Does Mariner Finance Do A Hard Pull

Confused About Mariner Finance? Let's Clear the Air: The Truth About Hard Credit Pulls

Introduction

When it comes to financing, it's essential to be well-informed about the different options out there. For those considering a loan from Mariner Finance, one question that often arises is, "does Mariner Finance do a hard pull?" This is an important factor to consider as hard pulls on credit can impact an individual's credit score. In this article, we will explore the process of applying for a loan with Mariner Finance and whether or not they perform a hard pull.

What is a Hard Pull?

Before we dive into the specifics of Mariner Finance's process, let's first define what a hard pull is. A hard pull, also known as a hard inquiry, is a credit check that is initiated when a lender or financial institution reviews an individual's credit report. This type of credit check typically occurs when an individual applies for a loan, credit card, or mortgage, and the lender needs to assess their creditworthiness. A hard pull can slightly lower an individual's credit score, so it's crucial to be aware of when and why they may occur.

Does Mariner Finance Perform a Hard Pull?

In short, the answer is yes, Mariner Finance does perform a hard pull when an individual applies for a loan. This is standard practice for most lenders, as they need to review an individual's credit history and determine their eligibility for a loan. However, it's worth noting that Mariner Finance only performs a hard pull with an individual's consent. This means that an individual will be asked to authorize a credit check at the beginning of the loan application process.

Why Does Mariner Finance Perform a Hard Pull?

Mariner Finance performs a hard pull for a few reasons. Firstly, it allows them to assess the creditworthiness of the individual applying for the loan. This includes factors such as their credit score, credit history, and debt-to-income ratio. This information helps Mariner Finance determine whether an individual is a suitable candidate for a loan and also helps in determining the loan terms, such as the interest rate.

Secondly, a hard pull also helps Mariner Finance ensure that they are following responsible lending practices. By performing a credit check, they can assess the individual's ability to repay the loan. This is a crucial step in the loan approval process to protect both the lender and borrower.

How Does a Hard Pull Impact an Individual's Credit Score?

As mentioned earlier, a hard pull can have a slight impact on an individual's credit score. When a lender performs a hard pull, it can stay on an individual's credit report for up to two years. However, the impact on their score is typically minimal and usually bounces back within a few months. It's essential to note that multiple hard pulls within a short period can have a more significant impact on an individual's credit score. As a result, it's generally recommended to only apply for loans or credit cards when necessary and to limit the number of applications within a short time frame.

Conclusion

In conclusion, Mariner Finance does perform a hard pull when an individual applies for a loan. This is a standard practice for most lenders as it helps assess the borrower's creditworthiness and ensure responsible lending practices. However, it's worth noting that Mariner Finance only performs a hard pull with the individual's consent. While a hard pull can slightly impact a credit score, it's an essential step in the loan approval process that helps protect both the lender and borrower. We hope this article has provided valuable insights into the process of applying for a loan with Mariner Finance and the impact of a hard pull on an individual's credit score.