Skip to Content
Icon LockIcon Lockicon-branch-logo-marinericon-branch-logo-pccicon-branch-logo-pfcIcon BullseyeIcon Credit CardIcon HouseIcon LockIcon LockIcon Lockicon-logo-whiteMagnifying GlassMagnifying GlassMagnifying Glassicon-pfc-logo-whiteicon-pioneer-logo-whiteIcon Wheel

Person budgeting and considering a personal loan.

Personal loans can help with unexpected expenses, home improvements projects, and purchasing a car.  Did you know that personal loans may also help your credit score? Installment loan history and on time payments are ways to help raise your credit score and improve your borrowing power.  Paying your personal loans as agreed generates positive reports that are sent to credit bureaus monthly, helping you build credit worthiness. Personal loans, when used responsibly, can help boost your credit score and financial well-being.

According to Equifax, your credit score is made up of several factors and different scoring models. Here is a general breakdown of the factors the models consider:

  • Payment History: 35%
  • Used Credit vs. Available Credit: 30%
  • Type of Credit Used: 15%
  • New Credit: 10-12%
  • Length of Credit History: 5-7%

Why your credit score is important

Your credit score is important because it is used to establish how you manage your financial responsibilities. It may be used by not only creditors, but also insurers, employers, and others. According to a recent report (Download Adobe Acrobat Reader to open PDF file) from the Federal Reserve, lenders may use the your credit score and report to decide whether to extend credit, employers may use it to make hiring decisions, and service providers, such as utility companies, may use the information to decide whether or not to provide certain services to you.

How Personal Loans can help your score

Personal loans can help you build your credit score several ways. Opening an installment loan and paying as agreed, helps prove to lenders that you are creditworthy. Paying your bills on time is a way to show you can handle credit responsibly and is the most heavily weighted factor in determining your credit score. Setting up automatic payments is one of the easiest way to ensure your payments are made on time each month. Consolidating debt into one personal loan payment also makes it easier to manage, remember, and make your payments on time.

Personal Loans build your credit mix

Another important, but frequently overlooked factor of your credit score is the type of credit used. Personal loans can help diversify your credit portfolio. Having a good mix of credit can help boost your credit score and further prove to lenders that you can manage different types of accounts.

Personal Loans help the length of your credit history

Although personal loans are considered short-term loans, they do help build the length of your credit history. Most personal loan terms span time periods of 12-36 months, helping show creditors your ability to pay and manage accounts over time.  Consistent commitment is helpful in building credit and your credit score.

Get the financing you need while building your credit and credit score.

Could a personal loan fit your current situation? A personal loan might not only help you take care of expenses, it could also help you improve your credit if used responsibly. We’ve made it simple to apply. You can apply online, by phone, or by visiting one of our branch locations. Our staff can help you find a solution for your unique situation.

Blog posts are for informational purposes only.

†We offer personal loans from $1,000 to $25,000, with loans terms from 12 to 60 months. Minimum and maximum amounts dependent on an applicant’s state of residence and the underwriting of the loan. Loans between $1,500 and $15,000 may be funded online. Loans greater than $15,000 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. Additional fees may apply to some loan offers; some state required and/or permitted fees may be treated as prepaid finance charges. Any such charges shall be in addition to the loan amount requested and/or approved and shall be fully disclosed to the applicant on his/her loan agreement. 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. Our loan by phone and online closing process requires a compatible mobile or computer device on which you can access your email and electronic documents. Not all loan types are eligible for loan by phone or online loan closing.


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.



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

VA Residents – Mariner Finance of Virginia, LLC, Licensed by the Virginia State Corporation Commission, Consumer Finance Company License No. CFI-114.


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

Equal Housing Lender

Mariner Finance provides this link for your convenience and is not responsible for and makes no claims or representations regarding the content, terms of use, or privacy policies of third party websites.