Mr Lender short term loans review December 2019

Mr lender provides clear and flexible short-term loans of between £200 and £1,000 with decreasing monthly repayments.

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Mr Lender

With an emphasis on flexibility (you set the repayment dates and the duration of the loan), Mr Lender short-term loans are designed for people experiencing emergency expenses.

Mr lender is a direct lender authorised and regulated by the Financial Conduct Authority (FCA).

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.

Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.

How do Mr Lender’s loans compare against other lenders’?

Table: promoted deals, sorted by total payable

If you’ve used the Mr Lender calculator to get a quote and want to see if you’re getting a good deal, you can use the table below to find out how much a comparable loan is likely to cost you from some popular short-term lenders:

How much do you need to borrow?


How long do you need to borrow for?


Name Product Available Amounts Monthly repayment Total payable
Lending Stream Instalment Loan
£50 to £1,500
Representative example: Borrow £200 for 6 months at a rate of 292% p.a. (fixed). Representative 1,333% APR and total payable £386.61 in 6 monthly payments of £64.44.
Moneyboat Short Term Loan
£200 to £1,500
Representative example: Borrow £400 for 4 months at a rate of 255.5% p.a. (fixed). Representative APR 939.5% and total payable: £597.48 in 4 payments of £149.37.
QuidMarket Short Term Loan
£100 to £1,000
Representative example: Borrow £500 for 5 months at a rate of 292% p.a. (fixed). Representative APR 1,297% and total payable: £867.05 in 5 instalments of £173.41.
Satsuma Short Term Loan
£100 to £1,000
Representative example: Borrow £480 for 9 months at a rate of 133.1% p.a. (fixed). Representative 535% APR and total payable £959.04 in 9 monthly payments of £106.56.
Sunny Loan
£100 to £2,500
Borrow £100 for 8 months at a rate of 204% p.a. (fixed). Representative APR 567% and total payable £199.33 in 8 monthly payments of £19.93. You can repay this loan early.

Compare up to 4 providers

Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

We compare payday/short-term loans from

Lending Stream Instalment Loan
Moneyboat Short Term Loan
QuidMarket Short Term Loan
Satsuma Short Term Loan
Sunny Loan

Is high-cost, short-term borrowing a good idea?

A payday loan (or high-cost, short-term credit generally) from companies such as Mr lender is an expensive way to borrow. You should only really consider one as a last resort. This type of loan may not solve your money problems, and isn’t a good idea for borrowing over longer periods, or sustained borrowing. Before you apply for a short-term loan, make sure you’ve considered other options. Is the expenditure that you’re planning absolutely essential? Can the spending be deferred? If you’re struggling to pay a bill, then why not talk to your electricity, gas, phone or water provider to see if you can work out a payment plan?

Read more about alternatives to payday loans at moneyadviceservice.org.uk.

Key features of a Mr Lender loan:

Product NameMr Lender Short Term Loan
Available Amounts£200 to £1,000
New customer maximum£500
Loan terms3 months to 6 months
Soft search eligibility check
Funding speedMR Lender says that following approval, funds are usually transferred within an hour.
Repayment period optionsMonthly
Default repayment methodContinuous payment authority
Repay early at any point
FCA registration number673310
More Info

How does a short term loan from Mr Lender work?

Firstly you’ll need to decide how much you want to borrow and for how long. To help with this you can use Mr lender’s online calculator. This will give a breakdown of instalments and show the total amount you’d repay.

Once you’ve found a loan that works for you, you can apply online. Mr Lender will need some basic personal and financial information and will use this to run credit and affordability checks. Based on this, you will either have your loan approved or denied. Mr Lender will then aim to transfer your funds as soon as possible (usually within the hour).

Your repayment dates will be pre-agreed and funds will be taken out using a Continuous Payment Authority.

What is a Continuous Payment Authority (CPA)?

With a CPA you give a company permission to withdraw money from your account on a regular basis.

CPA’s differ from a direct debit because they give the company being paid the ability to withdraw money from your account whenever they wish, and to take payments of different amounts without consulting you. Short term lenders like Mr Lender tend to use a CPA to collect your repayments, however you can cancel this at any point by either consulting with the lender or your bank.

What are the eligibility requirements?

You should only apply for a loan from Mr Lender if you’re certain you can meet the repayment schedule, and you also meet the following criteria:

ResidencyUK resident
Minimum age18
Min. income£600 (net) per month
Applicant with CCJsYou must not have had a CCJ in the last 3 years.
Additional eligibility notesYou must hold a valid debit card that is linked to your nominated bank account.
You must have an active mobile number and email address.
No bankruptcy, IVA or CCJ in the last 3 years.
More Info

Did you know?

In 2015 the Financial Conduct authority (FCA) capped interest and fees on all high-cost short-term credit loans at 0.8% per day.

It additionally capped all default charges at £15 and the total cost (interest, fees) of loans at 100% of the original sum. This means you’ll never have to pay more than double the amount borrowed.

Changing your loan: Additional borrowing options and early repayment

Mr Lender does not typically let customers top-up or extend their loans.

Option to change repayment date
Repay early at any point
Repaying early can reduce overall interest
Interest is only applied to days where funds are outstanding
Multiple loans allowed at the same time
Phone number0208 532 1969
More Info

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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