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Personal Loans

Mariner Finance Personal Loan Review

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

APR

36.00%

Credit Req.

No minimum credit score

Minimum Credit Score

Terms

12 to 60

months

Origination Fee

Varies

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on Mariner Finance’s secure website

Mariner Finance personal loan details
 

Fees and penalties

  • Terms: 12 to 60 months
  • APR range: Up to 36.00%
  • 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: Varies
  • Prepayment fee: None
  • Late payment fee: Varies
  • 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 two of the three credit bureaus: 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: Varies
  • Minimum credit history: Varies
  • Maximum debt-to-income ratio: Varies

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
  • 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 Financeial

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 “Apply” 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. This includes:

  • 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 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. They also have a 15-day guarantee that allows you to cancel and return your loan without any charges.
  • No minimum credit score to apply: Mariner Finance accepts personal loan applications no matter what your credit score may be.
  • 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.
  • Credit reporting: For those looking to build their credit score with a personal loan, Mariner Finance may not be the best option. It only reports to two of the three credit bureaus, TransUnion and Equifax. Ideally, a lender reports to all three.
  • 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. - Shop around and compare loan options here.
  • 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 here.

Alternative personal loan options

Marcus by Goldman Sachs®

Marcus by Goldman Sachs®
APR

5.99%
To
28.99%

Credit Req.

Varies

Minimum Credit Score

Terms

36 to 72

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

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


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 5.99%–28.99%. Personal loans from Marcus 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: Maryland residents are currently not eligible, and the minimum age is 19 in Alabama and Nebraska, 21 in Mississippi and Puerto Rico.

SoFi

SoFi
APR

5.99%
To
16.49%

Credit Req.

680

Minimum Credit Score

Terms

12 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 5.990% APR to 16.490% APR (with AutoPay). Variable rates from 5.74% APR to 14.60% APR (with AutoPay). SoFi rate ranges are current as of February 15, 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 2.51% plus 4.28% 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.

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. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.

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–$50,000 and terms between 12 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. is eligible for a personal loan from Sofi.

LightStream

APR

3.99%
To
16.99%

Credit Req.

660

Minimum Credit Score

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 under the invoicing option are 0.50% 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 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.


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. In some cases, LightStream will offer to beat out a competitor on the personal loan APR by 0.10%.

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.

Jackson Wise
Jackson Wise |

Jackson Wise is a writer at MagnifyMoney. You can email Jackson here

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Get A Pre-Approved Personal Loan

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Personal Loans

Top 5 Personal Loan Myths of 2019

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

personal loans
iStock

When it comes to personal loans, many Americans are more likely to turn to credit cards as a way to pay emergency bills, enjoy a dream vacation, or pay for items they can’t afford with cash.

According to Experian, existing personal loan debt was at $273 billion in the second quarter of 2018, while existing credit card debt was at $782 billion in the same period.

But it also shows personal loans with a greater year-to-year change in debt growth than credit cards. Whether personal loans are a viable option for expenses depends, apparently, on who you ask.

Awareness seems to be a key factor. When people are in the dark about financial solutions, they will draw their own conclusions, often leading to false perceptions.

What are some of the myths about personal loans?

5 things people say about personal loans

Myths about personal loans have developed over two centuries, making them hard to debunk.

Fortunately, the internet makes it easier than ever to not just raise awareness about personal loans and to clarify misconceptions, but to find the lowest interest rates and apply for loans.

Personal loans have a difficult and lengthy application process

Before the internet, borrowers had to apply for a personal loan by visiting their bank. During the days of the Morris Plan banks, they often evaluated borrowers based on character and income. This may have meant dressing in your Sunday best and arriving for a meeting with a loan officer with stacks of paperwork, pay stubs and tax returns.

Today, applying for a personal loan is easier than applying for a home equity loan or a mortgage.

You can apply easily online in just a few clicks. Many lenders will ask you to provide your Social Security number, your monthly expenses — including any outstanding debt such as mortgages, car loans, student loans and credit card debt — and your income.

Keep in mind that applying for a personal loan may require a hard credit inquiry and could lower your credit score. If you can, try to pre-qualify for a loan before you apply.

You won’t qualify for a personal loan if you don’t have excellent credit

This common misconception couldn’t be further from the truth. Personal loans are available for borrowers with a FICO Score as low as 500, but you won’t get the best rates with a rock-bottom credit score.

