Avant vs. Mariner Finance: Which offers better personal loans?
Avant and Mariner Finance offer personal loans accessible to borrowers with bad credit. While both have high maximum rates, Avant has a competitive starting APR. On the other hand, Mariner Finance charges high rates and fees on all of its loans, making it a last-resort option for borrowers who can’t qualify for more favorable rates.
Avant vs. Mariner Finance at a Glance
Avant and Mariner Finance offer similar repayment terms, but some well-qualified borrowers may qualify for a lower annual percentage rate (APR) with Avant.
Avant | Mariner | |
---|---|---|
Bankrate Score | 4.7 | 4.0 |
Better for | Borrowers with bad credit | Co-signed and joint loans |
Loan amounts | $2,000–$35,000 | $1,000–$25,000* |
APRs | 9.95%-35.99% | 16.00%-35.99% |
Loan term lengths | 24–60 months | 12–60 months |
Fees | $25 late fee; $15 returned payment fee; administration fee up to 9.99% | Dependent on state of residence |
Minimum credit score | 550 | Not Specified |
Time to funding | As soon as the next business day | As soon as the same business day |
*Loans between $1,500 and $15,000 may be funded online. Loans greater than $15,000 or less than $1,500 must be funded through a branch network.
Avant personal loans
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Pros
- Quick funding.
- Convenient mobile app.
- Prequalification offered.
Cons
- Not available in all states.
- High minimum rate.
- High administrative fee.
Mariner Finance personal loans
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Pros
- Possible same-day funding.
- Secured personal loans available.
- 15-day return period.
Cons
- Minimum requirements not disclosed.
- Not available in all states.
How to choose between Avant and Mariner Finance
To determine whether Avant or Mariner Finance is better for you, consider prequalifying with both lenders. Doing so will allow you to compare estimated rates and terms without harming your credit. Then, you can use a personal loan calculator to see which option has the lowest total borrowing costs.
Avant is better for potentially lower rates
Avant could be the better option since you may be able to score a lower rate than you would with Mariner Finance. Although you still may receive a similar or higher APR with Avant, getting an offer is worthwhile because of the potential to secure a more favorable rate.
Mariner Finance is better for smaller loans
Mariner Finance might be the better choice if you need a smaller loan and have a co-signer on board. According to a customer service representative, an additional benefit of choosing Mariner Finance is receiving funds as soon as the same business day if you apply in person and are approved.
Compare lenders before applying
Avant and Mariner Finance cater to borrowers with less-than-stellar credit, but they’re not the only financial companies offering bad credit loans. Before you choose either one, compare rates and terms from as many lenders as possible to find an offer that best matches your budget.