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Mariner Finance personal loans
3.0
★★★★★
Finder score
Max. Loan Amount
$25,000
APR
18.99% to 36%
Min. credit score
Not stated

Our verdict

This lender offers loans to borrowers with bad credit, but it has some major red flags.

Mariner Finance is a branch-based lender offering personal loans up to $25,000, and it doesn’t charge prepayment penalties. It also accepts borrowers with bad credit or bankruptcies, and it’s welcoming to self-employed workers. However, it’s been accused of predatory lending practices and is currently involved in a multi-state lawsuit. It’s also not very transparent about its most basic loan information, which feels questionable.

Pros

  • Accepts bad credit and bankruptcies
  • Accepts self-employed income
  • No prepayment penalties

Cons

  • Charges origination fees
  • Not transparent about rates
  • It’s being sued by multiple states

In this guide

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Is Mariner Finance legit?

Mariner Finance is a branch-based lender that has licenses to operate in 27 states. It’s been in business since 2010 and has managed billions of dollars in loans. But, it’s currently in the midst of a multi-state lawsuit that has some very serious allegations.

Most notably, it is accused of charging consumers with add-on products that they didn’t agree to and weren’t aware of, adding thousands of dollars to the original amount they borrowed. The lawsuit also alleges that — due to high sales quotas and incentives — Mariner Finance rushes customers through the loan closing, not giving people enough time to read the loan agreement.

Although the lawsuit is still pending, we can’t recommend a lender that has 11 states accusing it of such predatory and dishonest lending practices. Plus, you have many other personal loan options to explore.

If you pursue a loan from Mariner Finance, read your loan agreement carefully to make sure there are no hidden fees or costs. Chances are, it will be operating on its best behavior, given the lawsuit, but it’s also your responsibility to know what you’re getting into.

Where Mariner Finance falls short

Mariner Finance has quite a few red flags. For starters, its website doesn’t reveal basic loan details like its loan terms or interest rates. You have to dig pretty deep to read that its rates can go as high as 36%, although some customer complaints suggest that rates may get even higher.

It also has a questionable marketing tactic where it sends out live checks to “prequalified customers,” and if you cash or deposit it, you’ve just entered into a loan agreement. If it’s that easy to get a loan, it may come with some unfavorable strings attached.

Plus, it has that lawsuit hanging over its head. In a nutshell, Mariner Finance is being accused of unlawful commercial practices and making false promises and misrepresentations, costing its customers thousands of unexpected dollars.

Alternatives to Mariner Finance

If you decide not to proceed with Mariner Finance, you may want to consider one of these personal loan lenders.

Name Product USFPL Filter Values APR Min. credit score Loan amount
Best Egg personal loans
Finder Score: 3.8 / 5: ★★★★★
Best Egg logo
7.99% to 35.99%
640
$2,000 to $50,000
Fast and easy personal loan application process. See options first without affecting your credit score.
Upstart personal loans
Finder Score: 4.2 / 5: ★★★★★
Bankrate logo
7.40% to 35.99%
300
$1,000 to $50,000
This service looks beyond your credit score to get you a competitive-rate personal loan.
SoFi personal loans
Finder Score: 4.4 / 5: ★★★★★
Bankrate logo
8.99% to 29.49% fixed APR
680
$5,000 to $100,000
A highly-rated lender with competitive rates, high loan amounts and no required fees.
Upgrade
Finder Score: 4 / 5: ★★★★★
Upgrade logo
9.99% to 35.99%
580
$1,000 to $50,000
Check your rates with this online lender without impacting your credit score.
LendingPoint personal loans
Finder Score: 3.3 / 5: ★★★★★
Bankrate logo
7.99% to 35.99%
Not stated
$2,000 to $36,500
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
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What makes Mariner Finance shine?

While we can appreciate that Mariner Finance offers loans to borrowers who may have trouble getting loans elsewhere, it appears to take advantage of vulnerable people. Other lenders offer more transparent loans — including loans for people with poor credit — so you may be better off exploring alternatives to Mariner Finance.

Mariner Finance loan details

Minimum credit score/credit rangeNot disclosed
APRUp to 36%
Loan amount$1,000 to $25,000
Terms12 to 60 months (based on outside sources)
Approval turnaroundWithin 3 business days
Availability
FeesOrigination fees
Late or NSF penalties
Other feesNot disclosed

Mariner Finance contact info

Phone number877-310-2373
Customer service hoursNot stated
Emailcontactus@marinerfinance.com
Twitter@MarinerFinance
Facebook@marinerfinance

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How to qualify for Mariner Finance

The requirements to qualify for a loan through Mariner Finance are pretty standard.

  • Be at least 18 and a US resident
  • Live in a state serviced by the lender
  • Have a valid, government-issued ID
  • Have a valid Social Security number
  • Provide proof of residence
  • Provide proof of income

How to apply

To apply for a loan through Mariner Finance, you can call, start the application online or visit a branch office. If you apply online, expect to follow these steps:

  1. Visit Mariner Finance’s website, select on Apply Now and fill out the online application.
  2. Wait while Mariner Finance reviews your application and performs a soft credit check.
  3. Review your expected rate and loan offer if qualified.
  4. Proceed with the full application if you approve of the rates and terms. Mariner conducts a hard credit check to determine final approval.
  5. Receive the money in your account if approved, or you can pick up a check at a local branch.

Mariner Finance reviews and complaints

BBB accredited No
BBB rating A+
BBB customer reviews 1.35 out of 5 stars, based on 137 customer reviews
Trustpilot Score 4.2 out of 5 stars, based on 542 customer reviews.
Customer reviews verified as of 02 October 2024

Satisfied customers on Trustpilot praise the fast and easy approval process and the professional and pleasant customer service. Others complain that the process took too long, they weren’t approved for as much as they prequalified for or that they were turned down without being given a good reason.

There were a few positive reviews on the Better Business Bureau, but the majority of comments were negative. There are a lot of complaints about high interest rates, billing issues, problems getting in touch with customer service and rude service, and accusations of predatory lending.

What do people on Reddit say?

A few people on Reddit said they’ve had good experiences with Mariner Finance, although some mention the high interest rates. Others suggest that it’s a predatory lender and offer a number of alternative lending possibilities to fellow Redditors.

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