Mariner Finance features

Here's a breakdown of some of the benefits and drawbacks of Mariner Finance personal loans.

Pros

  • Low minimum loan amount
  • Apply online, by phone or at a branch
  • Loans for borrowers with bad credit

Cons

  • Branch visit may be required
  • High APRs
  • No rate discount with autopay

Mariner Finance was founded in 1927 and has more than 470 branches in 24 states. Its low minimum amount for personal loans — $1,000 — makes it a good fit for someone who doesn’t need or want to take out a big loan.

It’s also a good option for people who have filed for bankruptcy, want to file a joint application or need a co-signer. There is no minimum required credit score to qualify.

Mariner Finance uses a “soft” credit inquiry once you apply, which doesn’t affect your credit score. If you continue with the application and accept an offer, a “hard” pull on your credit is done.

Mariner Finance snapshot

Loan amount $1,000 to $25,000
APR 18.99% to 35.99%
Minimum credit score None
Time to receive funds Typically within 2 business days

Pros and cons of Mariner Finance personal loans

Here’s a breakdown of some of the benefits and drawbacks of getting a Mariner Finance personal loan.

Pros:

  • Low minimum loan amount: The $1,000 personal loan minimum is good for people who don’t want or need to borrow a lot.
  • Apply online, by phone or at a branch: Unlike online-exclusive lenders, Mariner Finance offers several ways to apply for a personal loan, and you can pick up your check at a branch if you live near one.
  • Loans for borrowers with bad credit: People with bad credit who have filed for bankruptcy or need a joint applicant or a co-signer may qualify.

Cons:

  • Branch visit may be required: You must apply at a branch for a personal loan of less than $1,500 or more than $15,000, and branches are limited to 24 states.
  • High APRs: Starting at 18.99 percent APR, Mariner Finance’s interest rate range is high. Lower rates can be found elsewhere for borrowers who qualify.
  • No rate discount with autopay: Unlike many personal loan lenders, Mariner Finance does not offer a rate discount with autopay.

Lending terms

Minimum and maximum loan amounts and interest rates depend on the applicant’s state of residence and the underwriting of the loan. Loan amounts range from $1,000 to $25,000, and APRs range from 18.99 percent to 35.99 percent. Repayment terms range from 12 months to 60 months.

Mariner Finance personal loans can be used for:

  • Debt consolidation.
  • Unexpected expenses.
  • Vacations.
  • Weddings.
  • Home improvements.

Mariner Finance evaluates personal loan applicants on the following criteria:

  • Credit history.
  • Income.
  • Debt payment obligations.
  • Availability of collateral, if needed.

Personal loans are usually unsecured, but Mariner Finance also provides secured personal loans. A loan secured by your car, for example, may help you qualify for a lower rate or a bigger loan. Just remember, if you default on a secured loan, the lender can place a lien on the asset or sell it.

Fees and penalties

Mariner Finance has no prepayment penalty and no origination fee. However, a representative from the company says that you may be charged a document tax and a $25 credit investigation fee.

How to apply for a loan with Mariner Finance

You can apply for a Mariner Finance personal loan online, by phone or at a branch. Loans between $1,500 and $15,000 can be funded online. It takes about five minutes to complete the application, and then a Mariner Finance representative will contact you, usually on the same business day. Borrowers who apply online can typically receive funds two days after accepting an offer.

If you apply by phone, use the interactive map on the bank website to find the branch closest to you and call that branch.

Loans less than $1,500 or greater than $15,000 must be funded at a Mariner Finance branch. Mariner Finance has more than 470 branch locations in 24 states. If you apply in a Mariner Finance branch, you will need the following documents:

  • Valid, government-issued photo ID.
  • Social Security card.
  • Proof of residence (utility bill, lease, driver’s license).
  • Proof of income (pay stubs, tax returns, bank statements, Social Security award letters).
  • Recent tax return.
  • Copies of bank statements, if self-employed.

Applicants who close a loan by phone or online must have a mobile device or computer to access email and electronic documents.

How Bankrate rates Mariner Finance

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Overall score 4.0
Availability 4.8 Same-day approval is available, although Mariner Finance does not disclose specific eligibility requirements.
Affordability 3.3 Mariner Finance has a high minimum APR and a few fees.
Customer experience 3.8 The option to visit a branch for help is a nice feature, but some borrowers will be required to do so in order to fund their loans.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.