Updated: April, 8, 2023
Mr Lender is a lender that provides short-term payday and same-day loans for those who need emergency funds.
What exactly does Mr Lender offer, what do Mr Lender reviews say, and is it the right choice for you?
Let’s find out.
Mr Lender is a UK-based short-term loan provider, headquartered in Loughton, England, that offers quick and easy access to small amounts of cash for those who need it.
The lender caters to all borrowers, including those with bad credit, but only approves loans for people that can pay them back.
Applying for Mr Lender loans is a straightforward process.
The first thing you’ll need to do is visit the lender’s website, decide how much you want to borrow and how long, and use its calculator to get an idea of the total amount you’d repay.
If you’re happy with the estimated rates, click on the Apply button.
You’ll then be asked to provide the following information:
Since Mr Lender works on an interest only payment basis, it will conduct an affordability assessment and run a credit history check. Based on this, the lender will decide whether to approve or deny the loan application.
If the loan is approved, Mr Lender will transfer the funds to your bank account as soon as possible, usually within a couple of hours.
Worth noting: Mr Lender uses Continuous Payment Authority (CPA) to collect repayments for any Mr Lender loan. With a CPA, borrowers give Mr Lender the ability to withdraw money from their bank accounts.
To apply for a loan, you’ll have to meet the following criteria:
Here’s what Mr Lender has to offer to borrowers.
Lender loans have a representative APR (Annual Percentage Rate) of around 1240.1%, which means at least 51% of borrowers receive this or a similar rate. The maximum Mr Lender APR is 1,462.3%.
This APR is quite high, which is expected from an online loan that requires no credit check. If you want lower APRs (but less chances of getting approved for a personal loan), take a look at TSB or Natwest.
Worth noting: Mr Lender interest rates per annum are fixed at 292% or around 0,80%.
Mr Lender lets customers borrow between £200 and £1000.
Although you can choose any sum in between, some amounts are directly linked to the loan term. For example, you can only borrow £500 or more for 6 months.
If you need a larger amount of money, you might want to look at other options.
Once you’ve decided on an amount and it has been approved, Mr Lender will not increase your loan or offer a new one until you repay the first one.
Like with many loan providers, borrowers can choose whether they want to repay the advance in 3-6 months (unless they opt for a sum greater than £500).
But Mr Lender also allows borrowers to choose when they want to pay their instalments.
They can choose to pay on:
Regardless of the Mr Lender payment plan a borrower picks, Mr Lender will set instalments in a way that they decrease over time.
The company says that based on their research, borrowers find it easier to repay the advance in decreasing amounts rather than fixed monthly instalments.
If you need immediate funding, then Mr Lender promises a fast transfer time that will take no longer than a couple of hours with its same-day loans.
Most borrowers typically have the money in their bank account in one hour. This indicates Mr Lender deposit times are much faster compared to other lenders.
Lender offers payday loans that allow for a more manageable repayment schedule. This makes Mr. Lender one of the best payday loans in the UK.
Borrowers can not only choose the loan amount and term, but they can also decide when they want to pay their instalments.
Instalment loans at Mr Lender have a lower interest rate (compared to payday loans).
They are also paid back over a longer period (though no longer than 6 months) but in instalments that are affordable and leave room for certain tweaks.
The company doesn’t collect more information from borrowers than it needs to conduct its credit checks and affordability assessment.
Mr Lender also needs your bank details, to collect instalment, and says it does not disclose any information to third parties without a customer’s consent.
Like THL Direct, Mr Lender doesn’t have any early repayments fees or any up-front fees.
Also, Mr Lender does not charge missed payment fees, but encourages borrowers to inform the lender if they can’t pay on time. The lender says that sometimes, they can push the deadline or break down the amount into smaller amounts if the borrower cannot meet the deadline.
You can contact Mr Lender’s customer support team by:
Borrowers say that the customer support team is quick to respond and helpful.
Mr Lender is a legitimate company, authorised and regulated by the FCA (Financial Conduct Authority), and a direct lender that has an excellent rating of 4.8 on Trustpilot based on nearly 9,000 reviews and a rating of 4.85 on reviews.io, where 98% said they would recommend Mr Lender’s services.
Borrowers mostly praised its smooth application process, the speedy Mr Lender approval time, and the flexible Mr Lender payout time.
Mr Lender is a responsible lender with a good track record that offers fast funding and flexible repayment terms. It provides several different types of fast loans, doesn’t charge any prepayment or late payment fees, and has excellent customer support service.
In most cases, it takes Mr Lender around 2-3 hours to conduct an affordability assessment and credit check and determine whether they will approve your loan. If they do, the funds will be in your bank account within an hour.
Mr Lenders deals with borrowers directly.
Mr Lender allows borrowers to repay early without having to pay a fee.
The company allows borrowers to take out a second load only after they’ve repaid the first.
The company doesn’t typically contact employers, but they might.
According to Mr Lender reviews, the company does payouts during weekends.
My name is Marija, and I'm a financial writer at DontDisappointMe. Although finance might not be everyone's cup of tea, my 10+ years of working in one of the biggest banks in my country, and my interest in extensive research on everything finance/investment-related, have made me somewhat of an expert in the field (if I do say so myself). No longer having the passion to work in a corporate setting, I decided that I couldn't let all of this knowledge go to waste so I started writing. And, here I am! Today I try to share my knowledge with my audience in the hopes of making this topic as simple and interesting as possible. In my leisure time, I like spending time with my family and travelling to new locations.