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Is Mariner Finance Legit? (Complete Review)

Looking to get a loan and thinking if Mariner Finance is the right lender for you or not? Then, this guide is for you.

Unfortunately, getting a loan is not straightforward anymore because lenders impose hidden fees, high interests, etc. Some fraud companies also continue to trouble you even if you pay back every cent.

But Mariner Finance is a 100 percent legit finance company. It offers secured and unsecured loans to everyone, including those with bad credit scores. Plus, it reports to credit bureaus, so you can improve your credit score by returning the loan on time as well.

However, there are some problems with Mariner Finance as well.So, continue reading to find out whether it’s the right lender for you.

Key Takeaways

  • Mariner Finance offers up to $25000 loans.
  • It has 480+ branches in 27 states.
  • You can apply for loans in three ways:
Official Website Via Apps In-Person
Go to Mariner Finance Official website.Click on “Apply Now.”Choose the Amount.Enter personal information.Choose a loan offer. Download the Mariner Finance app from Google Play Store or App Store.Choose “Apply Now.”Select the Amount.Fill in the details.Select the offer you like. Go to the nearby Mariner Finance branch and apply in person.
  • Mariner Finance sends loans in three ways:
Direct bank Deposit Mails you a Check You have to visit the Mariner Finance branch to get a check.

Why Is Mariner Finance Legit? Top Reasons

Mariner Finance is undoubtedly a credible finance company because of the following reasons:

Company Details Are Authentic and Open For All

Mariner Finance does not hide any details. You can go to the company’s official website and read all the information about loans, fees, privacy policies, community guidelines, etc.

Furthermore, you can easily contact Mariner Finance’s agent by dialing:

  • 800-373-4004
  • 877-310-2373

If you don’t want to call, then you can submit your inquiry to the customer support.

Offers Both Secured and Unsecured Loans

Unlike some other lenders, Mariner Finance offers you both secured and unsecured loans. You can get:

You are eligible to borrow up to $25000, but only if you fulfill certain criteria.

Don’t worry; your loan can get approved despite your low credit score. However, the company still does a soft credit check.

If your credit score is decent (let’s say above 650), you can get a better loan. But if it is poor, then the company will less likely take the risk of loaning you $25000. You may still get an offer but a lot less.

Note that Mariner Finance feels safe in loaning money if you go for secured loans. But to get it, you must put up collateral like a car or house.

It means if you don’t pay your loan, your car or house will become the property of Mariner Finance.

Moreover, you also have an option of co-application to get a secured loan. In this, a friend or family member co-signs your loan application.

In most cases, Mariner Finance offers loans with better rates if a person vouches for you. However, the co-signer will have to pay the money back if you are unable to.

Have Physical Presence

Another reason Mariner Finance must be considered legit is that it has a physical presence. The company has more than 480 branches in 27 states. You can find the nearby Mariner Finance branch’s location by visiting the Branch Locator page on the official website.

However, if you live in these 23 states, your loan won’t get approved:

  • Alaska
  • Arkansas
  • Colorado
  • Connecticut
  • Hawai
  • Idaho
  • Iowa
  • Kansas
  • Maine
  • Michigan
  • Massachusetts
  • Minnesota
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • North Dakota
  • Rhode Island
  • South Dakota
  • Vermont
  • West Virginia
  • Wyoming
  • Washington, D.C.

Reports to Credit Bureaus

Mariner Finance reports to all three major credit bureaus, which means paying the loan on time can improve your credit score. But this also means that missing the payments will negatively impact it as well.

Flexible Repayment Duration

Another thing that increases the legitimacy of Mariner Finance is that it lets you choose a flexible repayment duration. You can pay the company back within 12 to 60 months (depending on your chosen plan).

Note that the longer the loan duration, the more fees/interest you will be paying.

Have Launched Mobile Apps

Mariner Finance has launched apps for Android and iPhone users, which they can download and use to keep track of payments.

Moreover, you can enable the “Auto-pay” option on the app to ensure you don’t miss any payments.

