Personal loans from Mariner Finance are available to borrowers with bad credit, but they come with hefty interest rates and costs, making them a less-than-ideal solution for most people. The repayment period can last anywhere from one to five years.
Some of the lender’s methods are potentially harmful to consumers, such as mailing checks to potential borrowers to give unsolicited loans and marketing credit insurance.
Borrowers who qualify for Mariner finance include those who:
. Have a poor credit rating.
. Want to add a co-signer or secure the loan?
. I am unable to obtain a loan with a lower APR.
Where does Mariner Finance distinguish apart from the crowd?
Applicants can acquire a personal loan with a car or add a co-signer to their application to get a cheaper interest rate or a higher loan amount. If you don’t pay back the debt, both options have penalties. A secured loan could result in the lender seizing your vehicle, and a co-signer could be held liable for missed payments.
To pre-qualify, Mariner uses a soft credit check, which allows borrowers to view their possible rate and amount without damaging their score. Without seeing an offer, certain applicants may be forwarded to a branch.
Money-back guarantee: Borrowers can return their loan without paying any fees or interest if they return it within 15 days of receiving it. Lenders rarely offer this choice.
Mariner Finance’s shortcoming
According to customer service representatives, you may be charged a loan origination fee as well as costs for non-sufficient funds or making a one-time payment by phone or online, depending on your state. Late fees are widespread in personal loans, and origination costs are frequent among bad-credit lenders, but you’d be hard-pressed to find another lender that charges you for making a payment.
Borrowers can apply for loans between $1,500 and $15,000 online, but sums outside of that range will require a visit to a location. This is not required by the majority of internet lenders.
Transparency: Mariner’s website does not properly explain its rates, terms, or fees, making it impossible for borrowers to compare its loans to those offered by competing lenders.
The lender is only available in a few states: it does not operate in 25 states or Washington, D.C. Other types of internet loans are increasingly common.
No chance to change your payment date: According to customer support professionals, you can choose a first payment date within 30 to 45 days of signing the loan agreement, but that date will be the date for the duration of the loan. Lenders’ policies on payment dates differ, although some may allow you to set a date and then amend it afterwards.
Mariner Finance: What You Should Know
Mariner employs a loan-by-mail offer, or “live check,” that may be signed and redeemed by the recipient to reach out to new consumers. There is no need to fill out an application for this loan. Rather, Mariner claims it seeks out customers who match its underwriting criteria, which include debt payback history and credit score.
Mariner’s loan-by-mail program has been the subject of multiple customer complaints, according to the Consumer Financial Protection Bureau.
Optional insurance: Mariner Finance offers credit insurance to borrowers, which covers your debt if you are unable to pay due to unforeseen circumstances such as job loss, illness, accident, or death.
This insurance, however, will increase your loan expenses and may not be essential if you already have life or health insurance.
What are the requirements for a Mariner finance loan?
Many of Mariner Finance’s borrower requirements aren’t made public. Due to the lender’s focus on bad-credit consumers, people with a FICO score of 629 or lower may be eligible. The lower your rate is, the better your credit score and income are.
A two-year, $6,000 loan with a 25.3 percent APR would result in $321 in monthly installments. That loan would cost you $1,704 in total interest.
How can I apply for a Mariner finance loan?
Select “Check My Offers” on the Mariner finance website to apply. After that, you’ll be asked to select a loan amount and directed to a pre-qualification application.
Compare loans to obtain the best rate for you, Pre-qualifying can help you acquire customised prices from a variety of lenders who work with us, but it has no effect on your credit.