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Mariner Finance loans offer amounts from $1,000 to $25,000, but their dismal 1.7-star rating from 74 customer reviews reveals major issues. Pennsylvania customers faced $19.5 million in hidden add-ons and $8 million in interest charges between 2015 and 2018.
Our investigation into this lender’s practices uncovered alarming findings. The company advertises APRs starting at 15.74% (up to 36.00%) and accepts credit scores as low as 541. However, borrowers should know more crucial details before applying. This detailed review exposes their hidden approval requirements, actual costs, and potential risks that Mariner Finance keeps from its borrowers.
The Hidden Approval Criteria at Mariner Finance
Most people looking to borrow money don’t know that Mariner Finance loans need much more than what you see on their website. A deeper look reveals complex rules that affect your chances of getting approved.
Credit score requirements vs. reality
Mariner Finance keeps quiet about their exact minimum credit score needs, but there’s more to the story than their ads tell you. They say yes to people with poor credit, but their typical borrowers have FICO scores between 600 and 700 [1]. The average FICO score of their customers sits at 631 [2].
You might be surprised to learn that Mariner Finance takes applications from people who’ve filed bankruptcy, though they still need to meet other lending rules [3]. Some reports show they might accept scores as low as 541 [4] or 550 [5]. This makes loans available to people with credit issues who couldn’t get money elsewhere.
Income thresholds they don’t advertise
Mariner Finance needs proof of income from everyone who applies but stays quiet about exact minimum income requirements. They only mention that you need a “minimum net monthly income” [3] and a “regular source of income that can be verified” [3].
Regular employees can show recent pay stubs or W-2s. Self-employed people face a tougher road – they need both recent tax returns and bank statements [4]. This hidden rule makes things harder for business owners and freelancers.
You’ll also need to show:
- Valid government-issued photo ID
- Social Security number
- Proof of residence (utility bill or lease)
- Verifiable bank account information [4]
How your debt-to-income ratio affects approval
Your debt-to-income ratio (DTI) might be the biggest hidden factor in getting approved for a Mariner Finance loan. This number shows your monthly debt payments divided by your gross monthly income [6].
Mariner Finance reviews this number to figure out:
- If you can get a loan
- How much money you can borrow
- Your interest rate
- What loan terms they’ll offer [6]
Mariner Finance doesn’t tell you their highest allowed DTI, but banking standards suggest keeping your back-end DTI below 36% [6]. Research shows that borrowers who have higher DTIs miss payments more often or stop paying completely [6].
Your DTI tells lenders if you can handle more debt responsibly. Even with good credit, a high DTI could mean getting turned down or paying much more in interest at Mariner Finance.
The True Cost of Mariner Finance Loans
Mariner Finance loans carry costs that go way beyond their advertised rates. Many borrowers learn about these costs when it’s already too late. The fine print tells a story that has led attorneys general from multiple states to take legal action against this lender.
Origination fees and their effect
You might see claims online about “no origination fees,” but the reality is different. Mariner Finance charges a “loan processing fee” up to 10% of your financed amount, with a $200 cap [7]. They roll this fee into your loan balance, which means you’ll pay more interest over time.
Hidden add-on products you didn’t ask for
The most troubling issue is how Mariner employees often add extra products to loans without telling customers clearly. The numbers are staggering – in 2019, Mariner collected $121.70 million nationwide in premiums and fees for these add-ons [1]. Pennsylvania customers felt this pain heavily. They paid $19.50 million for add-ons from 2015 to 2018, plus $8.00 million in interest [8].
These hidden products usually include:
- Insurance policies you didn’t request
- Service contracts you never agreed to
- Membership programs you weren’t informed about
Interest rate practices and how they’re applied
Mariner Finance’s interest rates begin at 16% and can go up to 35.99% [9]. Their minimum rate is very high when you compare it to most lenders who charge less than 10% [9]. These rates hit borrowers with lower credit scores the hardest, which can trap them in a cycle of debt that’s hard to break free from.
The real APR after all fees
The annual percentage rate (APR) shows how much you really pay each year, including both interest and fees [10]. Here’s what the math reveals about Mariner Finance loans:
- APRs can legally go up to 36% in many states [11]
- Some loans come with extra state-specific fees [7]
- The math must follow Truth in Lending Act rules [12]
A loan’s advertised rate often masks its true cost. Once you add all the fees, these loans cost much more than they first appear to.
