Mariner Finance Personal Loans: 2024 Review | Bankrate (2024)

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At a glance

What’s new with Mariner Finance?

As of April, 11 states and Washington, D.C. have filed a lawsuit against Mariner Finance alleging violation of consumer protection laws. The suit claims the company charged extra for products that consumers didn’t request. A court denied Mariner Finance’s motion to dismiss all claims, allowing the lawsuit to proceed. The company, meanwhile, disputes the allegations. Mariner Finance states the Federal Trade Commission and multiple state attorneys general investigated similar claims in 2018 and took no action.

Mariner Finance is best for small secured and unsecured loans

Borrowers may qualify for secured and unsecured loan amounts as small as $1,000 but no higher than $25,000. A majority of personal loan companies set a higher minimum amount. The company also allows co-signers, who do not have to be family members.

Secured financing is available on used cars as long as they are no more than 10 years old. Consumers can take out a Mariner Finance personal loan online or in person at one of the branch locations.

Mariner Finance personal loan purposes

Customers can use Mariner Finance personal loan funds for many purposes. They might consolidate debt, make home improvements, cover emergencies or pay for a dream vacation or wedding.

Funds can’t be used for:

• Higher education costs.
• Business expenses.
• Gambling.
• Illegal purposes.

Where Mariner Finance stands out

• Low loan amount minimum. Mariner Finance’s minimum loan amount is lower than what’s offered by other personal loan lenders, making it a good choice for smaller funding needs.
• Option for co-signer. Mariner Finance is one of few lenders that allows co-signers who aren’t family members. Most lenders either require you to verify the relationship with the co-signer, if they allow them at all.
• Secured and unsecured choices. If the rate on unsecured loan options isn’t attractive, you can pursue a secured loan. It may come with lower annual percentage rates (APRs) or better terms. The company offers financing on new and used cars as well.
• 15-day satisfaction guarantee. Mariner Finance is one of the few lenders to offer a satisfaction guarantee. If for any reason a customer is unhappy with the loan they take out, they may return it within 15 days. All finance charges are waived and there are no penalties with the guarantee.

Where Mariner Finance falls short

• Rates, repayment terms and fees aren’t published. There is no information on the lender’s website regarding APRs or fees. Bankrate’s editorial team verified the lender details with a Mariner Finance representative.
• Not available in all states. Mariner Finance loan products are only currently available in 28 U.S. states.
• Limited maximum loan amount. You’ll need to choose a different lender if you need more than $25,000, which is the lender’s maximum loan amount.
• Higher starting APRs than other lenders. If you have excellent credit, you’ll want to choose a lender that offers an APR below Mariner Finance’s 18.99 percent minimum. Given the current average personal loan rate is around 12 percent, Mariner Finance’s minimum does not impress.

Mariner Finance customer experience

Customer support

The customer support section of Mariner Finance’s website provides a toll-free number but doesn’t list hours of operation. Customers may also fill out a form to submit an information request. Or, they can search for a Mariner Finance branch in their area to get their questions answered in person.

Digital experience

Mariner Finance offers a phone app that allows customers to track their application and loan payments on a smartphone. Users on the App Store give it a 4.5-star rating. The app is specifically designed for personal loan account management.

What people are saying about Mariner Finance

Among customer reviews hosted on Feefo on Mariner Finance’s behalf, the company scores 4.8 out of 5 stars. A large majority of the 206 reviews left in the last year were positive. Happy customers on Feefo and Trustpilot mentioned a smooth and rapid application and approval process.

Among negative reviews, several customers mentioned feeling pressured to add insurance products to their auto loans. The 12-state lawsuit against Mariner makes similar claims. It alleges Mariner employees will falsely tell customers such add-ons are mandatory — or add them to loans without consent.

As with any lender, you should carefully review any loan offer from Mariner and ensure you understand each fee and charge.

Do you qualify for a Mariner Finance personal loan?

The basic qualification process requires you verify your income and have your credit pulled. There are a few requirements unique to Mariner Finance personal loans.

• Your vehicle must be no more than 10 years old to qualify for a loan secured by your auto.
• You must live in one of the 28 states where Mariner Finance does business.

How to contact Mariner Finance

You can reach Mariner Finance by phone at 800-373-4004 or by visiting the nearest branch. Its hours of operation are not disclosed on the website.

You can also submit a form on its website under the "customer support" tab. Here, you'll be able to submit any questions, concerns or complaints you have, and a customer representative will contact you via the information you provide.

How to apply for a personal loan with Mariner Finance

1. Get a quote

Use Mariner Finance’s online application, apply online or find a branch in your area.

2. Add information and finalize your application

Documents can be uploaded through the lender’s app, online or in person with a Mariner Finance loan officer. You may need information about your vehicle if you apply for a secured loan.

3. Review the loan details

Check the APR and repayment terms before signing your loan agreement. You can track the application's progress and set up your payments through the Mariner Finance app.

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