Mariner Finance Complaints: What You Need to Know
Mariner Finance is a national lending company offering personal loans, often to individuals with less-than-perfect credit histories. While they provide a service for those who might otherwise struggle to obtain financing, they also face a significant number of complaints regarding their lending practices. These complaints cover a range of issues and are often submitted to the Better Business Bureau (BBB), the Consumer Financial Protection Bureau (CFPB), and other consumer advocacy organizations. One of the most frequent complaints against Mariner Finance revolves around **high interest rates**. Borrowers often report being surprised by the actual cost of their loan due to the elevated APRs, which can significantly increase the overall repayment burden. These high rates can be particularly detrimental to borrowers who are already struggling financially, potentially leading to a cycle of debt. Another common complaint concerns **add-on products**. Mariner Finance often offers optional products like credit insurance or debt cancellation plans along with their loans. Consumers have alleged that they were pressured into purchasing these add-ons, or that they were not clearly informed about the cost and necessity of these products. Some borrowers claim they were unaware they had even agreed to these additional charges until they reviewed their loan documents more closely. The inclusion of these add-ons can inflate the total loan amount and increase the monthly payments. **Loan refinancing** is another area generating complaints. Borrowers have reported being encouraged to refinance their existing loans with Mariner Finance, sometimes shortly after the initial loan was taken out. While refinancing can sometimes be beneficial, borrowers claim that these refinances often come with higher interest rates or additional fees, ultimately trapping them in a more expensive loan than the original. This practice is often viewed as predatory, preying on vulnerable borrowers seeking short-term relief. **Customer service issues** are also frequently cited. Borrowers often report difficulty contacting Mariner Finance representatives, encountering unhelpful or unresponsive staff, or experiencing delays in resolving issues. Some complaints detail inaccurate account information, difficulty obtaining loan documentation, and frustrating experiences when attempting to make payments or discuss loan terms. Finally, some complaints allege **aggressive or unfair debt collection practices**. Borrowers have reported receiving harassing phone calls, experiencing threats of legal action, and having their credit scores negatively impacted due to disputed debts. While debt collection is a legitimate business activity, consumers have raised concerns about the methods used by Mariner Finance and its collection agencies. If you have experienced any of these issues with Mariner Finance, it is crucial to document everything, including dates, times, names of representatives, and specific details of the interactions. Consider filing complaints with the BBB, the CFPB, and your state’s Attorney General’s office. You may also want to seek legal advice from a consumer protection attorney to explore your options for recourse. Understanding your rights and taking action can help you resolve disputes and potentially recover losses.
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