Personal loan applications are approved or denied based on a number of factors. All lenders have their own unique underwriting requirements, but these typically include information from the applicant’s credit profile and other factors that demonstrate ability to repay the loan, such as income. Meeting the requirements below does not guarantee approval, but they can help you decide if a personal loan is right for you.
Credit score requirements
Mariner Finance does not share a specific minimum credit score. According to a customer service representative, the company considers a variety of factors when considering granting you a loan, including your credit score, credit history, and income. You might also be able to offset bad credit by adding a co-signer or collateral to your loan application.
Mariner Finance does not disclose specific income requirements, but does consider your income, credit score, and other factors when evaluating you for a loan.
Co-signers and co-applicants
Mariner Finance allows you to apply with a co-signer or co-applicant. Adding a creditworthy co-signer can increase your chances of approval or help you get better rates. Your co-signer does not need to be a family member. When you submit a joint application with another person, you must both sign the application and consent to receive information about the loan.
If you are applying for a secured personal loan, you will need to put up an asset such as your car as collateral. According to Mariner Finance, you could get a lower rate or a higher loan amount if you are approved for a secured loan compared to an unsecured loan.
If you opt for a secured car loan, the lender may place a lien on your vehicle until you have paid off the loan in full. If you default on the loan, the lender may sell your car to recover their funds.