Mariner Finance Personal Loan Review

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APR

Up to 35.99%

Credit Req.

No minimum credit score

Terms

12 to 60

months

Origination Fee

Not specified

SEE OFFERS Secured

on LendingTree’s secure website

Mariner Finance personal loan details
 

Fees and penalties

  • Terms: 12 to 60 months
  • APR range: Up to 35.99%
  • Loan amounts: $1,000-$25,000. Loans less than $1,500 or greater than $7,000 must be funded through a branch. Loans between $1,500-$7,000 can be funded online.
  • Time to funding: For loans completed online, funding can be expected within two business days after the verification process. If applying at a branch, you will receive your check after completing the loan documentation step.
  • Hard pull/soft pull: Soft Pull to apply. There will be a hard pull if you decide to fund your loan through Mariner Finance.
  • Origination fee: Not specified
  • Prepayment fee: None
  • Late payment fee: Not specified
  • Other fees: Varies

In addition to accepting cosigners, Mariner Finance accepts applicants who have filed for bankruptcy, subject to certain underwriting requirements. Mariner reports to the three credit bureaus: Experian, TransUnion and Equifax.

Mariner Finance has created an educational online personal finance course, MoneySKILL, alongside the American Financial Services Association (AFSA). While you don’t need to hold a loan with Mariner Finance to take part, the free educational resource features a curriculum that covers everything from budgeting to borrowing to identity theft.

Eligibility requirements

  • Minimum credit score: Not specified
  • Minimum credit history: Not specified
  • Maximum debt-to-income ratio: Not specified

To take out a personal loan with Mariner Finance you need to live in one of the 22 states it operates in: Alabama, Delaware, Florida, Georgia, Indiana, Illinois, Kentucky, Louisiana, Maryland, Mississippi, Missouri, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia and Wisconsin.

Depending on the loan amount you’re requesting, you may need to visit a physical branch to complete the loan. Mariner Finance requires loan applicants to verify their identity, residence and income before funding loans. If you’re self-employed, you can still take out a personal loan, but you’ll need to provide bank statements and your most recent tax return to prove income.

Applying for a personal loan from Mariner Finance

The application process is relatively simple and painless. To begin, visit either Mariner Finance or one of its subsidiaries’ websites. On the top right of the page, you can click the “Check My Offers” button, where you’ll be taken to a page that specifies how large a loan you’d like to take out. Once you’ve specified the loan amount, click “Continue.” If you have any offer code, which Mariner Finance sends out to pre-qualified customers, you’ll click the “I have an offer code” link.

On the next page, you’ll need to provide Mariner Finance with your personal information. You’ll be asked to provide:

  • Name
  • Address
  • Date of birth
  • Email
  • Phone number
  • Citizenship status (U.S. citizen, permanent resident, foreign resident)
  • Social Security number
  • Personal pretaxed annual income
  • Household income (pretax)
  • Employment status
  • Employer phone number
  • How long you’ve worked for your employer
  • Whether you rent, own your home and/or have a mortgage
  • Monthly rent or mortgage payment
  • The loan purpose

Once you fill out the info, create login credentials and sign the disclosures and privacy box, your application will be submitted. You should hear from Mariner Finance within the same business day about the status of your application. When you hear back, if you decide to move forward with the offer, you’ll have to submit certain documents to verify the information you provided in your application. These include:

  • A valid driver’s license or passport
  • Your Social Security card
  • Proof of residence
  • Proof of income
  • A recent tax return or bank statement if you’re self-employed

You may need to go into a physical branch to submit these documents.

Once information is verified, Mariner Finance will conduct a hard pull on your credit before the funding the loan. If approved, your funds will be deposited either into the bank account provided during the application process if applied for online, or via check if your loan was closed at a physical branch. Loans that are completed online typically take two business days before funds are deposited into your account. For loans closed at a physical branch, you’ll receive funds after Mariner Finance has completed the loan document process.

Pros and cons of a Mariner Finance personal loan

Pros:

Cons:

  • No prepayment penalty: Mariner does not charge any prepayment fees for paying off your loan early. It also has a 15-day guarantee that allows you to cancel and return your loan without any charges.
  • Cosigners allowed: Mariner Finance accepts cosigners on the personal loans it funds, which can help you secure a loan or a better rate if your cosigner has better credit than you do. Your cosigner does not have to be family either.
  • Limited accessibility: Mariner Finance operates within 22 states. You can’t get a loan from Mariner Finance if you don’t live in one of those states.
  • May have to visit a branch: Depending on the amount of the personal loan, you may be required to go into a branch to complete the loan application and verification processes.

