Mr Lender Review

Company Name: MrLender
Trading name of: PDL Finance Limited
Registration Number: 06738633
FCA permission: 673310
Representative APR: 1,245.7%
Maximum Loan Amount: £1,000 (£500 to new clients)
Loan Term: 3 to 6 months
Cost to Borrow £200 for 90 Days: £84.80
Representative Example: Borrow £500 for 6 months, repay with 6 payments - 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. Total repayable £920.00 (based on 30 day periods). Interest rate 292% per annum (fixed). Representative 1,245.7% APR
Hidden Fees: NO
Promo Code: NO / 0208-502-1288

  • General information
They are one of the main UK payday lenders and adhere to the latest FCA guidelines and regulations. They recently dropped their fast transfer fee of £10 and decreased the overall cost of their loans to achieve a Representative APR of  1,270.1%. That makes it one of the cheapest lenders on the market. For example, if you need £200 for 90 days, the cost will be £84.80. Overall you will have to repay £284.80.

MrLender is also very well  rated (97%) by their customers. They are awarded 4 or more stars on
  • Loan Amount and terms
MrLender offers you to borrow £200 to £1,000 for a term of 3 to 6 months, including monthly payments. This makes it an installment lender.

Depending on the amount you would like to borrow, it will open longer terms. For example, if you borrow £200, you can choose a term of 3 to 6 months.

They lend a maximum of £500 to new clients. If you repay your first loan on time, MrLender may increase the amount you can borrow.

  • The application process
The registration and approval processes are straight forward. Once you complete their application form, they will run credit checks (NB: you can still apply for a loan and they will consider your application if you have bad credit history), check your details and conduct an affordability assessment to be able to deliver a provisional decision in seconds.

Once all your information is verified they will deliver the final decision. If approved, they will deliver the funds to your account, usually within an hour. You can always refer to their homepage to check the payment status and see approximately when you could receive the funds.

They try to keep the application process as paperless as possible but might need to get in touch where supporting documentation is needed.

  • Eligibility 
To be able to apply for a loan at MrLender, you need to:
- be a UK resident
- be between 18-64 years old
- be employed (full or part time)
- earn a regular income of at least £600 net per month
- own a valid debit card that is linked to the bank account you want the funds to be transferred to

MrLender will NOT lend to anyone with evidence of:
- any County Court Judgments (CCJs) within the last 3 years,
- any Individual Voluntary Agreements (IVAs) or bankruptcy.

If you are approved, the money should be in your bank within an hour (provided your bank accepts fast transfers).

  • Repayment
Your short term loan will be repaid on the morning of each repayment date. Your payment card will be debited by the agreed instalment amount. No more than 2 Continuous Payment Authority (CPA) will be made on this day.

Early payment: you can also repay your loan early in full at any time. You can also make a partial early settlement. To do so, simply login to your MrLender account to pay online at any time.

Late payment: If you fail to make a payment on the due date, you will be liable to pay the interest calculated on the overdue amount at the borrowing rate until you pay the amount due. If you cannot pay, MrLender will suspend all interest and charges. You will then have to agree on a realistic repayment plan. 

Please note that MrLender does not offer a deferral service. If you are facing financial issues, you should contact them as soon as possible on 0208-532-5022 to discuss your options.

  • Impact on credit history
Taking a loan with MrLender will in any case have an impact on your credit history. 
If you repay your debt on time, your credit history will be updated to confirm that the loan has been repaid ; in the opposite case it will also be shown in your credit history (you can consult your credit report for free here)

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