Mariner Finance Loan Review: Customer Review

Published On March 12, 2024

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Navigating the world of personal loans can be a daunting task, especially for those with less-than-perfect credit scores. Mariner Finance aims to bridge the gap by offering loan options to borrowers with bad credit. As you explore this lender, it’s essential to understand their offerings, requirements, and potential drawbacks thoroughly. In this comprehensive guide, we’ll delve into the details of Mariner Finance to help you make an informed decision.

Understanding Mariner Finance:

Mariner Finance is a consumer finance company that has been operating since 1992. They are present in 28 states across the United States and cater primarily to borrowers with bad credit. Their loan amounts typically range from $1,000 to $25,000, making them an attractive option for those seeking smaller loan amounts.

Key Features:

  • Accessibility for Bad Credit: Mariner Finance welcomes borrowers with lower credit scores compared to traditional lenders. Their minimum credit score requirement starts at 560, making them a viable option for those with bad credit.
  • Unsecured and Secured Loans: You can choose between unsecured personal loans or secured loans using a vehicle title as collateral. Secured loans may qualify for lower interest rates.
  • Joint and Co-signed Loans: Both joint applications and co-signed loans are allowed, increasing potential approval chances or allowing for access to higher loan amounts.
  • Mobile App Management: You can conveniently manage your loan and make payments through the Mariner Finance mobile app.
  • Credit Reporting: Mariner Finance reports all on-time payments to credit bureaus, which can help improve your credit score over time if you manage the loan responsibly.

Eligibility and Requirements:

To qualify for a Mariner Finance personal loan, you’ll need to meet certain criteria:

  • Credit Score: While their minimum credit score requirement starts at 560, higher scores generally qualify for lower interest rates.
  • Income and Debt-to-Income Ratio: You must demonstrate a stable source of income and maintain a debt-to-income (DTI) ratio within their acceptable range.
  • Employment History: A stable employment history strengthens your application and increases your chances of approval.

Application Process and Funding:

The application for Mariner Finance personal loan is simple process:

  • Online Application: You can conveniently submit your information through their online application.
  • Review and Approval: Mariner Finance will assess your application, creditworthiness, and income verification to determine your eligibility and interest rate.
  • Funding: Upon approval, you can receive your funds either electronically or via check within one business day.

Fees to Consider

While Mariner Finance offers accessible loan options, it’s crucial to be aware of the potential fees associated with their loans:

  • Origination Fee: A one-time fee, typically ranging from 1% to 10% of the loan amount, is deducted from the funded amount.
  • Late Payment Fee: If you fail to make a payment on time, you’ll be subject to a late payment fee.

Customer Reviews and Reputation:

Customer reviews of Mariner Finance are mixed. Some borrowers express positive experiences, highlighting the accessibility for those with bad credit and the availability of loan amounts that may not be readily available elsewhere. However, concerns also emerge:

  • High APRs: Mariner Finance’s annual percentage rates (APRs) are generally higher than those offered by traditional lenders or credit unions, potentially leading to significant borrowing costs, especially for borrowers with lower credit scores who receive higher rates within the offered range.
  • Limited State Availability: Their services are not available nationwide, restricting access for potential borrowers in excluded states.

Comparing Mariner Finance with Other Lenders:

Before choosing a lender, it’s crucial to compare Mariner Finance with other options. Here’s a side-by-side comparison with two popular alternatives, Upstart and Avant:

FeatureMariner FinanceUpstartAvant
Minimum Credit Score560600640
Loan Amounts$1,000 – $25,000$1,000 – $35,000$2,000 – $35,000
APR Ranges18.99% – 35.99%7.99% – 35.99%9.95% – 35.99%

While Mariner Finance caters to borrowers with lower credit scores, their APRs are generally higher compared to Upstart and Avant for similar loan amounts. Carefully evaluate your creditworthiness and compare rates to find the most suitable option for your situation.

Regulatory Actions and Compliance:

It’s important to be aware of past legal actions against Mariner Finance. They have faced lawsuits alleging deceptive advertising practices and unfair lending terms. While these cases have been settled, it’s crucial to be mindful of such issues and thoroughly understand the loan terms and fees before applying for any loan.

Making an Informed Decision:

Before applying for a Mariner Finance loan, consider the following steps to ensure you’re making an informed decision:

  • Compare Rates and Terms: Explore alternative lenders like banks, credit unions, and other online lenders to ensure you’re getting the best possible deal, especially considering the potentially high APRs at Mariner Finance.
  • Understand All Fees and Charges: Be fully aware of the origination fee, late payment fees, and any other potential costs associated with the loan.
  • Research the Lender’s Reputation: Read customer reviews and check for reported issues or complaints regarding the lender’s practices, including past legal actions.
  • Consider Your Creditworthiness: If you have fair or good credit, you may qualify for significantly lower interest rates with other lenders, making Mariner Finance a less attractive option.


Mariner Finance offers personal loan options for individuals with bad credit, but their offerings come with potential drawbacks, such as high APRs, limited availability, and potential fees. Before applying for a Mariner Finance loan, it’s crucial to:

  • Thoroughly compare rates and terms with alternative lenders.
  • Get to know about the Fees and Charges
  • Research the lender’s reputation and any reported issues or legal actions.
  • Consider your creditworthiness and explore options that may offer lower interest rates.

Remember, borrowing money is a significant financial decision that should be approached with caution and thorough research. Prioritize responsible borrowing practices and consider all the factors mentioned in this guide before choosing a lender to ensure you’re making the best decision for your financial situation.


What credit score do I need to qualify for a personal loan with Mariner Finance, and how does it impact the interest rates offered?

Mariner Finance generally welcomes borrowers with a minimum credit score of 560. However, higher credit scores often qualify for lower interest rates within the offered range of 18.99% to 35.99% APR.

What are the key features of Mariner Finance, and how do they cater to individuals with bad credit?

Mariner Finance specializes in providing personal loans to individuals with bad credit, offering loan amounts from $1,000 to $25,000. They allow both unsecured and secured loans, accept joint applications and co-signed loans, and have a mobile app for convenient loan management.

How does the application process for a Mariner Finance personal loan work, and how quickly can I receive the funds if approved?

The application process involves submitting information online, and upon approval, funds can be received either electronically or via check within one business day. The process includes a credit assessment, income verification, and approval based on creditworthiness.

What fees should I be aware of when considering a Mariner Finance personal loan?

Potential fees associated with Mariner Finance loans include an origination fee, typically ranging from 1% to 10% of the loan amount, and a late payment fee if payments are not made on time.

What are the potential drawbacks and considerations when choosing Mariner Finance as a lender, and how does it compare to other lending options?

Mariner Finance has faced legal actions in the past, including lawsuits related to deceptive advertising practices and unfair lending terms. Additionally, borrowers should consider the potentially high APRs, limited state availability, and compare Mariner Finance with alternative lenders like banks, credit unions, and online lenders to ensure the best possible loan terms for their situation.

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