Most lenders look for borrowers with a credit score of 670 or higher. But a score of 800 or more will net you the best terms and interest rates.

Personal loans have lower interest rates than credit cards

Unlike the other myths explored, this one has some truth to it. It all depends on your creditworthiness.

Borrowers with a credit score of 720 or higher get personal loans at an average APR of 7.09%, according to LendingTree data, which is lower than the current 14.73% average APR for credit cards. (Disclosure: MagnifyMoney is owned by LendingTree.)

But if your credit is between 660 and 679, the average APR for a personal loan jumps to 16.72%.

It might be smarter to open a credit card with a 0% introductory APR for balance transfers and pay down as much debt as you can during that introductory period. With on-time payments, your credit score will rise and you can continuing using the same process until your high-interest debt is paid off.

Personal loans have high interest rates

“Personal loans have high interest rates” and “personal loans have lower interest rates than credit cards” might seem to be contradictory misconceptions.

In fact, they show just how much confusion there is about personal loans. Some people perceive the rates to be too high, while others assume a personal loan will offer a lower interest rate than their existing credit card debt.

There is just not enough awareness about personal loans being a good option for many people.

So what’s the truth?

If you have an excellent credit score, you could qualify for a personal loan with single-digit interest rates, which is lower than most credit cards.

Personal loans are also a better option than predatory payday loans, which can have an APR of almost 400%.

But if you own a home, a secured loan such as a home equity loan or home equity line of credit will almost certainly deliver a lower interest rate than an unsecured personal loan.

Personal loans just aren’t right for many borrowers

Many people don’t think of themselves as a good candidate for a personal loan. Maybe they feel their credit isn’t good enough or they don’t make enough money to quality.

Homeowners often consider home equity loans or HELOCs before personal loans. And, of course, the 70 million Americans carrying credit card debt month to month may not have thought about a personal loan.

But you could be a good candidate for a personal loan if you have excellent credit and need cash to consolidate credit card debt, pay medical bills or make a large purchase.

With an easy online application process, personal loans are increasingly becoming a smart choice for many borrowers.

What are your personal loan options?

In spite of the myths surrounding them, personal loans continue to grow in popularity.

In the second quarter of 2018, personal loans showed the greatest year-over-year growth than any other type of loan, according to Experian. Personal loan debt increased by 11.4%.

Borrowers looking for cash to pay off revolving credit cards or remodel their home may want to consider a personal loan. If you’re considering a personal loan, check your credit reports from all three credit bureaus and repair any errors to be sure your credit is in tip-top shape so you can qualify for a lower interest rate.

If your score isn’t where you’d like it to be, take time to pay down existing debt to improve your credit utilization ratio and raise your credit score. Avoid opening or closing accounts before applying for a personal loan since these actions could reduce your score.

As your credit score is increasing, use the MagnifyMoney personal loan marketplace to find a loan with the lowest rates and best terms for your situation. Always remember to do your research, consider all your options and make sure your finances are in order before applying for a personal loan.

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.

Dawn Allcot
Dawn Allcot |

Dawn Allcot is a writer at MagnifyMoney. You can email Dawn here

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Personal Loans

Loan Origination Fees: Should I Be Paying Them?

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

girl with a cup of coffee with a money bag symbol
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If you’ve applied for a personal loan or mortgage, chances are you probably came across something called an origination fee. If you’re wondering what it’s for and whether you have to pay it, here’s what you need to know.

Understanding origination fees

An origination fee is a common charge that is added to a personal loan, student loan or mortgage. It is charged by the lender and can also be referred to as an application, processing or underwriting fee. Its purpose is to cover the hard costs of preparing documents, processing and underwriting your loan, and any third party fees that might be incurred along the way, said Ashley Luethje, a York, Neb.-based sales manager at Waterstone Mortgage.

“These fees are typically a percentage of the total amount you’re borrowing,” Luethje said. “Generally, a mortgage origination fee is around one percent, but for consumer and commercial loans, the fee can be greater and is at the discretion of the lender.”

How an origination fee can come into play

If you’re deciding between lenders, one criteria you might want to take into account is the difference in their origination fees. There are some key points to consider, depending on the type of loan you’re applying for.

Personal loan

As personal loans are typically unsecured and not backed by any collateral, you may find the highest origination fees in this category. Because these types of loans carry more risk for lenders, they may charge you anywhere between 1% to 6% of the total amount you are borrowing. Those higher fees also offset the lower amount of interest lenders like banks and credit unions will receive during the life of a personal loan. These loans tend to be extended for a shorter term and in smaller amounts than other kind of loans.

