Our review of Mr Lender
One of the longer standing lenders in the high-cost short term credit space, Essex based Mr Lender offers both payday and short instalment loans of up to £1000 (£500 for first time customers). When taking into account price, Mr Lender advertise a Representative 1248.5% APR. Whilst this might at first seem high, the interest you’ll pay is capped at 0.80% per day. As you pay off your loan the interest rates are recalculated based on your outstanding capital. Because of this the amount of interest and the size of your monthly repayments will reduce as you progress through your loan term.
Online customer reviews for Mr Lender are on the whole positive. A quick scan of their page on reviews.co.uk shows a high proportion of 5* reviews, commenting specifically on customer service and their quick application process.
If you're considering taking out a Mr Lender loan, the usual high-cost short term loan health warning applies: make sure you keep up with your repayments. Although Mr Lender do not charge for missed or late payments, they will show up on your credit file and make your financial life more difficult in the future. If you find yourself struggling to make your repayments make sure you let Mr Lender know as they have a reputation for being approachable and will work with you to limit the damage.
My verdict: By reputation, one of the better HCST lenders out there. Whilst researching this review I found multiple examples of Mr Lender being proactive about freezing interest and making borrower's lives easier when things went wrong - even before changes in legislation cemented that kind of conduct into law. Do bear in mind this a high-cost short-term product so do consider the alternatives before applying.
- Online account management
- No charge for missed or late payments
- Quick online application form
- Plenty of 5* reviews
- Interest charged on a daily rate
- Allow for early repayment
- Customer focused
- To apply for Mr Lender, you’ll need to be 18 years old
- You must be in part or full time employment
- You must be earning at least £600 per month (net)
- You will need a bank account with a valid debit card
- Maximum APR 1245.7%
- Arrangement fee: £0
- Early repayment fee: £0
- Late payment penalties: £0