Mariner Finance Personal Loans: 2024 Review
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- 35+ personal loans reviewed and rated by our team of experts.
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Our Take
Mariner provides unsecured and secured personal loans and has a 15-day satisfaction guarantee, but these loans lack consumer-friendly features that are common with other lenders.
Pros
- Option to pre-qualify with a soft credit check.
- Secured loan option.
- Option to add a co-signer.
- 15-day satisfaction guarantee.
Cons
- Rates are high compared with other lenders.
- May charge origination and one-time payment fees.
- May require an in-person visit.
- Sends live checks as unsolicited loan offers.
Lender | Est. APR | Loan amount | Min. credit score | |
|---|---|---|---|---|
9.99-
35.99% | $1,000-
$50,000 | 580 | Check Rateson NerdWallet on NerdWallet | |
7.80-
35.99% | $1,000-
$50,000 | None | Check Rateson NerdWallet on NerdWallet | |
9.95-
35.99% | $2,000-
$35,000 | 550 | Check Rateson NerdWallet on NerdWallet | |
11.69-
35.99% | $1,000-
$50,000 | 580 | Check Rateson NerdWallet on NerdWallet | |
7.99-
35.99% | $2,000-
$50,000 | 600 | Check Rateson NerdWallet on NerdWallet |
Full Review
Editor’s note: Mariner Finance did not respond to our most recent request for details regarding its personal loan product. We reviewed its website and attempted to contact company representatives, but some of the information presented here may not be recently verified. Due to the lack of verifiable information, NerdWallet did not give Mariner Finance’s personal loan a star rating.
Mariner Finance offers small to mid-sized personal loans online and in person. These personal loans may be an option for consumers with bad credit (629 or lower score) and those with a history of bankruptcy, but high rates and fees make this lender a less-than-ideal option for most borrowers.
Mariner also engages in some practices that may not be consumer-friendly, like mailing checks to prospective borrowers to provide unsolicited loans. Even if you have a low credit score, it’s worth your time to compare other lenders before applying with Mariner.
Table of Contents
Mariner personal loans at a glance
Minimum credit score | None. |
APR | 16.00% - 35.99%. |
Fees |
Amounts vary by state. |
Loan amount |
|
Repayment terms | 1 to 5 years. |
Loan availability | Loans not available in AK, AR, CO, CT, HI, ID, IA, KS, ME, MA, MI, MN, MT, NE, NV, NH, ND, RI, SD, UT, VT, WV and WY. |
Where Mariner personal loans stand out
Option to pre-qualify with a soft credit check: Mariner lets borrowers pre-qualify online to see their potential annual percentage rate (APR) without affecting their credit scores. Previewing loan offers helps you determine how the loan fits into your budget and whether to submit a formal application.
Secured loan option: Applicants can secure a Mariner personal loan with a vehicle. Secured loans often have lower APRs because the lender has something valuable to take if you fail to repay the loan. Weigh the benefit of pledging your car against the risk of losing it.
» MORE: Best secured personal loans
Option to add a co-signer: Mariner lets borrowers add a co-signer to their loan application. The co-applicant’s credit and income are taken into account and can help you get approved or get a lower rate, but the co-signer must make payments if you fail to. Mariner says the co-signer does not have to be a family member.
Where Mariner personal loans fall short
Rates are high compared to other lenders: Mariner’s starting APR is high compared to other lenders. Many personal loan lenders have single-digit starting rates.
May charge origination and one-time payment fees: Depending on your state, Mariner may charge an origination fee and a fee for making a one-time payment online or by phone. Origination fees are common with many bad-credit online lenders, but it’s rare to find a lender that charges you to make a payment.
May require an in-person visit: Borrowers can apply online for loans between $1,500 and $15,000, but you'll have to visit a branch for smaller or larger amounts. Mariner may also refer borrowers to a branch to complete their loan application. Few lenders require an in-person visit.
» MORE: Best online loans
Loan-by-mail product: To reach new customers, Mariner uses a loan-by-mail offer, or “live check,” that can be signed and cashed by the recipient. This loan requires no application, but borrowers who cash the check must repay the loan, plus interest. The Consumer Financial Protection Bureau reports several customer complaints against Mariner’s loan-by-mail product.
How to use Mariner personal loans
You can use a Mariner personal loan for:
Home improvement projects.
Debt consolidation.
Emergencies.
