2023 Mariner Finance Personal Loan Review

Based in Baltimore, Mariner Finance is a lender serving 28 states. Consumers can qualify for a personal loan through this lender without affecting their credit.

• Allow a co-signer: If you have poor credit, it’s easier to apply for a co-signer. This means that the second person is responsible for paying the debt.
• Reporting to credit bureaus: Unlike some lenders, Mariner Finance reports to three credit bureaus: Equifax, Experian and TransUnion.
• Pay an origination fee: Mariner Finance may charge an origination fee on a case-by-case basis. However, the price and cost varies from state to state.
• Secured and Unsecured Loans: Mariner Finance not only offers unsecured loans, but also allows you to take out loans, also known as secured loans.
• Small Loans: Mariner Finance offers loans from $1,000 to $25,000, so it may not be suitable for those looking to make a large purchase.
• Annual Percentage Rate (APR): This lender’s annual percentage rate (APR) starts at 15.99%. This is higher than the initial interest rates offered by other lenders. People with good credit can find it elsewhere.
• Limited Availability: Mariner personal loans are available in 28 states, so if you don’t live in your service area, you won’t be able to access the benefits of this lender.
• Best for low-income borrowers: Being able to use a lender when applying to Mariner Finance makes getting a low-income loan easy. You may find that your credit score improves and your payments are more consistently on time by reporting to all credit bureaus.

Advantages and Disadvantages of Mariner Finance

Although these lenders offer many benefits to borrowers, it is always advisable to weigh the pros and cons of the loan products before making a decision.

PROS:

• Report to three credit bureaus
• People with bad credit can apply
• You can apply for a loan

CONS:

• Minimum credit range
• APR starts at 15.99%.
• Not available in all 50 states
• Lack of clarity about the inclusion criteria

Mariner Finance’s lender assistance offering makes this lender more accessible to those with poor or bad credit. In addition, Mariner Finance reports to all three credit bureaus, so borrowers who pay over time may see their credit improve with one or both of the credit bureaus.

However, Mariner Finance does not publish APRs or loan terms on its website, making it difficult for customers to compare rates when looking for a loan. This lender has limited availability (available in 28 states) and a lower initial APR than other lenders.

Mariner’s Financial Solutions

In August 2022, the attorneys general of the District of Columbia, New Jersey, Pennsylvania, Oregon, Utah, and Washington filed fraud charges against Mariner Finance.

The Attorney General alleges that Mariner Finance significantly inflated the cost of its loans by adding hidden surcharges without informing customers. The lawsuit also alleged that the company used aggressive sales practices, including distributing “direct checks” of unsolicited personal loan offers.

How to get a loan with Mariner Finance

The Mariner Finance loan application process is simple and takes no time. But before you apply, make sure you live in one of the 28 countries that offer this bonus. Personal loans are available to borrowers in the following countries:

• Alabama
• Arizona
• California
• Delaware
• Florida
• georgia
• Illinois
• indian
• Kentucky
• louisiana
• maryland
• mississippi
• missouri
• new coat
• new mexico
• new york
• North Carolina
• Ohio
• oklahoma
• oregon
• pennsylvania
• South Carolina
• Tennessee
• Texas
• Utah
• girl name
• Wisconsin
• Washington

Be qualified for a loan

Mariner Finance allows you to prequalify for a personal loan without affecting your credit score. To do this, you must complete an application online, call or visit a branch. During this process, you will be asked to provide personal and income information. It also states the amount owed and how the money will be used.

Confirmation of information

After completing your application, you must verify the information you provided during the prequalification process. This means providing documents such as a government-issued ID, proof of income, and proof of residency. Once your information is verified by Mariner Finance, this lender will perform a credit check and your credit score will be reduced. Mariner Finance can check your credit report information.

debt settlement

Once your application is approved, you must close your loan and enter into an agreement with Mariner Finance. These lenders approve the loans in a day and the loan takes several days.

If you’ve been turned down for a Mariner Finance personal loan, there are steps you can take to improve your chances of being approved.This can include improving your credit score, checking your credit report for errors (which can lower your score), and investing in other areas of credit to build your credit history.

How we review Mariner Finance

To determine star ratings for personal loan companies, LendingTree considered 22 data points across three categories.

• Access: We focus on whether lenders offer loans to substandard borrowers with lower credit scores than credit scores. We also checked whether the lender offered easy sources of credit and whether the eligibility criteria were clear beyond the credit score.
• Interest rates and terms: We wanted to know if the lender’s interest rates, terms, fees and charges were competitive and transparent.
• Payment Experience: We rate this category based on the lender’s reputation, availability of customer support, and exclusive benefits.