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 option for borrowers who can’t qualify for more favorable rates.

Avant vs. 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 may be funded online. Loans greater than $15,000 or less than $1,500 must be funded through a branch network.

Avant personal loans

Rating: 4.7 stars out of 5

4.7

Learn morein our Bankrate review

• Pros and cons

  Pros

  • Quick funding.

  • Convenient mobile app.

  • Prequalification offered.

  Cons

  • Not available in all states.

  • High minimum rate.

  • High administrative fee.

• Bankrate's view

  Avant offers unsecured personal loans up to $35,000 with a much 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 perk of Avant is that it works with low credit borrowers. While it does specify that most of its borrowers have a score between 600 and 700, Avant says that you may qualify with a score as low as 580. 

  That being 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-stellar credit. To ensure you’re getting a competitive loan offer, prequalify to see your potential rates and terms without hurting your credit.

Mariner Finance personal loans

Rating: 4 stars out of 5

4

Learn morein our Bankrate review

• Pros and cons

  Pros

  • Possible same-day funding.

  • Secured personal loans available.

  • 15-day return period.

  Cons

  • Minimum requirements not disclosed.

  • Not available in all states.

• 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 potentially good choice if you need to borrow a small amount of money for emergencies. However, the major drawback is that it doesn’t disclose many of its financial requirements. It also doesn’t explicitly 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 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 rep we spoke with.

  The main advantage of getting a loan with Mariner Finance is that after approval, same-day funding is possible if you apply in person. Online approval could take up to 24 hours, according to a representative. This makes Mariner Finance a good option if you need funds to cover emergencies, like a car repair bill or medical expense.

  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 determine whether Avant or Mariner Finance is better for you, consider prequalifying with both lenders. Doing so will allow you to compare estimated rates and terms without harming your credit. Then, you can use a personal loan calculator to see which option has the lowest total borrowing costs.

Avant is better for potentially lower rates

Avant could be the better option since you may be able to score a lower rate than you would with Mariner Finance. Although you still may receive a similar or higher APR with Avant, getting an offer is worthwhile because of the potential to secure a more favorable rate.

Mariner Finance is better for smaller loans

Mariner Finance might be the better choice if you need a smaller loan and have a co-signer on board. According to a customer service representative, an additional 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 cater to borrowers with less-than-stellar credit, but they’re not the only financial companies offering bad credit loans. Before you choose either one, compare rates and terms from as many lenders as possible to find an offer that best matches your budget.