Mariner Finance Personal Loan Review: Rates, Terms, & Fees

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Mariner Finance is a personal loan financier that primarily targets borrowers with poor credit and those fresh out of bankruptcy. They list no minimum credit score requirements, interest rates as high as 36%, and repayment terms ranging from 1-5 years.

Mariner funds both unsecured loans and secured loans using a vehicle under 10 years old as collateral, with amounts ranging from $1,000 to $25,000. (Maximums and minimums may vary by state.) Some borrowers may also pay upfront origination fees, or “prepaid finance charges,” before accessing their loans.

Best for Bad Credit Personal Loans
Mariner Finance Personal Loans Review
Mariner Finance
  • Loan Amount
    $1,000 - $25,000
  • Est. APR
    18.99% - 35.99%
  • Learn More
  • Loan Details

Mariner Finance Personal Loans Pros and Cons

Pros:

  • Reports to all three major credit bureaus
  • Offers prequalification
  • Works with bad credit borrowers
  • 15-day moneyback guarantee

Cons:

  • Limited availability
  • Rates, fees, and terms aren’t readily displayed on website
  • High APR range
  • Questionable business practices

Mariner Finance Personal Loan Features and Benefits

Variety of Loan Types

Mariner Finance offers secured, unsecured, co-signed, and joint loans to cater to all types of borrowers. Note that their website lists a vehicle title loan as their only secured option.

Money-Back Guarantee

Unusually, this lender allows you to return your loan within 15 days of receipt without paying fees or interest.

>> More: Best Personal Loans

Reports to All Three Credit Bureaus

Mariner Finance reports your payments to all three major credit bureaus. As such, your on-time payments will help boost your credit score if you start out on the low end.

Prequalification Available

Mariner uses a soft credit pull to prequalify borrowers before you put in a full application. This makes it easy to rate shop by viewing your potential loan amount, rate, and terms without affecting your credit.

Note that some applicants who prequalify online may be directed to visit a physical branch without receiving an offer.

Mariner Finance Personal Loans Drawbacks

Consumer Unfriendly Practices

Mariner Finance has reportedly engaged in potentially unethical practices.

For instance, the lender sends potential customers “live checks,” or loan-by-mail offers, that can be signed and cashed with no application. Mariner states that it only solicits customers who meet underwriting criteria based on credit report information.

Mariner also pushes optional credit insurance, which pays your debt if you’re unable to meet your obligation. However, credit insurance can raise the cost of your monthly loan payments.

Fees Vary by State

The lender’s fees aren’t readily available on their website, as the lender notes that fee types and amounts vary by state. However, potential fees include:

  • Prepaid finance charges – essentially personal loan origination fees – due before you receive your loan
  • Insufficient fund fees
  • And charges for making one-time or over-the-phone payments

High APR

Because it works with bad credit and recently-bankrupt borrowers, Mariner Finance charges a high APR range of around 18-36%.

Not Available in All States

Mariner Finance is only available in around 25 states. If you’re outside their service area, you’ll have to find another lender.

Branch Visits

Mariner Finance notes on its website that borrowers who need under $1,500 or over $15,000 will have to visit a physical branch to apply.

How to Qualify for a Personal Loan from Mariner Finance

Mariner doesn’t disclose any of its borrower requirements publicly, though it likely considers:

  • Credit history
  • Income
  • Debt payment obligations
  • Availability of collateral (for secured loans)

And because Mariner is known for targeting bad credit borrowers in the past, those with low FICO scores may qualify.

How to Apply for a Mariner Finance Personal Loan

Prospective borrowers can apply online by clicking “Check My Offers,” which walks you through the prequalification process first. You can also apply in person or over the phone. The application takes around five minutes regardless of your method, and you’ll typically receive a decision the same day.

How Do Mariner Finance Personal Loans Compare to Other Lenders?

#1. Upgrade vs. Mariner Finance

Upgrade funds personal loans up to $50,000 at APRs ranging from 5.49% to 36% for borrowers with credit scores as low as 580. You can opt for a repayment term of 2-7 years with perks like:

  • Payment due date flexibility
  • Rate discounts for autopay
  • No prepayment penalties
  • And even a dedicated mobile app

That said, you may pay an origination fee up to 8%.

>> More: Upgrade Personal Loans Review

#2. Mariner Finance vs. Upstart

Upstart uses artificial intelligence to match borrowers with lending partners that suit their needs. You can borrow up to $50,000 per loan with repayment terms of 3-5 years. Their APR ranges from a low of 3.50% to a high of 36% for credit scores as low as 580-600.

>> More: Upstart Personal Loans Review

#3. Mariner Finance vs. Payoff

Payoff lends up to $40,000 to help borrowers consolidate their high-interest credit card debts. APRs max out at 24.99%, though their minimum credit score is higher than other lenders at 640. However, the website clearly outlines its qualification requirements, as well as its lack of fees and prequalification capabilities.

>> More: Payoff Personal Loans Review

#4. Rocket Loans vs. Mariner Finance

Rocket Loans funds up to $45,000 to borrowers who need funds for any reason. Loans come with a fixed APR between 5.97% and 29.99% and no hidden fees. However, while they accept credit scores as low as 580, they don’t allow cosigners or co-applicants. Additionally, you’ll have to choose between repayment terms of 3 or 5 years.

>> More: Rocket Loans Review

Frequently Asked Questions

What Can Mariner Finance Personal Loans be Used For?

Mariner Finance states on its website that it provides loans for almost any reason, including:

However, it explicitly carves out an exception for funding illicit activities.

How Long Does Mariner Finance take to Approve Personal Loans?

Mariner Finance typically approves loans within one business day.

Does Mariner Finance Offer Personal Loan Refinance?

Mariner Finance touts its auto loan refinancing option. However, it doesn’t advertise personal loan refinancing.

What Credit Score is Needed for a Mariner Finance Personal Loan?

The lender doesn’t disclose any credit score requirements online.

Does Mariner Finance Charge Any Personal Loan Fees?

Mariner Finance charges variable fees according to your state of residence. Potential fees include prepaid finance charges, fees for making certain types of payments, and insufficient fund fees.

Bottom Line: Mariner Finance Personal Loans Review

Mariner Finance is notable for working with bad credit borrowers. However, its reputation has also lent it a potentially unethical bent due to its marketing practices, consistently high APR, and lack of fee transparency. On the whole, borrowers may be able to find more consumer-friendly lenders (and rates) elsewhere.

Jordan Blansit
Jordan Blansit

Jordan Blansit is a Senior Writer, Researcher, & Product Analyst for SimpleMoneyLyfe with an inexplicable predilection for mortgages, investing, and personal finance. When she’s not click-clacketing from the comfort of her living room, you can find her in the California Redwoods or Oregon Siskiyous. Jordan’s areas of expertise are mortgages, personal loans, credit cards, and investing.