankruptcy
  • Use People to Review Application
  • High Rates
  • Sign at Branch
  • Not Available in All States
  • Origination Fee
  • Fee Transparency

Can I add a cosigner to a Mariner Finance personal loan?

Mariner Finance does allow applicants to add a cosigner to their personal loans to obtain a larger loan amount or access a lower rate. Another option is to provide some security for your loan. Mariner Finance allows you to secure your personal loan with a vehicle.

However, as with a co-signer there are financial consequences if you fail to make your repayments. In the case of a co-signer, they would be financially responsible for the missed payments, while if you secured your loan, your vehicle may be at risk of repossession.

Can I negotiate with Mariner Finance?

Since Mariner Finance specializes in loans for those with credit issues, it is unlikely that they will negotiate on rates when you’re shopping for a loan.

Of course, if you’ve been preapproved for a loan with a better rate from another lender, it is worth trying to get a rate match, but there are no guarantees.

Can I pay off a Mariner Finance loan early?

Mariner Finance does not charge any prepayment fees. So, if you want to make additional payments or pay off your loan in full before the end of the loan term, you will not incur a penalty.

This does provide a good option if you’re working on rebuilding your credit and can qualify for a loan with better terms at a later date.

Do Mariner Finance personal loans verify income?

While you may be able to obtain a loan online if the amount exceeds this or there is some issue with your application, Mariner Finance requires an in person visit to a local branch.

You’ll need to bring supporting paperwork with you and discuss your loan requirements with an agent.

In this Review..

Customer Experience

Mariner Finance typically approves applications within 24 hours and credits funds within a couple of days. A Mariner Finance personal loan is not available in all states.

The Mariner Finance website includes a basic FAQ section, as well as limited customer support hours. A mobile offering will not allow you to manage your loan. Mariner Finance has an A+ rating with the Better Business Bureau, but it is no longer accredited.

While Mariner doesn't include in the JD power research, you can take a look at its competitors and review One Main Financial or Avant rating.

Mariner
iOS App Score
4.6
Android App Score
4.4
BBB Rating
A+
WalletHub Rating
3.9
Contact Options
phone
Availability
9 am – 5 pm

Mariner Loan Pros & Cons

As we know, each lender has its own pros & cons – here are the relevant things we found for potential borrowers:

Mariner Finance allows for joint borrowers on their personal loans. Many loan providers do not allow for this.

Mariner Finance does an initial soft pull inquiry so the borrower can get an idea of the options for which they may qualify.

Mariner Finance does not have a fee for paying your loan off early.

Mariner Financeoffers credit insurance, which can help cover the loan if you are unable to make the monthly payments due to life events like job loss, illness, or disability. This service is not free. It does have a premium.

Mariner Finance does not have a minimum credit score requirement and works with borrowers who have poor or limited credit.

Mariner Finance has a quick process and many borrowers are approved or rejected within 24 hours.

Mariner Finance will work with borrowers who have had a past bankruptcy.

 

Many online personal loan providers rely on computer algorithms to determine whether your application is approved or not. Mariner Finance has actual people look at the application to consider the borrower’s financial needs and the circumstances of the loan.

If you have good to excellent credit history and strong cash flows you can find better rates elsewhere.

Mariner Finance requires most of their borrowers to visit a branch to review the loan and sign loan documents. Many other personal loan providers use an application process that can all be done online.

Mariner Finance is only available in 22 states. You can use their branch locator to see if they are available in your state.

Mariner Finance deducts a one-time origination fee amount directly from your loan funds. This should be considered in the pricing of your loan when you apply.

Mariner Finance also has many other fees such as late fees, processing, and application fees. Their fee schedule is not clear because it depends on in which state you reside. Take into consideration that there are other lenders who do not charge some of these fees.

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What Can a Mariner Finance Personal Loan Be Used For?

Personal loans with Mariner Finance can be used for home improvement, unexpected expenses, vacations, weddings, and debt consolidation. You cannot use their personal loans for purchasing real estate, business purposes, investments, purchasing securities, postsecondary education, or as short-term bridge financing.

Mariner Finance home improvement loans are for home repairs or renovations. The advantage of using a Mariner Finance home improvement loan is that you do not have to use your home as collateral and you get funds much quicker with less documentation.

