Who offers better personal loans?

Who offers better personal loans?

Avant and Mariner Finance offer personal loans accessible to borrowers with bad credit. While both have high maximum rates, the Avant has a competitive starting APR. On the other hand, Mariner Finance charges high fees and charges on all of its loans, making it a last resort option for borrowers who may not qualify for more favorable rates.

Avant vs. Mariner Finance at a Glance

Avant and Mariner Finance offer similar payment terms, but certain qualified borrowers may qualify for Avant’s lower annual percentage rate (APR).

Avant

Mariner

Bankrate Score

4.7

4.0

Better for

Borrowers with bad credit

Signed a joint loan

Loan amounts

$2,000-$35,000

$1,000-$25,000*

APRs

9.95%-35.99%

16.00%-35.99%

Loan durations

12-60 months

12-60 months

Fees

$25 late fee; $15 return fee; administration fee up to 9.99%

Depends on the state of residence

Minimum credit score

580

Not disclosed

Funding time

Next business day

Same business day

* Loans between $1,500 and $15,000 can be funded online. Loans over $15,000 or under $1,500 must be funded through the branch network.

Avant personal loanAvant personal loan

Avant personal loan

Avant personal loan

Rating: 4.7 stars out of 5

4.7

Learn morein our Bankrate review

  • Advantages and disadvantages

    Green circle with a checkmark insideGreen circle with a checkmark inside

    Green circle with a checkmark inside

    Pros

    Red circle with an X insideRed circle with an X inside

    Red circle with an X inside

    Cons

  • Bankrate’s view

    Avant offers unsecured personal loans up to $35,000 with a lower starting rate than Mariner Finance. However, its loans carry a hefty administrative fee of up to 9.99 percent of your loan amount.

    A major advantage of Avant is that it works with low credit borrowers. While it says most of its borrowers have a score between 600 and 700, Avant says you can qualify with a score as low as 580.

    That said, Avant can be a good option if you’re having trouble qualifying for other lenders. Remember that your mortgage can be expensive if you have poor credit. To make sure you get a competitive loan offer, prequalify to see your potential rates and terms without damaging your credit.

Mariner Finance personal loanMariner Finance personal loan

Mariner Finance personal loan

Mariner Finance personal loan

Rating: 4 stars out of 5

4

Learn morein our Bankrate review

  • Advantages and disadvantages

    Green circle with a checkmark insideGreen circle with a checkmark inside

    Green circle with a checkmark inside

    Pros

    Red circle with an X insideRed circle with an X inside

    Red circle with an X inside

    Cons

  • Bankrate’s view

    Fees and APR will depend on your state of residence. Mariner Finance offers unsecured and secured loans starting at $1,000, making it a great option if you need to borrow a small amount of money for emergencies. However, the main drawback is that it does not disclose much of its financial requirements. It also doesn’t clearly state a general APR range, but claims that the APR you receive is based on your creditworthiness and may depend on your state of residence.

    the The starting rate is much higher than its competitors, and all loans come with a documentation and origination fee that adds up to $70, according to a customer service representative we spoke to.

    The main advantage of getting a Mariner Finance loan is that after approval, same-day funding is possible when you apply in person. Online approval can take up to 24 hours, according to a representative. This makes Mariner Finance a great option when you need funds to cover emergencies, such as car repair bills or medical expenses.

    Mariner Finance also offers borrowers a 15-day loan guarantee. If you change your mind about taking out the loan, you can return the funds to the lender without paying any fees.

How to choose between Avant and Mariner Finance

To find out if Avant or Mariner Finance is better for you, consider prequalifying both lenders. Doing so will allow you to compare rates and terms without damaging your credit. Then, you can use a personal loan calculator to see which option has the lowest total cost of borrowing.

The Avant is better for potentially lower prices

Avant may be a better option as you may be able to get a lower rate than you would with Mariner Finance. Even if you still get the same or higher APR with Avant, getting an offer is worthwhile because of the potential to get a more favorable rate.

Mariner Finance is better for small loans

Mariner Finance is probably the best option if you need a small loan and have a co-signer. According to a customer service representative, an added benefit of choosing Mariner Finance is receiving funds as soon as the same business day if you apply in person and are approved.

Compare lenders before applying

Avant and Mariner Finance serve borrowers with poor credit, but they are not the only finance companies that offer bad credit loans. Before you choose one, compare rates and terms from as many lenders as possible to find an offer that best fits your budget.

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