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.
What is Mr Lender?
Mr lender is a direct lender authorised and regulated by the Financial Conduct Authority (FCA). 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.
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?
Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
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?
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.
Mr Lender customer reviews
Mr Lender has received positive reviews from customers, according to review platform Trustpilot. It currently has a customer review rating of “excellent”, based on over 7,400 reviews (updated 26 October 2020). In their reviews, many customers mentioned that Mr Lender offered helpful service and a straightforward application process.
It also has positive reviews from customers on reviews.io, with a rating of 4.85 out of 5 based on over 22,900 reviews (updated 26 October 2020). According to customers on reviews.io, 98% of reviewers would also recommend Mr Lender.
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:
Residency
UK resident
Minimum age
18
Min. income
£600 (net) per month
Applicant with CCJs
You must not have had a CCJ in the last 3 years.
Additional eligibility notes
You 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.
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
In most cases, there is no need to send any documents via post, fax or email. However, in some cases where application information can’t be verified, Mr Lender may get in touch to request supporting documentation.
If your application is declined you may try again at any time, but the outcome will not change unless your circumstances have. Remember that seeing multiple applications for credit in a short space of time on your credit report may put off future prospective lenders.
Your credit history will be updated to show that you took out a loan and, provided you meet all repayments, repaid your debt. However if you miss any repayments this will also be reflected on your credit history, and is likely to damage both your credit score and ability to secure credit in the future.
Yes. If you’re able to pay some or all of your loan back early you’ll reduce the interest you have to pay. Contact the Mr Lender support team on 0208 532 1969 or by emailing customer.services@mrlender.co.uk.
If you are experiencing any issues, do not hesitate to contact Mr Lender either online using their contact form, or phone on 0208 532 1969. Alternatively, if you are still dissatisfied, you can contact the Financial Ombudsman Service (FOS) to deal with your case.
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.
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
Mr Lender provides clear and flexible payday loans. If you’re looking for similar lenders, here are sites where you can pick up similar short term loans.
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