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When applying for credit, it is very important that you understand the type of information that will be asked of you. By knowing common application terms and their meanings, you will be prepared with the proper information and have the knowledge and confidence to understand why this information is important. Our branch managers helped us define a list of terms you should expect to hear during the application process. If you are still confused after reading, don’t hesitate to contact one of our loan professionals today.

Amount Financed: The total amount of credit that is being granted on the borrower’s behalf.

Amount Requested: The dollar amount of credit you as the applicant want to obtain.

Annual Percentage Rate (APR): Amount of interest expressed as a yearly rate.

Applicant: A person in need of a loan, but has not been approved or denied yet.

Assets: Anything that is of positive economic value. These could be tangible or non-tangible items.

Borrower: A person who is approved for a loan and now has a contractual agreement with a lender.

Co-Applicant: An additional applicant (see above definition) on the loan application. If the loan is granted, this now co-borrower is equally responsible for repayment of the loan.

Finance Charge: Amount the credit will cost the consumer if the loan is repaid as agreed.

Gross Monthly Income: How much you make before taxes.

Individual Credit: Money applied and/or granted to one person.

Joint Credit: Money applied and/or granted for more than one person.

Loan Application: An official request for credit (either verbally or in writing) that you, as an applicant, must make to a lender in order to be considered for a loan. The information provided in the application allows the lender to evaluate and approve or deny your request.

Liabilities: Financial obligations.

Net Monthly Income: How much you make after taxes and deductions.

Personal Property: Your belongings that could be worth something of positive value.

Still have questions? Contact your local Mariner Finance branch today to speak with a knowledgeable member of our team. At Mariner Finance we make loans for any reason, and will work with you to find a solution that best meets your budget and your needs. Apply for a loan online today.

Blog posts are for informational purposes only.


†We offer personal loans from $1,000 to $25,000, with minimum and maximum amounts dependent on an applicant’s state of residence and the underwriting of the loan. Loans between $1,500 and $7,000 may be funded online. Loans greater than $7,000 or less than $1,500 are funded through our branch network. Specific interest rates and fees are determined as permitted under applicable state law and depend upon loan amount, term, and the applicant’s ability to meet our credit criteria, including, but not limited to, credit history, income, debt payment obligations, and other factors such as availability of collateral. Not all rates and loan amounts are available in all states. Not all applicants will qualify for the lowest rates or larger loan amounts, which may require a first lien on a motor vehicle not more than ten years old titled in the applicant’s name with valid insurance.

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. As a result, under our customer identification program, we must ask for your name, street address, mailing address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

*The process uses a “soft” credit inquiry to determine whether a loan offer is available, which does not impact your credit score. If you continue with the application process online and accept a loan offer, or are referred to a branch and continue your application there, we will pull your credit report and credit score again using a “hard” credit inquiry. This “hard” credit inquiry may impact your credit score.

**15 Day Satisfaction Guarantee: If, for any reason, you are dissatisfied with your loan and repay it in full within 15 days we will waive all finance charges with no penalties. Your repayment amount must be in the form of cash or certified funds.

California Residents: Loans made or arranged pursuant to a California Financing Law license.




Mariner Finance, LLC, NMLS No. 166564 (www.nmlsconsumeraccess.com)
8211 Town Center Drive, Nottingham, MD 21236. Telephone Number 877-310-2373.

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