If you’re not getting charged an origination fee with your personal loan, be aware that the lender may make up for it some other way, such as charging higher interest rates, said Jacob Dayan, the Chicago, Ill.-based CEO and co-founder of Community Tax and Finance Pal.

“It’s important to note that having a good credit history will yield you a much lower origination fee,” Dayan said. “Those fees are negotiable for larger loans, but will commonly require you to put up something, such as accepting a higher Annual Percentage Rate (APR) on your loan.”

Mortgage

Mortgage origination fees — also called mortgage points — can vary drastically as they are determined by the lender, said Jason Larkins, a Scarborough, Maine-based branch manager at United Fidelity Funding. These fees are charged to cover the labor involved in the processing, underwriting and funding of a mortgage, as well as third party fees incurred in tasks such as verifying your employment.

Many lenders, such as banks, credit unions and brokerages, charge a flat origination fee. This means the fee is not based on the amount you borrow. Others could charge a 0.5% to 1% origination fee; the VA home loan program sets a cap at 1%. “However, if a borrower is paying a 1% origination fee, they are likely paying too much and can shop for a better deal,” Larkins said.

At the beginning of the mortgage application process, lenders must disclose the exact origination fee being charged in an official Loan Estimate form. Lenders may not increase the stated fee except under special circumstances, such as if you decrease your down payment or change your type of loan. However, you could negotiate it downwards depending on your credit score, and the size and duration of your requested loan.

As long as you meet certain criteria outlined in IRS Publication 530, your mortgage origination fees may also be tax deductible.

Student loans

Origination fees for federal student loans are set by the government and may vary depending on whether you have a direct subsidized, direct unsubsidized or direct plus-type loan. Those fees could range from 1.062% to 4.264%  and are deducted from the loan amount — meaning you get a smaller loan in the end but will still pay back the full amount. For example, if you were to take out a $10,000 loan with a 4% origination fee, you would only receive $9,600 but would have to pay back the entire $10,000.

The only federal student loans that didn’t charge an origination fee were the Perkins Loans for undergraduate and graduate students in financial need, but this program recently ended. While most student loans provided by private lenders such as credit unions and banks might not come with origination fees, they could cost you more in the long run by charging higher interest rates. Private student loans also don’t come with the federal protections that are standard with federal loans.

Keep in mind that loans with lower interest rates but higher fees can cost more than loans with a higher interest rate and no fees. An easy way to calculate whether your lender is giving you a good deal is to remember that 3% to 4% in fees is equivalent to a 1% higher interest rate.

Is my origination fee too high?

Origination fees are not required, so it’s at the lender’s discretion to waive or negotiate the fee, said Kris Alban, the San Diego-based executive vice president of iGrad.

“It’s always smart to ask for a discount, especially if you have a high credit score and it’s a large loan,” Alban said. “When negotiating, the lender may agree to lower or waive the origination fees if you’ll pay a higher interest rate — meaning they will still make a profit, and you can pay the fees over the length of the loan rather than up front.”

To get the best big picture outlook of whether you’re getting a good deal on your loan, make sure you’re not just comparing the origination fees but also factoring in the interest rate. For example:

  • A $10,000 loan at a 4.99% APR for five years with a 3% origination fee will cost you $11,620 over the life of the loan.
  • The same loan at 5.65% APR with a 1.5% origination fee will cost you $11,652 over the life of the loan.

“Pay attention to both the interest rate and APR,” Alban said. “If they are different, the lender is most likely factoring additional fees into the APR; any origination fee over 4% of the total loan amount is excessive.”

The bottom line

Origination fees are charged by lenders to cover the costs of processing your loan, whether you’re looking for a mortgage, personal loan or student loan. Even though lenders are subject to regulations, be cautious of anything that sounds too good to be true and remember that the absence of origination fees can translate into higher interest rates. “Take the time to read the fine print and completely understand the terms of the loan,” Luethje said.

While you should exercise your ability to price origination fees with different lenders to get you the best deal possible, remember there is no one-size-fits-all scenario. “Make the choice that best fits your needs. If an upfront origination fee hinders your ability to receive a loan but a higher interest rate is a better option, then that might be the best scenario for you as a consumer,” Luethje said.

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.

Barbara Balfour
Barbara Balfour |

Barbara Balfour is a writer at MagnifyMoney. You can email Barbara here

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