Mr Lender is an instalment loan lender offering loans of up to £1,000 that are repaid between 2 months and 6 months. Essex-based Mr Lender is one of the original payday lenders in the UK and one of the most successful.
As a direct lender, first time customers can borrow up to £500 and this can increase up to £1,000 based on repeat customers and whether they can afford it. The entire application is online displayed on one neat page and only takes 5 minutes to complete.
What Is The Criteria For A Loan with Mr Lender?
To be eligible for a loan with Mr Lender, you must be over 18 years of age, living in the UK, in employment and earning a minimum of £600 per month. Customers are required to have a working debit account where they can receive and collect funds and also require a working mobile phone so they can verify their loan and be contacted at any time.
Mr Lender states that they will not lend to those who have experienced bankruptcy, CCJs or IVAs. All applicants will undertake a series of credit and affordability checks to ensure that they are eligible for a loan. By understanding one’s credit history, current employment and income, Mr Lender is able to make a decision if the applicant can afford to repay their loan successful. In some cases, applicants will be asked to require proof of employment via a pay-slip or bank statement.
How Do Repayments Works With Mr Lender?
Loans with Mr Lender are repaid in two, three, four or five monthly instalments. The repayments are not equal amounts, instead the first instalment is a little more and then the amounts decrease each month. This should make your loan easily to pay off over time. Mr Lender give you the option to repay your loan early and there are no extra charges for doing so.
The Representative APR is 1,269.6% and here is a representative payment example: Loan Amount £500, duration 5 months (5 payments, payment 1: £220, Payment 2: £196, Payment 3: £172, Payment 4: £148, Payment 5: £124). Rate of interest 0.8% per day. Total repayable £860 (based on a 30 day month). Interest Rate 292% per annum (fixed).
Your repayments will be collected on a date which you have scheduled with Mr Lender beforehand. You will usually receive an email and SMS reminder on the days leading up to repayment to let you know how much is due and when. The repayments will automatically be collected from your account via continuous payment authority which means that once your debit card is tokenized, the lender can collect their repayment from your account automatically so you don’t have to worry about making the payment yourself.
Useful Information About Mr Lender
Company Number: 06738633
FCA Interim Permission Number: 623787
Warning: Late repayment can cause you serious money problems. For help, go to www.moneyadviceservice.org.uk.