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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?
Secured loans:
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:
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.
What are the types of personal loans?
A personal loan can meet a variety of needs, including medical emergencies, home improvement projects, vacations, weddings and debt consolidation. Mariner Finance has a solution that fits your needs. Check your personal loan offer online today.*
This type of loan helps streamline a variety of debt—from medical bills to credit card payments—into a workable, single monthly payment solution. Learn more about a loan for debt consolidation.*
Major appliance breakdowns, brake jobs, medical costs (people and pets), and plumbing repairs all have one thing in common. They tend to happen at the most inconvenient times. Learn more about our unexpected expenses loans.*
You might not always have sufficient funds to cover potentially value-enhancing investments like new countertops, flooring, or deck additions. We can help you make those upgrades happen with one of loans for home improvements.*
Eager to see more of the world, or just another part of the country? Ready to finally book that cruise? Due for a family reunion? Plan the trip you’ve been putting off with one of our vacation loans.*
Sometimes, love just can’t wait for your bank balance to catch up, and wedding costs are often more than we anticipate. Learn more about our wedding expenses loans.*
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 try to 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 to help 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.
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.
†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.
For any stated annual percentage rate (“APR”), the APR represents the cost of credit as a yearly rate and will be determined based upon an applicant’s credit at the time of application, subject to state law limits. A range of APR’s may be applicable, subject to state law limits and individual underwriting. Not all applicants will qualify for a lower rate. APR’s are generally higher on loans not secured by a vehicle, and the lowest rates typically apply to the most creditworthy borrowers. All terms and conditions of a loan offer, including the APR, will be disclosed during the application process. As an example, with an amount financed of $5,000.00 the borrower receives $5,000.00 at an APR of 29.99% and an interest rate of 28.77% which includes a finance charge of $3,640.96. Under these terms, the borrower would make 48 monthly payments of $180.02, for a total of payments of $8,640.96. The amount financed may not be the net proceeds paid if charges other than interest are included in the loan.
*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.
