Mr Lender short term loans review September 2019

Mr lender provides clear and flexible short-term loans of between £200 and £1000 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 icon Warning: late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.

warning icon 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
£50 to £800
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.
£300 to £800
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.
£100 to £1,000
Representative example: Borrow £400 for 6 months at a rate of 229.95% p.a. (fixed). Representative APR 720% and total payable: £707.01 in 6 monthly payments of £117.83.
£50 to £1,000
Representative example: Borrow £250 for 74 days at a rate of 292% p.a. (fixed). Representative APR 1300.5% and total payable: £398.00, in 1 payment of £74.00 and 1 payment of £324.00.
£300 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.
£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.
£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.
£250 to £1,000
Representative example: Borrow £500 for 6 weeks at a rate of 255.5% p.a. Representative APR 839.20% and total payable: £647 in 1 payment.

Compare up to 4 providers

Important information: 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
Peachy Loan
QuickQuid Short Term Loan
QuidMarket Short Term Loan
Satsuma Short Term Loan
Sunny Loan
The Money Platform Short Term Loan

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

A payday loan (or high-cost, short-term credit generally) 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:

  • Borrow £200-£1000. Loan amounts are subject to approval. If it’s your first time using Mr Lender, the amount you can borrow will be restricted to £500. Loans of £500 or more must being taken over a 6-month term.
  • Borrow over 3 to 6 months. Longer repayment terms will bring down your monthly payments, but increase the cost of the loan overall.
  • Repay monthly – you choose the day. Choose a regular date each month or select from options like “last working day”.
  • Decreasing repayments. Unusually for a short-term lender, each repayment will be a little smaller than the last.
  • Simple application. Complete your application online, without paperwork.
  • Quick access to funds. Following approval, funds are usually transferred within an hour.
  • No upfront or late fees. Remember that missed repayments will still affect your credit rating and likelihood of being able to obtain credit in the future.
  • Repay early at any time. If you can, then it’s a great idea to try to repay early – doing so could save you money in interest.

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. Most payday loan companies will 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:

  • UK resident aged 18 years or older
  • Regular income of at least £600 (net) per month
  • Have an active mobile number and email address
  • Hold a valid debit card that is linked to your nominated bank account
  • No County Court Judgements (CCJs) within the last 3 years
  • No Individual Voluntary Agreements (IVAs) or bankruptcy within the last 3 years

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.

They 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.

Additional borrowing options

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

Frequently Asked Questions

We exist to help you find better. The offers we've compared on this page are from a range of products whose details we can track; we don't cover every product on the market...yet. Unless we've indicated otherwise, products are shown in no particular order or ranking. The terms "best", "top", "cheap" (and variations of these) aren't product ratings, although 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, it's wise to consider getting independent financial advice. Always consider your own financial circumstances when you compare products so you get what's right for you.

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