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How do personal loans work?
With personal loans, the consumer pays off the loan balance at a fixed rate over a fixed period of time. This type of installment loan can be secured by an asset or have a co-signer; or it can be unsecured (based on credit history and other factors).
These are loans that meet an individual need as opposed to a business need.
Secured versus Unsecured Loans
You may qualify for a lower rate and/or a higher loan amount if you are approved for an auto secured loan versus an unsecured loan. See below for more information or reach out to your local branch if you have questions.
What is the difference between an unsecured loan and a secured loan?
A secured loan means you are pledging something of value as an assurance that your loan will be repaid according to the agreed terms and conditions. Assets such as cars can be used as collateral, and, in some instances, the lender can place a lien on the asset, which will remain until the loan has been paid in full, including interest and all applicable fees.
It’s important to remember that if you are unable to repay a secured loan, the lender may be able to sell the pledged collateral to pay off all or part of the loan.
Unsecured loans are loans that do not require the borrower to pledge any collateral. Unsecured loans are sometimes considered riskier because there is no property or assets to recover in event of default. If you have been turned down for an unsecured loan, you may still be able to obtain a secured loan if you have an asset that can be used as collateral.
How our personal loans work.
Whether secured or unsecured personal loans, our loans give you the benefit of a monthly payment with a fixed interest rate, making it easier to manage expenses. The process is a simple one: apply for a personal loan and receive a quick decision.
why apply for a loan at Mariner Finance?
We recognize that people are short on time, so we respond with answers and solutions quickly. We also realize everyone has their own experiences and circumstances, so we take the time to get to know the person behind every personal loan. And we provide resources that make people more informed borrowers. Simple, but true.
I received excellent service when working with your representatives. They were highly professional in their demeanor, patient and quite knowledgeable when explaining the requirements for applying and completing the loan application.
How has Mariner come through for you?
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Making personal loans sense.
Got questions? Get answers.
What is the minimum amount I can borrow? How long does an application take? Is there a prepayment penalty?
Ready to speak to a person—in person?
You have your own unique goals to meet, and it all starts with a 5 minute conversation with one of our team members. You can reach us directly at 877-310-2373.
What is a personal loan?
Great question. It’s a loan that may help you deal with an unexpected expense, see a new part of the world, or simply help you achieve your personal goals. We have those.
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