Company profile:

Mr Lender

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APR: 1248.5% Representative
Loan amount: £200 - £1,000
Loan term: 3 - 6 Months
OPTIOSCORE 51.2/100 
Time to apply: 02m 56s - OK

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Representative Example: If you borrow £500 for 6 months at a Representative rate of 1,248.5% APR and an annual interest rate of 292% (fixed), you would pay 6 monthly instalments - payment 1: £203.33, payment 2: £183.33, payment 3: £163.33, payment 4: £143.33, payment 5: £123.34, payment 6: £103.34. Rate of interest 0.80% per day on outstanding capital. The total charge for credit will be £420 and the total amount payable will be £920.00.

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Our review of Mr Lender

Our review by Mark
Mark
Simplicity
37.2
Features
74.4
Consumer sentiment
30.4

Total OPTIOSCORE
51.2/100

One of the longer standing lenders in the high-cost short term credit space, Essex based Mr Lender offers both payday and short instalment loans of up to £1000 (£500 for first time customers). When taking into account price, Mr Lender advertise a Representative 1248.5% APR. Whilst this might at first seem high, the interest you’ll pay is capped at 0.8% per day. As you pay off your loan the interest rates are recalculated based on your outstanding capital. Because of this the amount of interest and the size of your monthly repayments will reduce as you progress through your loan term.

Online customer reviews for Mr Lender are on the whole positive. A quick scan of their page on reviews.co.uk shows a high proportion of 5* reviews, commenting specifically on customer service and their quick application process.

If you're considering taking out a Mr Lender loan, the usual high-cost short term loan health warning applies: make sure you keep up with your repayments. Although Mr Lender do not charge for missed or late payments, they will show up on your credit file and make your financial life more difficult in the future. If you find yourself struggling to make your repayments make sure you let Mr Lender know as they have a reputation for being approachable and will work with you to limit the damage.

My verdict: By reputation, one of the better HCST lenders out there. Whilst researching this review I found multiple examples of Mr Lender being proactive about freezing interest and making borrower's lives easier when things went wrong - even before changes in legislation cemented that kind of conduct into law. Do bear in mind this a high-cost short-term product so do consider the alternatives before applying.

Highlights

  • Online account management
  • No charge for missed or late payments
  • Quick online application form
  • Plenty of 5* reviews
  • Interest charged on a daily rate
  • Allow for early repayment
  • Customer focused

Minimum criteria

  • To apply for Mr Lender, you’ll need to be 18 years old
  • You must be in part or full time employment
  • You must be earning at least £600 per month (net)
  • You will need a bank account with a valid debit card

Fees

  • Maximum APR 1248.5%
  • Arrangement fee: £0
  • Early repayment fee: £0
  • Late payment penalties: £0

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About Mr Lender

 

Mr Lender is a trading name of PDL Finance Limited. Based in Essex, Mr Lender provide high-cost short term loans of between £200 and £1000. Loans can be repaid over a period of 3- 6 months and are offered at an advertised Representative 1248.5% APR or 0.8% per day.

In order to apply with Mr Lender you’ll need to be a UK resident between the ages of 18 and 65. You must be in either full or part time employment receiving a regular income of at least £600 (net) per month and you’ll also need a bank account with debit card too. If you have a less than perfect credit history you will still be able to apply for a Mr Lender loan but if you’ve had a CCJ, been on an Individual Voluntary Agreement (IVA) or have a history of Bankruptcy showing on your credit file within the past 3 years, you won't get accepted.

Mr Lender’s office is open between 08:00 until 18:30 Monday to Friday and 8:00 until 15:30 on Saturday and Sunday. Bank holiday hours are reduced to 09:00 until 15:00.

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