Best personal loans if you've filed bankruptcy
Mariner Finance specializes in providing personal loans for bad credit — close to 40% of Mariner Finance's customers have a FICO score of 620 or less. They’ll even consider you if you’ve filed for bankruptcy, as long as you meet other qualifying requirements.
The downside to taking out a personal loan with poor credit is you’ll often pay a higher interest rate. Mariner Finance charges borrowers that it considers high-risk up to 36% interest.
But there’s no harm in checking to see what rates you can qualify for, since Mariner Finance uses a “soft” credit pull to provide personalized rates. When requesting rates, be sure to note whether you’ll also be charged upfront origination fees, which will be reflected in the APR.
Check Out: Personal Loans for Bad Credit
Mariner Finance interest rates and loan details
Mariner Finance offers personal loans as small as $1,000 and as large as $25,000, depending on your state of residence. Although there’s no minimum credit score to qualify for a Mariner Finance loan, interest rates run as high as 36%, and you may be charged upfront origination fees.
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Best uses for Mariner Finance personal loans
Mariner Finance advertises that its personal loans can be used for:
The company has relationships with thousands of retailers and home improvement contractors across the country, who recommend Mariner Finance loans to pay for goods and services.
But given the high interest rates many borrowers will pay, Mariner Finance loans may be best for unexpected emergency expenses like car repairs and medical bills.
There’s no prepayment penalty if you want to pay your Mariner Finance loan off early, which can be a smart move if you’re paying a high interest rate.
How to qualify
Mariner Finance is unusual in that it provides both unsecured and secured personal loans. If you’re having trouble getting approved, or are hoping to get a lower rate, you may be able to use your car or other valuable property as collateral for a loan.
About one-third of the loans Mariner Finance makes are secured by collateral. You can also apply with a cosigner, who does not have to be a family member.
An analysis of more than 100,000 recent Mariner Finance loans sheds some light on who the company likes to lends to, as well as the typical loan size and interest rate:
- Average FICO score: 631
- Average loan size: $2,698
- Average interest rate: 27.16%
If you live in one of the 24 states Mariner Finance serves*, you can obtain loans between $1,500 and $15,000 online. But you’ll have to visit a branch office if you’re looking for a loan that’s less than $1,500 or greater than $15,000.
When closing a loan at a branch office, you’ll be asked to bring:
- A copy of a valid, government issued photo ID like a driver’s license or passport
- Social Security card
- Proof of residence (a driver’s license, utility bill, or signed lease)
- Proof of income (paystubs or tax returns)
- Your recent tax return and copy of bank statements if you’re self-employed
If you’re eligible to complete your loan application online, funds can be deposited directly into your bank account within two days. If you close a loan at a Mariner Finance branch locations, you’ll be provided with a check.
Related: Secured vs. Unsecured Personal Loans
Repayment terms
Mariner Finance offers loan repayment terms of up to five years. Although a longer repayment term can help make your monthly payments more affordable, keep in mind you’ll typically pay more in interest.
When you take out a loan from Mariner Finance, you don’t receive a monthly statement. Instead, you’ll access your account information and make payments through Mariner Finance’s website or your local branch.
You may be charged fees in some states if you make one-time online payments or phone payments. You can avoid those fees by setting up automatic payments from your banking account.
How Mariner Finance compares to other lenders
How to take out a personal loan with Mariner Finance
Before you apply for a loan with Mariner Finance, you can improve your chances of getting the best rate by reviewing your credit report and fixing any issues that could be hurting your credit score.
Mariner Finance will provide rates when you authorize a soft credit inquiry, which doesn’t hurt your credit score. If you see a loan you want to apply for, you’ll be asked for permission to do a hard credit pull, which has only a minor impact (five points or less) on most people’s credit scores.
Because no two lenders evaluate borrowers the same way, it’s smart to compare rates from multiple personal loan lenders. Mariner Finance isn’t one of Credible’s partner lenders, but you can use Credible to fill out a single form in two minutes and compare prequalified rates from other online lenders who offer personal loans for fair credit.
Check Out: How To Build Credit
How Mariner Finance can improve
Although Mariner Finance is willing to work with many borrowers who can’t get loans from other lenders, it could improve its services by:
- Serving borrowers in more states*
- Not requiring borrowers seeking larger loans to visit a branch office
- Providing more transparency on upfront origination fees
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