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Key takeaways
- Avant is better for borrowers with bad credit seeking a personal loan without a cosigner.
- Mariner Finance may fit you’re in the market for a smaller, short-term loan and want to use a cosigner — though other lenders may offer lower rates.
- Get prequalified with both lenders and compare loan quotes to decide which is best or if you should explore other options.
Avant and Mariner Finance offer personal loans accessible to borrowers with bad credit. While both have high maximum rates, Avant has a competitive starting personal loan rate. On the other hand, Mariner Finance charges high rates on all 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.
| Avant | Mariner | |
|---|---|---|
| Bankrate Score | 4.5 | 3.8 |
| Better for | Borrowers with bad credit | Cosigned and joint loans |
| Loan amounts | $2,000–$35,000 | $1,000–$25,000* |
| APRs | 9.95%-35.99% | 16.00%-35.99% |
| Loan term lengths | 24–60 months | 12–60 months |
| Fees | $25 late fee; $15 returned payment fee; administration fee up to 9.99% | Dependent on state of residence |
| Minimum credit score | 550 | Not Specified |
| Time to funding | As soon as the next business day | As soon as the same business day |
*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
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Avant offers unsecured personal loans up to $35,000 with a much lower starting rate than Mariner Finance. However, its loans carry a hefty administration fee of up to 9.99 percent of the loan amount. That means you’ll get less money but will still pay interest on the full loan amount. A major perk of Avant is that it works with borrowers with bad credit — even without a cosigner. Very few non-payday lenders will approve credit scores as low as 550.
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Pros
- Quick funding.
- Convenient mobile app.
- Prequalification offered.
Cons
- Not available in all states.
- High minimum rate.
- High administrative fee.
Mariner Finance personal loans
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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. It also offers borrowers a 15-day loan guarantee if you change your mind about taking out the loan (though you must immediately repay it in full). However, the starting rate is much higher than its competitors. Plus, the lender’s website shares no specifics on fees — it just mentions that loans “may” include origination fees.
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Pros
- Possible same-day funding.
- Secured personal loans available.
- 15-day return period.
Cons
- Steep starting APR.
- Minimum requirements not disclosed.
- Not available in all states.
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.
APR range
Avant’s minimum APR of 9.95 percent is reserved for borrowers with stronger credit, but you may still qualify for a lower rate than you would with Mariner. Its starting rate is much higher at 16.00 percent.
Minimum credit score
While the website specifies that most of its borrowers have a score between 600 and 700, Avant says that you may qualify with a score as low as 550. Mariner Finance does not disclose a minimum credit score requirement.
Repayment terms
The loan term with both lenders caps at 60 months. However, Mariner lets you borrow for as little as 12 months, which could be better if you’re seeking a short-term loan, while the minimum with Avant is 24 months. That said, with no prepayment penalty, there’s no drawback to repaying an Avant loan early.
Loan amount
You may have more borrowing power with Avant, as its loan amounts range from $2,000 to $35,000. Mariner starts a bit lower at $1,000 and caps out at $25,000. However, Mariner’s website notes that you must visit a branch to apply for amounts above $15,000 — and large loan amounts may need to be secured by a lien on a car.
Fees
Avant charges a steep origination fee of up to 9.99 percent, coupled with late fees and returned payment fees if you have trouble paying on time. The fees you’ll incur with Mariner Finance depend on your state of residence.
The bottom line: Which lender is better?
Both lenders offer fast funding times. However, Avant could be the better option since you may be able to score a lower rate than you would with Mariner Finance, as the starting APR is much lower. That said, Mariner Finance might be the better choice if you’re seeking a smaller loan but have a lower credit score and a cosigner on board.
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.
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