Avant vs. Mariner Finance: Which Offers Better Personal Loans?

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

Avant versus Mariner Finance at a glance

Avant and Mariner Finance offer similar repayment terms, but some well-qualified borrowers may qualify for a lower Annual Percentage Rate (APR) with Avant.

*Loans between $1,500 and $15,000 can be financed online. Loans greater than $15,000 or less than $1,500 must be financed through a branch network.

Avant personal loans

Rating: 4.7 stars out of 5

4.7

Learn more

in our bank interest overview

• Pros and cons
  

  

  Plus points
  

  • Fast financing.
  • Useful mobile app.
  • Prequalification offered.

  

  Cons
  

  • Not available in all states.
  • High minimum rate.
  • High administration costs.

• Bankrate’s opinion
  

  Avant offers unsecured personal loans up to €35,000 with a much lower origination rate than Mariner Finance. However, the loans come with significant administrative costs, which can amount to 9.99 percent of your loan amount.

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

  That said, Avant may be a good choice if you’re having trouble qualifying for other lenders. Keep in mind that your loan will be costly if you have less than excellent credit. To ensure you get a competitive loan offer, pre-qualify to see your potential rates and terms without hurting your credit.

Personal loans from Mariner Finance

Rating: 4 stars out of 5

4

Learn more

in our bank interest overview

• Pros and cons
  

  

  Plus points
  

  • Possible same day financing.
  • Secured personal loans available.
  • Return period of 15 days.

  

  Cons
  

  • Minimum requirements not disclosed.
  • Not available in all states.

• Bankrate’s opinion
  

  The costs and APR depend on your state of residence. Mariner Finance offers unsecured and secured loans starting at $1,000, making it a potentially good choice if you need to borrow a small amount for emergencies. The big disadvantage, however, is that it does not disclose many of its financial requirements. It also doesn’t explicitly state an overall APR range, but claims that the APR you receive is based on your creditworthiness and may depend on your state of residence.

  The The origination rate is much higher than the competition, and all loans come with documentation and origination fees of up to $70, according to a customer service representative we spoke with.

  The main benefit of getting a loan from Mariner Finance is that once approved, same-day financing is available if you apply in person. Online approval can take up to 24 hours, according to a representative. This makes Mariner Finance a good option if you need money to cover emergencies, such as a car repair bill 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 pay the money back to the lender free of charge.

How to choose between Avant and Mariner Finance

To determine whether Avant or Mariner Finance is better for you, consider pre-qualifying with both lenders. Doing this allows you to compare estimated rates and terms without hurting your credit. You can then use a personal loan calculator to see which option has the lowest total loan costs.

Avant is better for potentially lower rates

Avant could be the better option as you may be able to get a lower rate than Mariner Finance. While you can still receive a similar or higher APR with Avant, getting an offer is worth it for the opportunity to obtain a more favorable rate.

Mariner Finance is better for smaller loans

Mariner Finance may be the better choice if you need a smaller loan and have a cosigner on board. According to a customer service representative, an added benefit of choosing Mariner Finance is that you will receive the money the same business day if you apply in person and are approved.

Compare lenders before applying

Avant and Mariner Finance target borrowers with less-than-stellar credit, but they aren’t the only financial companies offering bad credit loans. Before choosing either one, compare rates and terms from as many lenders as possible to find an offer that best suits your budget.