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?
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
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?
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
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 5022 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 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.
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.
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Warning: late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.