You can also view more programs, locate nearby branches, and get in touch with representatives easily as well.

Furthermore, applying for a new loan via apps is also simple.

Easy to Apply For Loan

Mariner Finance has kept the loan application process simple and straightforward.

If you want to get a loan of above $1500 and less than $15000, then follow these steps:

  • Open your browser and visit the Mariner Finance Official website.
  • Click on the “Apply Now” button.
  • Select the Amount.
  • Enter personal information like income, social security number, rent, etc.
  • Preview the loan offers.
  • Choose the offer that suits you best.

You can also use Mariner Finance apps to apply for loans.

  • Download the Mariner Finance app from Google Play Store or App Store.
  • Tap on “Apply Now.”
  • Choose Amount.
  • Fill in the details.
  • Select the offer you like.

If the loan amount is less than $1500 or more than $15000, then you will need to visit your local branch to apply.

Remember to take these documents with you:

  • Government-issued ID
  • Proof of Income
  • Social Security Card
  • Residency Proof (like bills or lease agreement)
  • Tax returns/bank statements

Can Get Money Without Hassle

Mariner Finance does not usually take more than one or two days to approve and transfer your loans. If you apply online, the company will send the money to your bank account and inform you about it.

If the loan is more than $15000, you may have to visit the branch to get the check.

In some cases, Mariner Finance sends you a check to your address. You can then sign at the back of it and take it to the local branch to cash it in.

15-day Satisfaction Guarantee

Mariner Finance offers a satisfaction guarantee. If you return the loan within 15 days, there won’t be any fee charged to you.

Positive Ratings on Review Platforms

Mariner Finance has received lots of 5-star ratings on different review platforms, like Trustpilot, WalletHub, etc.

The company also allows people to leave a review/rating on the official website too. The rating on Mariner Finance’s official website is 4.8 out of 5. More than 13,000 people have posted reviews on the official website, and 12,000+ of them are 5-star.

Problems with Mariner Finance- Why Some People Are Unhappy With It?

People have faced different issues with Mariner Finance, and it’s time to know what they are.

No Guarantee for Loan Approvals

Mariner Finance does not guarantee loan approvals. Your application can get rejection if:

  • Your credit history is extremely poor
  • You don’t have a source of income
  • You don’t have a social security number
  • You are under 18, etc.

If you want to increase the loan approval chances, you should bring a co-signer (who has a better credit score).

High-Interest Rates

Some people have complained about high-interest rates. Well, the APR is 18.99 to 35.99 percent (depending on your plan). Other lenders, like UpStart, Upgrade, etc., have lower APRs in their plans.

High Additional Fees

Mariner Finance imposes lots of fees on different things, including:

  • Late fees
  • Prepaid finance fees
  • Nonsufficient funds fee.
  • One-time online and phone payment fees.

Thankfully, there is no origination fee if you pay early.

Have to Make an In-Branch Visit for Loans Above $15000

You cannot apply online for loans above $15000. You have to visit Mariner Finance’s branch, which can be inconvenient and frustrating. 

Better Alternatives Are Available

You should consider and compare the loan plans of other lenders before deciding which one to choose.

The Upgrade can let you borrow up to $50,000 if your credit score is above 580. In comparison, SoFi offers up to $100,000 if your credit score is higher than 680. Similarly, Lightstream can also approve loans up to $100,000 if your credit is above 660.

However, you have few options available if your credit score is poor. Still, it is better to compare the loan plans before making a decision.

Final Words

All-Inclusive, Mariner Finance is a legit finance company that offers up to $25000 loans (no matter what your credit score is).

You can borrow by simply applying online or visiting a nearby branch.

However, there is no guarantee for loan approval. Plus, the APR and additional fees are high, which can hurt you financially.

Therefore, we recommend you compare Mariner Finance’s loan plans with others and then decide which one suits you!

The post Is Mariner Finance Legit? (Complete Review) appeared first on CFAJournal.



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