MR LENDER REVIEW - Payday Loans

Mr Lender is a relatively new payday lender and has been providing payday loans since 2008.
They have a secure online application form (https seen in address bar).
They say on their website that the procedure for getting your payday loan is entirely online in most cases - so only borderline cases would ever need to fax in documents or paperwork.
As with all payday lenders they will ID check you. In the main, Mr Lender do not credit check you but may need to with borderline applicants.
Mr Lender offer a free BACS (up to 3 working days) loan transfer service to your bank account. If your bank is part of the fast payment system then you may receive your loan on the same day - but that cannot be guaranteed in the same way a CHAPS (same day) transfer is. Mr Lender do offer a same day loan transfer (CHAPS) service so you can get the money you need on the same day that you apply for it but you pay an extra £10 for the privilege.
The finance charge of £25 for every £100 borrowed is typical across the payday loan industry. Mr Lender does charge an admin fee of £5 for every payday loan that it processes (but only charged if the loan is paid out).
Advantages: Mr Lender offer up to £500 payday loans to first time applicants which is the highest amount in the market.

Representative APR 1990%
Representative Example: If you Borrow £100 for 30 days then the:
- Total Charge for Credit is £30
- Admin Fee £7
- Total Amount Repayable is £137
- Interest Rate is 360% per annum (Fixed)
- Representative APR is 1990%