Mariner Finance personal loans can help fund that dream vacation you have always wanted. The advantage of using a personal loan over a credit card in this situation is that you can make a budget for how much you really want to spend and know how much your monthly cost will be over the life of the loan.

Using Mariner Finance for an engagement ring will reduce the overall cost of one of the biggest purchases of your lifetime. You can also use the funds for other wedding expenses to help pay for your dream wedding day.

Mariner Finance is not included on our best loans for debt consolidation is paying off one or more prior unsecured loans with the new personal loan. Instead of multiple payments to multiple lenders, you can create one payment to one lender. The idea is that you can take a high revolving interest credit card and save money by replacing it with a low-rate fixed installment.

However, Mariner Finance has high-interest rates, so consolidating some credit cards may not make sense for you. Always check the rates you are currently paying.

Life happens, and you can use a Mariner Finance personal loan for those unexpected expenses. When your furnace goes out or you need some funds for a car repair, Mariner Finance has a quick turnaround time for those types of unexpected events.

How to Apply For a Personal Loan With Mariner Finance

Mariner Finance allows borrowers to apply online, over the phone at (877)-310-2373, or in person at a local branch. Online applications will not always be offered the same terms as in-person applications. (link) Terms are different depending on your state. You can talk to your local branch or speak to someone on the phone to see what the fees and terms are in your case.

Mariner’s online application allows you to do a soft pull on your credit in order to check your options, terms, and fees. Some applications may require the applicant to apply in person.

Mariner Finance Personal Loan

Applying online is an easy process that usually takes less than 10 minutes. From the home page you click on “Check My Offers.” You then put in the desired amount you would like to apply for, and continue.

Compared to other bad-poor credit lenders, the required score is low. For example, Avant required score is 580 while Lending Point minimum score is 580 .

Next, you fill out an application. You will need to provide your name, address, date of birth, social security number, income and employment information, housing obligations, and the purpose of the loan. You will also set up a password. Mariner Finance will then do a soft pull.

The soft pull does not affect your credit. At this point, Mariner Finance will let you know if you qualify for a loan and the options for which you may qualify. You can customize your amount and terms based on your needs. Once you have found the loan for which you would like to apply, you click “Apply Now” and Mariner Finance will do a hard credit pull.

Mariner Finance Personal Loan

Mariner Finance will then ask for verification of the information you provided. This may include an ID, proof of income, bank statements, and proof of residence. Most of the time this takes place at local branch.

Mariner Finance usually takes less than a day to send you an approval or a decline. If approved, your funds will be deposited either into your bank account if you applied online, or via check if your loan was closed at a physical branch.

Mariner Finance Personal Loan

Compare Alternative Lenders

All three of these lenders have a lot of similarities. They each cater to people with poor credit scores and can have quite high rates of interest.

NetCredit and OneMain are very good for providing fast access to funds, while these all offer small loans. Out of all of these offerings, OneMain stands out the most when it comes to its range of options.

Read Full Comparison: OneMain vs Mariner Finance vs Netcredit: Which Personal Loan Is Better?

Personal Loans Online Marketplaces

credible logo

bankrate logo

personalloan.com logo

APR Range The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
5.40% – 35.99%
4.99% – %35.99
5.99% – 35.99%
Term The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
12-84 months
6-84 months
3-72 months
Loan Amount
$1,000 – $100,000
$1,000 – $100,000
$1,000 – $35,000

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Andrew O'Malley

Andrew O'Malley

Andrew O’Malley has a BSc in Economics and Finance. He has worked in the finance industry as a risk analyst and is now pursuing a career in writing. In recent years, he has written for a number of leading publications. He studied Economics and Finance and has been fascinated with the financial markets since his teens.
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Loan Reviews Methodology

When it comes to choosing personal, student or car loans, we make sure that we evaluate all of the different products and services that are available for the lender we review. 

The Smart Investor’s selection of loan providers for inclusion here was made based on key areas we evaluated: loan types and loan products offered, fees, and APR. We also considering customer satisfaction and reliable external ratings such as J.D power/Trustpilot.

Cutting fees is now table stakes in the personal and student loans market. In addition, the most valuable loan products tend to offer a deep bench of options that meet a wide array of customer needs. These include a diverse range of loan amounts and terms, as well as loan structures. We also make sure that you’re going to save money by cutting down on the APR that goes along with the loans offered.