Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.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.
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.
| Product Name | Mr Lender Short Term Loan |
|---|---|
| Available Amounts | £200 to £1,000 |
| New customer maximum | £500 |
| Loan terms | 3 months to 6 months |
| Maximum APR | 1,462.3% |
| Soft search eligibility check | |
| Funding speed | MR Lender says that following approval, funds are usually transferred within an hour. |
| Repayment period options | Monthly |
| Default repayment method | Continuous payment authority |
| Repay early at any point | |
| FCA registration number | 673310 |
| Link | Go to site |
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.
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 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.
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. |
| Link | Go to site |
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.
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 number | 0208 532 1969 |
| Link | Go to site |
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.
