How do personal loans work?
With personal loans, the consumer pays off the loan balance at a fixed rate over a fixed period of time. This type of installment loan can be secured by an asset or have a co-signer; or it can be unsecured (based on credit history and other factors).
These are loans that meet an individual need as opposed to a business need.
Secured versus Unsecured Loans
You may qualify for a lower rate and/or a higher loan amount if you are approved for an auto secured loan versus an unsecured loan. See below for more information or reach out to your local branch if you have questions.
What is the difference between an unsecured loan and a secured loan?
Secured loans:
A secured loan means you are pledging something of value as an assurance that your loan will be repaid according to the agreed terms and conditions. Assets such as cars can be used as collateral, and, in some instances, the lender can place a lien on the asset, which will remain until the loan has been paid in full, including interest and all applicable fees.
It’s important to remember that if you are unable to repay a secured loan, the lender may be able to sell the pledged collateral to pay off all or part of the loan.
Unsecured loans:
Unsecured loans are loans that do not require the borrower to pledge any collateral. Unsecured loans are sometimes considered riskier because there is no property or assets to recover in event of default. If you have been turned down for an unsecured loan, you may still be able to obtain a secured loan if you have an asset that can be used as collateral.
What are the types of personal loans?
A personal loan can meet a variety of needs, including medical emergencies, home improvement projects, vacations, weddings and debt consolidation. Mariner Finance has a solution that fits your needs. Check your personal loan offer online today.*
Explore a personal loan near you.
We’ll match you with a personal loan near you that meets your immediate needs and helps you realize your long-term dreams. We understand that every borrower, and borrower need, is different. So we take the time get to know you. You can even apply now for a personal loan online.
Mariner Finance, serving communities since 1927, operates over 470 branch locations in twenty-four states, working and living as close to our customers as we can. Chances are we’re in your neighborhood, or we will be soon as we continue to grow. Our experienced team members are ready to assist with your financial needs. Find a branch in your neighborhood or state and explore loans near you.
