2023 Mariner Finance Personal Loan Review
NMLS#1136
Read more about how we rated Mariner Finance.Based in Baltimore, Mariner Finance is a lender that serves 28 states. Consumers can prequalify for a personal loan with this lender without any impact to their credit score.
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- Cosigners allowed: If you have a low credit score, you may have an easier time applying with a cosigner. This means a second person would help take responsibility for repayment of the loan.
- Reports to credit bureaus: Unlike some lenders, Mariner Finance reports to all three credit bureaus — Equifax, Experian and TransUnion.
- Charges an origination fee: Mariner Finance does charge an origination fee in some cases; however, whether they charge a fee and the amount they charge varies from state to state.
- Secured and unsecured loans: Not only does Mariner Finance offer unsecured loans, but you can also take out a loan that’s backed by collateral, known as a secured loan.
- Small loan amounts: Mariner Finance only offers loans ranging from $1,000 to $25,000, so it may not be a good fit for those looking to make large purchases.
- High APR: This lender’s annual percentage rate (APR) starts at 15.99%, which is much higher than the starting rate some other personal loan lenders offer. Those with good credit may find better offers elsewhere.
- Limited availability: Mariner personal loans are only available in 28 states, so if you don’t live in an area they service, you won’t be able to access this lender’s products.
- Best for low-credit borrowers: The ability to use a cosigner when applying with Mariner Finance could make it much easier for low-credit borrowers to access loans. Since it reports to all the credit bureaus, you may also see your credit score increase with consistent on-time payments.
Mariner Finance pros and cons
While this lender offers several benefits to borrowers, it’s always smart to weigh the pros and cons of a financial product before making a decision.
Pros Cons Can use cosigner
Reports to all three credit bureaus
Available to those with low credit
Can prequalify for a loan
Small loan amount range
APR starts at 15.99%
Not offered in all 50 states
Lack of transparency around eligibility criteria
Mariner Finance’s offering of cosigner support may make this lender much more accessible to those with little or bad credit. Also, since Mariner Finance reports to all three credit bureaus, borrowers who make on-time payments may see their credit scores increase across the board, instead of just with one or two of the bureaus.
However, Mariner Finance doesn’t post its APR or loan terms on its website, which may make it difficult for shoppers to compare rates when looking for a loan. This lender also has limited availability — it’s only offered in 28 states — and the minimum APR starts much higher than some other lenders.
Mariner Finance lawsuit
In August 2022, the attorneys general of the District of Columbia, New Jersey, Pennsylvania, Oregon, Utah and Washington filed a lawsuit against Mariner Finance for potentially deceptive practices.
The attorneys general alleged that Mariner Finance tacked on hidden add-ons without alerting the customer, which substantially increased the cost of the loan. The lawsuit also claimed that the company employed aggressive sales strategies, including the distribution of unsolicited “live checks” of personal loan offers.
Mariner Finance requirements
Unfortunately, Mariner Finance doesn’t offer a lot of insight into its personal loan requirements for borrowers.
Minimum credit score Not specified Required documents - Government-issued ID (such as a driver’s license)
- Proof of income (such as recent pay stubs or W-2s)
- Social Security card
- Proof of residence (such as a utility bill or lease)
- Recent tax returns and bank statements (if self-employed)
If you meet the basic requirements listed above, you may need to disclose how you plan to use your personal loan. While Mariner Finance allows borrowers to use its funding for a variety of purposes, there are certain expenses you cannot put the money toward.
Mariner Finance loans CAN be used for… Mariner Finance loans CANNOT be used for… - Debt consolidation
- Unexpected expenses
- Home improvement projects
- Vacation or travel
- Wedding expenses
- Post-secondary education
- Business or commercial expenses
- Purchasing securities
- Gambling
- Illegal activity
If Mariner Finance’s loan options won’t work for your borrowing needs, be sure to shop around for a lender that helps you meet your financial goals and can offer you the best-fitting rates, terms and amounts.
How to get a loan with Mariner Finance
The personal loan application process with Mariner Finance is straightforward and doesn’t take long to complete. Before applying, however, make sure you live in one of the 28 states this lender services. Personal loans are available to borrowers in the following states:
- Alabama
- Arizona
- California
- Delaware
- Florida
- Georgia
- Illinois
- Indiana
- Kentucky
- Louisiana
- Maryland
- Mississippi
- Missouri
- New Jersey
- New Mexico
- New York
- North Carolina
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- South Carolina
- Tennessee
- Texas
- Utah
- Virginia
- Wisconsin
- Washington
Prequalify for a loan
Mariner Finance allows you to prequalify for a personal loan without any impact to your credit score.
