NerdWallet rating: 3.0 / 5.0
Good for: Bad credit, secured loan
Mariner Finance provides personal loans to borrowers with bad credit who can use the money to cover everyday expenses.
Mariner might be a good fit if:
- Your credit score is at least 600
- Your annual earnings are between $35,000 to $45,000, the average for a Mariner borrower
- You have an established credit history. The average borrower’s history is at least five years.
- You have access to a branch. Mariner Finance has branches in 20 states, and its affiliate, Pioneer Credit, has branches in eight states. The company offers online applications, but typically, borrowers must also visit a branch.
Mariner at a glance
|Typical APR||24.00% to 36.00%|
|Loan amount||$1,000 to $25,000|
|Time to funding||Typically one day|
|Origination fee||Varies by state|
|Soft credit check with application?||No|
Mariner Finance is available in Alabama, Delaware, Florida, Illinois, Indiana, Kentucky, Louisiana, Maryland, Missouri, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia and Wisconsin.
Pioneer Credit is available in Alabama, Georgia, Kentucky, Louisiana, Mississippi, South Carolina, Tennessee and Texas.
Mariner Finance personal loan review
To review Mariner Finance, NerdWallet collected more than 30 data points from the lender, interviewed company executives, completed the online loan application process with sample data, and compared the lender with other companies that seek the same type of customer or offer a similar product. Loan terms and fees may vary by state.
Rather than using computer algorithms to assign rates to borrowers, Mariner has loan officers to assess and approve applications, giving people in tough financial situations a chance to explain their circumstances, says Joshua Johnson, the company’s president and CEO.
Mariner’s annual percentage rate starts at 24%, which is one of the highest among lenders that serve borrowers with bad credit. But the actual interest rate a borrower pays depends on many underwriting factors — including credit history, income and other debts — that each loan officer weighs differently. Mariner might be able to make a competitive offer or underwrite a loan that other lenders will not.
Mariner lets borrowers add a co-signer to strengthen their applications. A co-signer does not need to be a family member. OneMain is another lender that accepts co-signers.
Mariner also considers applicants who have filed for bankruptcy in the past.
For loans above $10,000, Mariner requires borrowers to secure the loan with a car or other asset as collateral. Before you take this option, learn about the pros and cons of a secured personal loan.
How to apply for a Mariner Finance loan
Mariner’s online application takes a few minutes to complete. Select your state and enter your personal information such as Social Security number and birthdate. Mariner does a hard credit check, which can negatively affect your credit score.
Apply with Mariner Finance:
Apply with Pioneer Credit:
More about Mariner Finance
Mariner Finance loan requirements
- Minimum credit score: 600
- Minimum income: None specified; average is $35,000 to $45,000
- Minimum credit history: Not provided, but typically five years or more
- Debt-to-income ratio: Not provided
Mariner Finance terms
- APR range: 24.00% to 36.00%
- Loan amount: $1,000 to $25,000 (varies by state)
- Loan duration: 1 to 5 years
Mariner Finance fees and penalties
- Origination fee: Varies by state
- Prepayment fee: None
- Late fee: Varies by state
- Personal-check processing fee: Varies by state
- Insufficient funds fee: Varies by state
Before you take a personal loan
Updated May 4, 2017.
Personal Loans Ratings Methodology
NerdWallet’s ratings for personal loans awards points to lenders that offer consumer-friendly features, including: soft credit checks, no origination fees, payment options, short time to funding, interest rate caps of 36%, and absence of prepayment penalties. Features are considered for their positive impact on consumers’ credit history and financial health. To ensure accuracy and consistency, our ratings are reviewed by multiple people on the NerdWallet Personal Loans team.
— Among the very best for consumer-friendly features
— Excellent; offers most consumer-friendly features
— Very good; offers many consumer-friendly features
— Good; may not offer something important to you
— Fair; missing important consumer-friendly features
— Poor; proceed with great caution