- 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%