To do this, you’ll need to fill out an application online, call or visit a branch in person. During this process, you’ll need to provide your personal details and income information. You’ll also indicate how much you want to borrow and how you intend to use the funds.
Verify your information
After you’ve filled out an application, you’ll need to verify the information you provided during the prequalification process. This means providing documentation such as a government-issued ID, proof of income and residency verification.
Once Mariner Finance verifies your information, this lender will run a hard credit inquiry, causing your credit score to drop by a few points. A hard credit pull will allow Mariner Finance to see the information on your credit reports.
Close on your loan
If your application is approved, you’ll need to close on your loan and sign a contract with Mariner Finance. This lender typically approves loans within a day, and funding may take several days.
If you’re denied for a personal loan from Mariner Finance, you may want to work on increasing your chances of getting approved. This can include improving your credit score, checking your credit report for errors (which can bring down your score) and investing in other credit opportunities to boost your credit history.
How Mariner Finance compares to other personal loan companies
Even if you believe Mariner Finance aligns with what you’re looking for in a personal loan, it never hurts to shop around and compare other lenders. Here’s how Mariner Finance stacks up against similar personal loan lenders.
How Does LendingTree Get Paid?LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.Lender Mariner Finance OneMain Financial Upgrade LendingTree’s rating 3.1/5 4/5 (Read review) 4.6/5 (Read review) Minimum credit score Not specified Not specified 580 APRs 15.99%-36.00% 18.00%-35.99% 8.49%-35.99% Loan amount $1,000-$25,000 $1,500-$20,000 $1,000-$50,000 Repayment term 12 to 60 months 24 to 60 months 24 to 84 months Origination fee Varies by state 1.00% - 10.00% 1.85% - 9.99% Funding timeline Approval within same business day Receive funds within one business day Receive funds within one business day Bottom line Mariner Finance has a high minimum APR, but it still falls in an affordable range. Like OneMain Financial and Upgrade, this lender may be best suited for borrowers with low credit scores. Similar to Mariner Finance, OneMain Financial has a high minimum APR and small loan range. However, it has less flexible repayment terms than Mariner Finance but offers a quick funding timeline. Upgrade offers much lower APRs than Mariner Finance, but the lowest rates are reserved for borrowers with good credit. This lender also offers much larger loan amounts, though it does charge origination fees on all loans. Compare personal loan offers How we rated Mariner Finance
To come up with our star rating for personal loan companies, LendingTree considered 22 data points across three categories:
- Accessibility: We paid attention to whether lenders offered loans to nontraditional borrowers, as well as those without excellent credit scores. We also checked if lenders offered soft credit pulls, and whether they were transparent about eligibility criteria other than credit scores.
- Rates and terms: We wanted to know if lender rates, terms, amounts and fees were not only transparent, but competitive.
- Repayment experience: We based this category on lenders’ reputations, customer support availability and unique benefits.
The data points reflect every step of the process to shop and apply for, borrow and repay personal loans. A five-star lender, for instance, has flexible eligibility requirements, offers you the chance to prequalify without commitment and supports you in zeroing your balance.
The 22 data points, culled from the lenders themselves, determine the overall rating. We score lenders consistently, sometimes awarding partial points, so that you can make apples-to-apples comparisons when shopping around.
LendingTree isn’t paid for conducting these reviews, and lenders don’t have control over their content. With our reviews and ratings, we aim to give our users the objective and exhaustive information they need to make the best possible decisions.
Frequently asked questions
In 2022, Mariner Finance was sued by multiple states’ attorneys general for allegedly participating in deceptive business practices, such as mailing out “live checks” — preapproved loan offers that typically have high interest rates — and offering credit insurance products.
Since January 2020, consumers have reported nearly 600 complaints about Mariner Finance to the Consumer Financial Protection Bureau (CFPB).
Mariner Finance typically responds to personal loan applications the same business day; however, it is unclear how long funding takes once you’ve been approved for a personal loan.
Mariner Finance offers personal loans from $1,000 to $25,000. Since personal loans typically range from $1,000 to $50,000, this amount is on the smaller side and may be best suited for consumers looking for small personal loans.
Yes — in order to access a loan from Mariner Finance, you’ll need to supply proof of income. This may include your most recent pay stubs, W-2s, bank statements or tax returns. You may also have to verify your identity and residency.