While looking for U. S. personal loan options, you might have encountered Mariner Finance. In this blog, we discuss what is offered by Mariner Finance, how it works, its advantages and disadvantages, who it is most suitable for, and important tips for deciding whether it may be right for you.
What Is Mariner Finance?
Mariner Finance is in the consumer finance business in the United States. It offers personal loans, auto loans, home improvement loans, and debt consolidation. This company works both online and through its local branches and currently serves customers in more than 25 states.
It promotes a quick-and-easy process for applying for loans, hardly taking five minutes. Also, checking your loan offer will not harm your credit score.
The company also offers a 15-day satisfaction guarantee. So, if you’re unhappy with the loan, you can simply return the money within 15 days without paying any fees.
From Federal law, loan amounts are usually from $1,000 to $25,000, and the usual terms are 12 to 60 months. However, depending on your particular state, these amounts and terms may vary as regulations may differ.
How Does Mariner Finance Work?
A simple explanation of how Mariner Finance operates:
- Apply online or in person
To begin, you can start applying on the Mariner website, or alternatively, visit a branch near you.
- Review your loan offers
If you qualify, then you will receive loan offers that are personalized for you, based on your credit information.
- Accept your loan; receive your funds
After accepting the offer, Mariner will verify you. From there, there will either be a swift payout to your bank account or you can go to a local branch and collect the funds via check.
- Repay the loan
Repay your loan over the term you select. Mariner clearly states it charges no premature fees for prepayment, so you can refinance and pay off your loan early without any extra cost.
Some customers complain that paying early or paying extra may not really reduce interest the way they think it should. So a good question to ask before signing on the dotted line is how additional payments may be applied.
Pros & Strengths of Mariner Finance
Here are a few of the advantages of working with Mariner Finance:
- Credit accessibility
In some cases, loans may still be available for borrowers with bad credit or bankruptcy.
- No penalties for prepayment
You may pay off your loan early and not be charged a penalty.
- Co-signers are permitted
You can add a co-signer to strengthen your creditworthiness or secure better terms.
- Fast decisions and funding
Lenders can approve many applicants quickly, and they may even issue funding on the very same day.
- Branch Access
Unlike many online-only lenders, Mariner operates local branches where you can meet with someone in person.
Risks, Criticisms, and Legal Challenges
Although Mariner Finance has its advantages, some risks and possible disadvantages cannot be overlooked.
- High-interest rates
Mariner loans will usually carry high APR rates from 18.99% to 36% or higher. These can be costly if your credit situation is already tight.
- Lawsuits and legal complaints
Different states filed suits against Mariner, accusing it of unfair lending practices such as automatically placing unwanted insurance or loan protection on borrower accounts and pushing loan refinance at the expense of clients to increase profits.
- Hidden costs and hidden fees
Some users state they were never fully apprised of the rates, fees, or premises of the loan they were undertaking.
- Customer service issues
Most customer review sites report that customers often struggle with reaching customer service, making payments, or tracking their outstanding loan balance. For example, some customers said Mariner Finance did not properly apply their extra payments toward reducing the loan balance.
Because of these concerns, it is now important to go through your contract carefully and inquire about any fees that could be unclear or loan terms prior to accepting the loan.
Who Should Consider Mariner Finance?
Mariner Finance might make sense in any of the following situations:
- When you have less-than-perfect credit but still need to borrow money.
- “If you prefer face-to-face communication at a nearby branch.
- You need an average loan amount, and you can pay it back on time.
- You feel comfortable reading through a thorough loan agreement.
On the other hand, one probably should avoid Mariner Finance if:
- If you have strong credit, you’ll likely qualify for loans with much lower interest rates from other lenders.
- Trying to dodge costly interest and sneaky fees is understandable.
- Living in a state outside Mariner Finance’s service area means you can’t apply there.
- You just do not have the time to review loan paperwork and ask a couple of questions.
Safety Tips for Using Mariner Finance
If you plan on acquiring a loan from Mariner Finance, here are some important points to consider for protecting your finances:
- Compare with other lenders
Don’t settle for the very first loan offer you get. Instead, seek to compare rates from any money lender, such as a credit union, bank, or internet lender.
- Check if they are licensed in your state
Mariner does not do business in all 50 states, so are they allowed to lend where you live?
- Check all fees and extras
Some accounts from borrowers state that Mariner added optional products (such as credit protection or insurance) without a clear explanation. Always review your final loan terms before signing.
Find out how additional payments are handled
While Mariner claims it charges no penalties for prepayment, you should find out how they apply additional payments. Sometimes, lenders apply extra payments to future interest instead of reducing the loan balance.
- Use the 15-day return policy
If you don’t feel comfortable with the loan, you can return the loan money within 15 days. This allows you to change your mind without penalty.
- Keep everything on paper
Preserve all documents and emails. Later on, if something comes up, having evidence will help you get matters settled faster.
- Where to file a complaint
You may report an issue to your state’s financial regulator or consumer protection agency.
Final thoughts
Mariner Finance offers line-of-credit personal loans to a broad spectrum of applicants, including those with impaired credit. It gives quick access to money and personal service at its branches. But their interest rates are astronomical, there are legal issues that keep mounting against them, and their customer service leaves much to be desired; hence, you must tread cautiously.
Make sure you compare Mariner Finance with other alternatives before applying, and carefully read each term in your agreement. Ask yourself: How will I apply my payment? Are there any hidden fees? Is this an add-on product? If you use Mariner Finance responsibly, it can help meet urgent financial needs. However, if you misuse it, the potential pitfalls can easily outweigh the benefits.