Who’s the best fit for a Mariner Finance personal loan?

A personal loan from Mariner Finance may be a good fit for you if your credit score is below average and you live in one of the 22 states where Mariner Finance issues loans. And if you value in-person customer service when dealing with financial matters, you may like that Mariner Finance has more than 450 branches. If you live outside of the states listed, you can still shop around to find the lowest rates.

Mariner Finance consumer reviews

Mariner Finance has an A+ rating with the Better Business Bureau. It has 4.8 out of 5 stars on LendingTree (Disclaimer: MagnifyMoney is owned by LendingTree), with 97% of customers recommending it in their review. The company scored 5 out of 5 stars in responsiveness and customer service while scoring 4 out of 5 stars in both interest rates as well as fees and closing costs.

“I was really impressed with how easy the entire process was. The staff was exceptionally friendly on the phone and in person,” wrote Teresa of Raleigh, N.C.. Most additional customer reviews talk about how helpful the staff are and how respectful the company is of you no matter what your financial situation is. Reviewers say the staff are patient and willing to answer all questions as they work to find a financial solution for you.

Mariner Finance FAQ

Mariner Finance offers a wide variety of loans including personal loans, mortgages and auto loans. Under these broad categories are many variations such as reverse mortgages and home refinancing or auto refinancing.

Mariner Finance aims to give you a response within the same business day when you apply for a loan.

Since you will be required to show proof of income you will most likely not be able to secure the loan without having a job.

You can spend your personal loan funds on legal expenses of your choosing.This could be for vacations, debt consolidation or home improvement.

Since Mariner Finance reports to the three major credit agencies, Experian. Equifax and Transunion, if you stop making payments on your loan this could impact your credit. If you can’t pay your bill, get in touch with Mariner Finance as soon as possible to discuss options that might work for you.

If you don’t qualify for a loan from Mariner Financial, start by asking your loan officer why you were rejected. Then, you can work to improve your eligibility and try again in the future.

Since Mariner Financial reports to the three main credit reporting agencies, positive payments will reflect well on your credit score and you could see your numbers improve over several months.

Alternative personal loan options

Marcus by Goldman Sachs®

Marcus by Goldman Sachs®
APR

6.99%
To
28.99%

Credit Req.

Not specified

Terms

36 to 72

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Marcus by Goldman Sachs® offers personal loans for up to $40,000 for debt consolidation and credit consolidation. ... Read More


Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans).Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. For New York residents, rates range from 6.99% to 24.99% APR.

Marcus by Goldman Sachs® advertises absolutely no fees on personal loans. It funds personal loans up to $40,000, with terms ranging from 36 to 72 months and APRs ranging from 6.99%–28.99%. Personal loans are available to anyone older than 18 who has a U.S. bank account and a Social Security number or taxpayer identification number, with a few exceptions: the minimum age is 19 in Alabama and Nebraska, 21 in Mississippi and Puerto Rico.

SoFi

SoFi
APR

5.99%
To
18.07%

Credit Req.

680

Minimum Credit Score

Terms

24 to 84

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

SoFi offers some of the best rates and terms on the market. ... Read More


Fixed rates from 5.99% APR to 18.07% APR (with AutoPay). Variable rates from 5.74% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of October 10, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.74% APR assumes current 1-month LIBOR rate of 2.05% plus 3.08% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

All rates, terms, and figures are subject to change by the lender without notice. For the most up-to-date information, visit the lender's website directly. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

See Consumer Licenses.

SoFi Personal Loans are not available to residents of MS. Minimum loan requirements might be higher than $5,000 in specific states due to legal requirements. Fixed and variable-rate caps may be lower in some states due to legal requirements and may impact your eligibility to qualify for a SoFi loan.

If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

SoFi offers personal loans ranging from $5,000–$100,000 and terms between 24 to 84 months. Its personal loans have no fees and come with unemployment protection, which can help defer payments in case you lose your job while paying off your loan. Anyone who lives within the U.S. and in a state where SoFi is authorized to lend is eligible for a personal loan from Sofi.

LightStream

APR

4.99%
To
16.79%*

with AutoPay

Credit Req.

Not specified

Terms

24 to 144*

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

LightStream is the online lending division of SunTrust Bank.... Read More


*Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66.

The SunTrust Bank-owned lender LightStream offers personal loans ranging from $5,000–$100,000, with loan terms anywhere from 24 to 144 months (2-12 years). Its personal loans come with no fees or prepayment penalties; however there is a hard pull on your credit.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Jolene Latimer
Jolene Latimer |

Jolene Latimer is a writer at MagnifyMoney. You can email Jolene here