Customer Experiences That Raise Red Flags
Customers paint a troubling picture of their dealings with Mariner Finance loans. Their complaints reveal worrying patterns that go beyond a few bad experiences, contrary to what marketing claims might suggest.
Common complaints from actual borrowers
Payment struggles lead the list of customer grievances. The company’s online payment system breaks down often, and customers can’t make payments through the app [13]. A customer shared, “I can’t even add a new payoff method on the app. I have to contact Mariner” [14].
Bad customer service comes up time and again on review sites. Customers describe the company’s representatives as “condescending,” “rude,” and “sarcastic” [9]. Several customers said representatives hung up on them when they called to ask questions [9].
Identity theft and unauthorized accounts pose serious risks. The Better Business Bureau got 418 total complaints about Mariner Finance in the last three years [15]. Many customers found unauthorized accounts on their credit reports or discovered their loan checks were stolen from their mail [16].
Refinancing tactics and their consequences
Mariner Finance uses aggressive refinancing strategies that leave many borrowers stuck in growing debt cycles. Court documents show the company “pushed borrowers who missed a payment to refinance their loan, adding hundreds or thousands of dollars to the total cost of repayment” [8].
The company doesn’t let customers refinance their existing Mariner Finance loans. One source puts it clearly: “In other words, you can’t use a Mariner Finance loan to pay off another Mariner Finance loan and get a lower interest rate in the process” [17].
When customers struggle with payments, Mariner suggests debt consolidation that gets them deeper in debt. Many customers report getting loan offers in the mail right when they’re having money troubles. This creates an easy but expensive “solution” that helps the lender more than the borrower [16].
Legal Issues and Regulatory Problems
Mariner Finance now faces legal challenges nationwide as several states take unprecedented action against their lending practices. Their business model has come under scrutiny due to these mounting legal issues.
Current lawsuits against Mariner Finance
Pennsylvania and five other states filed a major federal lawsuit against Mariner Finance in 2022, citing violations of consumer protection laws [2]. A Washington Post investigation into the company’s practices preceded this legal action in 2018 [18]. The court rejected Mariner’s request to dismiss all 15 federal and state law claims, which allowed the case to move forward [8]. Mariner Finance LLC runs over 480 branches in 27 states [3].
State attorney general actions
More states have joined the fight against Mariner Finance. The lawsuit started with Pennsylvania, Washington, Oregon, New Jersey, Utah, and the District of Columbia. Six more states joined them: Illinois, Indiana, New York, North Carolina, Tennessee, and Wisconsin [3]. Pennsylvania’s Attorney General Michelle Henry leads this group and states that Mariner “bilked hundreds of millions from consumers in hidden add-on fees” [3]. These states pooled their resources by combining claims in a single federal court [8].
Predatory lending accusations
These legal challenges center on serious claims of predatory practices. The lawsuit claims that Mariner:
- Charged $121.70 million in premiums and fees for add-on products in 2019 alone [1]
- Took part in “widespread credit insurance packing” by selling expensive policies without customer consent [2]
- Mailed unsolicited “live checks” that led to aggressive refinancing tactics once cashed [3]
- Made employees meet sales quotas and offered bonuses for selling more products [2]
Court documents describe Mariner’s business model as “a way of monetizing poor people” [18]. Private equity firm Warburg Pincus LLC owns part of the company. The states claim this ownership drives Mariner’s “unlawful behavior” through “high-growth demands” [2].
Conclusion
A deep dive into Mariner Finance’s practices shows their 1.7-star rating makes perfect sense. They claim to help people with bad credit, but the evidence reveals predatory tactics that push customers into debt spirals through sneaky fees, unwanted add-ons, and aggressive refinancing schemes.
Multiple state attorneys’ legal actions raise serious concerns about their business approach. Pennsylvania’s customers paid $27.5 million in hidden fees and interest from 2015-2018. Their nationwide add-on charges hit an eye-popping $121.7 million in 2019.
You should really think over other options like credit unions, online lenders, or debt consolidation services before taking a Mariner Finance loan. Their advertised rates start at 15.74% and might look okay, but actual costs often explode because of processing fees, insurance policies, and service contracts you never asked for.
Your financial health matters more than their profits. Take time to read every document and challenge any extra products they try to add. It’s worth mentioning that their business methods have already sparked major federal lawsuits in 12 states.
