Mr Lender Loans
Started in 2008, Mr Lender isn't perhaps as well known as other large payday lenders, however, that doesn't stop it from being a trusted brand when it comes to borrowing a payday loan. Owned by PDL Finance Limited, Mr Lender is registered with the Financial Conduct Authority and is committed to being a responsible lender.
Mr Lender offers payday loans with monthly repayments, however, you are still able to pay back more each month if you feel you are able, meaning you can also save on the interest and fees that are applicable. First time customers can borrow between £100 and £500 and existing customers can borrow up to £1,000 provided you have repaid any previous loans on time.
Customers are able to borrow their loan for up to six months, after which the loan must be paid back. Unlike one or two other companies, Mr Lender does not offer a deferral option, meaning you must pay back your loan as and how you agreed. If you are unable to commit to your previously agreed repayment plan, it is important to get in touch with them. We also offer advice and help for those who feel like they can't repay a payday loan.
Mr Lender's representative APR is 1,269.6%. If you're unsure what a representative APR is, click here. This relatively on par with the industry standard, however, due to measures introduced by the FCA, interest and charges on a payday loan cannot be any more than 0.8% per day. You'll find that this is the case with all payday companies.
Mr Lender Repayments
Mr Lender uses a Continuous Payment Authority (CPA) taking the agreed sum of money from the debit card details you gave when you signed up for your loan. A CPA simply allows an organisation such as Mr Lender to take a regular, pre-agreed payment from your card. When you sign your loan agreement, this is something you will need to agree to but is a standard activity across most financial companies. It allows the lender to ask for authorisation once from you, instead of having to ask at each transaction. Mr Lender will try twice on the agreed day, to take the funds from your account. It is important to have these in your account but Mr Lender will remind you a couple of days before by text that your repayment is due.