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Mariner Finance personal loan amounts and interest rates
Mariner Finance offers personal loans ranging from $1,000 to $25,000. You will be able to get a loan amount between $1,500 and $15,000 online, but loans outside of this range will require you to visit a branch in person.
The lender offers both secured and unsecured personal loans. The difference between the two is that you need to provide collateral for a secured loan, while you don’t need it for an unsecured loan. All Mariner Finance loans have fixed interest rates, which means your rate will stay the same for the duration of your loan.
Your APR will go from 18.99% to 35.99%. Compared to other lenders designed for borrowers with bad credit, this range is similar. For example, you’ll get rates between 18% and 35.99% with OneMain Financial and between 9.95% and 35.99% with Avant.
Borrowers can use personal loans for a variety of purposes, including home improvement projects, medical expenses, and even vacations (but be careful before jumping in). Mariner Finance offers repayment terms ranging from 12 to 60 months.
Advantages and Disadvantages of Mariner Finance Personal Loans
Who is Mariner Finance for?
Mariner Finance is best for borrowers with poor credit who may not qualify for a loan elsewhere. The lender also offers secured loans, which is not very common for personal lenders. You may be eligible for a better rate and higher loan amount if you pledge collateral to get your loan.
On the other hand, you can get much better rates from another lender if your credit is in good shape. If you don’t live in one of the states that Mariner Finance serves, you won’t be able to get a loan from the company at all.
Mariner Finance Personal Loan Comparison
All three lenders cater to borrowers with weaker credit histories. OneMain Financial and Mariner Finance have no minimum credit score, while most Avant borrowers have a credit score between 600 and 700.
OneMain Financial charges origination fees ranging from $25 to $400, or 1% to 10% of the loan value. Avant has an administration fee of up to 4.75%, which will be deducted from your loan proceeds when the loan is funded. Mariner Finance has no origination or administration fees.
All three lenders will usually disburse your money within one business day, so they might be a good option for borrowers who need money fast. You’ll pay the same maximum interest rate of 35.99% with all three lenders, and Avant offers the lowest starting rate.
Is Mariner Finance trustworthy?
Mariner Finance has an A+ rating from the Better Business Bureau, a non-profit organization focused on consumer protection and trust. The BBB rates companies by looking at their transparency in business practices, honesty in advertising and responses to customer complaints.
Mariner Finance has a top-notch BBB score, but that doesn’t necessarily mean you’ll have a good experience with the company. Contact people you know who have used the company to get a first-hand account of what the lender is like.
There have been no recent controversies involving Mariner Finance. Between the company’s excellent BBB rating and its clean history, you can feel comfortable borrowing from the lender.
Frequently Asked Questions
Does Mariner Finance accept bad credit?
Yes, Mariner Finance is available to borrowers with bad credit. The lender does not have a minimum credit score, while other lenders require credit scores between 600 and 600 to qualify for a loan. Mariner Finance will consider your entire financial situation before making a loan decision, not just your credit score.
Does Mariner Finance do a credit check?
When you apply for a loan and check your rates, Mariner Finance performs a soft credit check, which does not appear on your credit report and will not affect your score. If you choose to go ahead with the loan process, the company will generate a firm credit application, which will give the lender a full view of your credit history and could negatively impact your credit score. .
How long does it take to get approved by Mariner Finance?
You will usually receive a response from the company within the same business day as your request, and if approved, you will receive your money within one to three business days.