When it comes to fulfilling your financial requirements, personal loans can be a lifesaver. They offer a quick infusion of cash to meet various needs, from unexpected medical expenses to home renovations. Two popular lenders in the personal loan market are OneMain and Mariner.

In this article, we'll break down and compare these lenders, helping you make an informed decision about which one might be the better fit for your financial situation.

What to Know About OneMain Financial Personal Loan?

To meet the needs of customers based on their place of residence and financial circumstances, OneMain Financial provides personal loans with flexible loan amounts and terms. Most states allow borrowers to apply for loans up to $20,000, with the lowest and highest amounts varying based on the state in which they reside.

There are options for 24, 36, 48, or 60-month loan periods, giving borrowers flexibility to choose the length of time that best suits their repayment needs. Regarding loan expenses, OneMain Financial loans have an Annual Percentage Rate (APR) ranging from 18.00% to 35.99%; the precise rate is determined by variables such as income, credit score, and general financial well-being.

Origination costs range from $25 to $500 or 1% to 10%, depending on state requirements. They can also be a flat fee or a percentage of the loan amount. State regulations determine how late payment costs are structured; they can be either percentage-based, ranging from 1.5% to 15% of the monthly payment or outstanding loan total, or flat, ranging from $5 to $30.

The absence of a prepayment penalty is significant since it lets borrowers pay off their loans early without facing penalties. Government costs for registering the lien against the vehicle's title may be transferred to borrowers who use their cars as security.

What Is Mariner Finance?

Personal loans are provided by Mariner Finance to accommodate borrowers' various financial requirements. Although there is flexibility in the loan amounts, which range from $1,000 to $25,000, the precise restrictions are contingent upon the borrower's state of domicile and the loan application procedure.

An in-person application at a branch may be required for sums outside the $1,500–$15,000 range that online borrowers can access. Borrowers can select a payback period of 12 to 60 months, thanks to the flexible conditions. Regarding expenses, Mariner Finance establishes the Annual Percentage Rate (APR) by considering several elements of the borrower's credit score and state legal limitations.

Depending on the borrower's place of residence, expenses such as origination fees, late fees, and a prepaid finance fee may be necessary. Mariner Finance sets itself apart with a range of benefits and advantages for borrowers. While a full application necessitates a hard credit investigation, online prequalification allows people to evaluate their rates without harming their credit scores.

When payments are made on time, the lender sends payments to TransUnion, Equifax, and Experian, the three major credit agencies, which might improve the borrower's credit score. Furthermore, for further flexibility, Mariner Finance offers both secured and unsecured loan alternatives, enabling borrowers to use collateral like their car.

Who Should Consider OneMain Financial?

OneMain Financial offers loans to anyone with good or bad credit; it will even work with borrowers who have a credit score of 689 or lower. Borrowers may be able to take advantage of a cheaper interest rate by adding collateral or a co-borrower to their application with the flexibility it offers.

To meet the pressing financial needs of borrowers, OneMain provides fast funding and will provide authorized cash in as little as one or two days. The lender uses a sophisticated algorithm that considers a few underwriting factors, including credit history, debt-to-income ratio, and income.

Although there is no minimum credit score needed, applicants must show that they have enough money coming in each month to pay for their usual costs and monthly loan payments. After being authorized, borrowers can get their money the same day via a cheque or prepaid debit card; if they choose a bank deposit, they can get their money in one or two working days.

The Annual Percentage Rates (APRs) offered by OneMain Financial for unsecured loans vary from 18% to 35.99%. The APRs include an origination charge that varies depending on the state. The lender does not penalize borrowers for making extra payments or paying off the loan early, and it is open and honest about the many costs it collects, including those for unsuccessful and late payments.

Who Should Look for Mariner Finance?

For those in need of emergency funds, with a credit score of at least 580 and a history of bankruptcy, Mariner Finance presents itself as a viable loan option. The lender provides flexible accessibility by offering personal loans both online and at physical branches. It's important to remember, though, that Mariner participates in some activities that might not be to everyone's taste, such as sending real checks and providing credit insurance.

Online candidates must meet a minimum credit score of 580 to be approved by Mariner Finance; in-person applicants may be subject to alternative requirements. Although there isn't a set minimum income criterion, borrowers must show that they can afford to make their loan payments. The lender emphasizes a minimum debt-to-income ratio of 60%. Borrowers of Mariner Finance have an average credit score of 641.

Regarding funding, applicants who apply online or in person should normally anticipate having their money transferred into their accounts in two days, except for those who choose to get a real cheque. APRs offered by Mariner Finance range from 15.49% to 35.99%, and they may include an origination fee that varies depending on the state.

Borrowers must understand that state-specific NSF and late fees also differ. Overall, Mariner Finance offers itself as a feasible option for those with unique credit profiles and urgent financial needs.

The Bottom Line!

In the OneMain vs. Mariner comparison, the choice ultimately comes down to your individual financial needs and preferences. Consider factors such as interest rates, loan terms, fees, and customer service to make an informed decision.

Remember to thoroughly review the terms and conditions of each lender before committing to a personal loan, ensuring that it aligns with your long-term financial goals.