Who are Mr Lender?

Mr Lender punts himself as an easy going payday lender with a cute website that invited you to come in and play. Their worked example on their home page cites a representative APR of 1, 990%. That’s still extremely high by UK banking standards but only half of what some competition charge. So maybe they are worth considering for a loan.

That’s not to say they don’t come in for their fair share of criticism.  Some moans are from the usual borrowers who don’t seem to understand that not paying back is bad manners to say the least. More worrisome though was a post on Consumer Action Group from a customer Mr Lender double-debited. They said they couldn’t find the records, and asked him for the original bank statements. We wondered what would happen if they lost those too.

Mr Lender’s Strong Points

We were particularly pleased to note that it’s also possible to apply for Payday Loans over the telephone in business hours as well as on the internet. We feel that’s much better for people who might be disadvantaged in some way, or who could need advice tailor-made to their own special circumstances.

The facility has been available since 2008, when Mr Lender started out. It has a fast processing rate based solely on applicants’ identities and credit records. This means you don’t get hassled about your credit card, or asked to find a fax machine. In fact, Mr Lender makes everything almost seamless.

You just need to be over eighteen years of age, resident in the UK, and have a steady job and bank account. Mr Lender is not concerned if you already owe money or have a dented credit record. If he thinks you’ll pay him back he’ll lend you the money. Remember though that if you don’t repay him, it will cost you even more to settle up.

Things You Might Like to Think About

Mr Lender charges £30 for every £100 borrowed, plus a £7 “administration fee”. That’s quite stiff for a loan through to next payday, especially if that’s just a week away. This means that this facility is best for moments of total desperation, not just to borrow money you didn’t budget for, for nice-to-haves.

If you can’t pay back in time then things get a little tougher. If you give them at least 24-hour notice, they may agree to an extension or a new repayment plan. This doesn’t mean they will, and to be honest they have a reputation for being quite tough. We’ll say it once again. By all means take out a Payday Loan, but only if you must.

News Flash

Why not check out the new lenders called The Lending Well before you settle on Mr Lender or another Payday firm? If you can find some dirt on them, then that will be a rare exception. The same rules apply to them too though. Borrow responsibly, which means that you intend to pay them back, and will be able to as well