Medical and dental bills.
Vacations.
Weddings.
Other expenses.
Mariner prohibits the use of its personal loans for:
College expenses.
Business expenses.
Investing.
Gambling.
Illegal purchases.
Lawsuits involving Mariner
In 2022, attorneys general in Pennsylvania, New Jersey, Oregon, Utah, Washington and the District of Columbia filed a lawsuit against Mariner Finance, accusing the lender of deceptive and misleading practices that led to borrowers paying for add-on products they did not want or know about and refinancing their loans when they did not need to.
According to the lawsuit, Mariner set sales goals and incentives that encouraged employees to deceive and mislead consumers into adding products, like credit insurance to their loan. The lawsuit also accuses Mariner of encouraging customers to refinance their loans in order to generate new loan fees and add-ons.
Mariner called the legal complaint “meritless” in a public statement.
A federal court denied the lender’s motion to dismiss all claims. In 2024, six additional states — Illinois, Indiana, New York, North Carolina, Tennessee and Wisconsin — joined the lawsuit.
Mariner personal loan customer reviews
As of September 2024, Mariner Finance has 4.2 stars on Trustpilot, a website that collects consumer reviews. Customers mention positive experiences with the company’s customer service team. The lender’s mobile app received 3.8 stars across over 600 reviews on Google Play and 4.4 stars across 1,000 reviews on Apple’s App Store.
Do you qualify for a Mariner personal loan?
Mariner Finance doesn’t publicly disclose many of its qualification requirements. To apply for a Mariner personal loan, you need:
A valid, government-issued photo ID.
A Social Security number.
Proof of residence.
Proof of income.
Your most recent tax return and bank statements, if self-employed.
Before you apply
Check your credit. You can get your free credit report on NerdWallet or at AnnualCreditReport.com. Doing so will help you spot and fix any errors before you apply.
Calculate your monthly payments. Use a personal loan calculator to determine what APR and repayment term you’d need to get a loan with affordable monthly payments.
Make a plan to repay the loan. Review your budget to see how the loan’s monthly payments impact your cash flow. If you have to cut other expenses in order to repay the loan, it’s better to know that before you borrow.
Gather your documents. Most lenders require proof of income, which can be a W-2 or paystub, as well as proof of address and a Social Security number. Having these documents handy can speed the application process.
How to apply for a Mariner personal loan
Here are the steps to apply for a Mariner loan.
Pre-qualify on Mariner’s website. Select “Apply Now” on the lender’s website and choose your loan amount and the reason for the loan. Then, enter personal information like your name, address, email, date of birth and Social Security number. There is no hard credit pull at this stage.
Preview loan offers. If you pre-qualify for a Mariner personal loan, review the loan offers and make sure the terms fit within your budget. To accept a loan offer, you’ll submit a formal personal loan application. This could require more documents, like W-2s, pay stubs and bank statements to confirm the information you gave during pre-qualification. In some cases, the lender may refer you to a branch to complete your application. Mariner will also do a hard credit check when you apply, so your credit score could temporarily dip.
Make a plan to repay the loan. Because Mariner reports payments to all three major credit bureaus, on-time payments will help build your credit score and missed payments will hurt it. Setting up automatic payments and keeping an eye on your budget are two ways to manage your loan payments.
Compare Mariner with other lenders
Personal loan lenders offer different rates, loan amounts and special features, so it pays to weigh other options. The best personal loan is usually the one with the lowest APR.
Both OneMain Financial and Avant offer loan amounts and repayment terms similar to Mariner.
OneMain Financial
Minimum credit score | None. |
APR | 18.00% - 35.99%. |
Fees |
|
Loan amount | $1,500 to $20,000. |
Repayment terms | 2 to 5 years. |
Time to fund after approval | 1 to 2 business days. |
Loan availability | Loans not available in AK, AR, CT, MA, RI, VT or Washington, D.C. |
Avant
» MORE: Read our review of Avant
Minimum credit score | 550. |
APR | 9.95% - 35.99%. |
Fees |
|
Loan amount | $2,000 to $35,000. |
Repayment terms | 2 to 5 years. |
Time to fund after approval | 1 business day. |
Loan availability | Loans not available in CO, HI, IA, MA, ME, NY, VT, WA and WV. |
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Find the Best Personal Loan
NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial technology companies and financial institutions. We collect over 50 data points and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.
